Credit Reports and Errors
Credit bureaus don't keep very good records. In fact, there's at least a 1 in 3 chance that your credit report contains inaccuracies ... and that's a conservative estimate. The Charles Givens organization estimates that a whopping 90% of credit reports contain inaccuracies!
So as you can see, using even the low estimate, it's highly likely that accounts in your credit report are not being reported accurately, or may not even be your accounts at all!
But what's really appalling ... even ONE mistake can result in you being turned down for credit!
The Fair Credit Reporting Act
Because of these abuses in credit reporting, the United States Congress passed the Fair Credit Reporting Act (FCRA) in 1972.
This law grants the consumers certain rights regarding credit reporting, among them the right to insist that credit bureaus verify information in their credit report the consumer believes is being reported inaccurately.
We Examine Your Report For Inaccurate Information
We all well-versed in consumer rights under the Fair Credit Reporting Act, and with the remedies available to you to make sure that everything in your credit report is being reported accurately.
We will review and analyze your credit report and search for items that we believe, based on our experience, have a high likelihood of being in error. Once we have identified probable areas of concern, we will guide you in contacting the credit bureaus to ask for verification, as required by the ECRA.
What Sorts of Errors Can Take Place?
1. Report shows foreclosure as pending that were already settled
2. Account details are inaccurate
3. Incorrect social security number
4. Report incorrectly shows you as having filed for bankruptcy
5. Bankruptcy being reported as pending although it has been discharged
6. Wrong accounts
7. Report shows pending legal actions when there are none
8. An account was opened by your child in your name
9. Payments you made were not credited to your account
10. You paid off accounts but they are not shown as paid off
11. Details of a mortgage are being reported inaccurately
12. Incorrect employer information
13. Salary being reported incorrectly
15. Timely payments incorrectly reported as "late"
16. Accounts that were paid off shown as turned over for collection
17. Reports legal actions as pending that were already settled
18. Credit limits incorrect
19. An account you applied for but never opened is being shown as having been opened
20. Incorrect address
21. You closed an account but it shows as closed by the merchant
22. Car loans were paid off but show as still open
We Set Up a Plan of Action
In conference with you, we will prepare and put into action a
strategy to help you substantiate the accuracy of all the accounts in
your credit report ... to substantiate that it was in fact you who
applied for all the accounts in question, and that all the details of
those accounts that you did apply for have been accurately reported.
We will guide you in carrying out the plan, and will work with you in the execution of the plan until everything in your credit report has been either validated or corrected
We Examine Other Issues in Your Credit Report As Well
Negative account information in your report isn't the only issues that can cause you to have a low credit score. But this is where a lot of "Credit Repair Agencies" quit! We do a great deal more than simply challenge account information in your credit report.
Did you know that the number of requests for your credit report can bring down your credit score? And since the credit bureaus have such a problem keeping accurate records, there's a high probability that requests were made that you did not authorize (as required by law).
The "debt ratio" also warrants careful attention ... your level of debt compared to your "credit limit." We also help you modify this ratio to improve your credit score.
"Types" of debt also affect your credit score. Too many debts of the same kind (revolving or installment debt) also can bring your credit score down. We'll look closely at this issue and help you to achieve a better balance. |
