Credit Reports and Mistakes
Credit bureaus don't keep very good records. In fact, the chances are at least 1 out of 3 that your credit report contains mistakes ... and that's a conservative estimate. The Charles Givens organization estimates that a whopping 90% of credit reports contain mistakes!
So it's clear that, even using the lowest figures, it's extremely likely that items in your credit report are being wrongly reported, or may not even be your accounts at all!
But here's what's really disturbing ... only ONE mistake can result in denial of credit!
The Fair Credit Reporting Act
It's because of these abuses in credit reporting that the United States Congress passed the Fair Credit Reporting Act (FCRA) in 1972.
The FCRA grants the consumers certain rights under the law in regard to credit reporting, among them the right to demand that credit bureaus investigate inaccuracies in their credit report.
We Look At Your Credit Report to Determine If There May Be Inaccurate Information
We have a solid understanding of your rights are under the Fair Credit Reporting Act, and with the remedies available to you to make sure that any inaccuracies in your credit report are corrected.
We will review and analyze your credit report and look for items that we think, based on our expertise, have a high probability of being incorrect. Once we have identified potential areas of concern, we will guide you in requesting review and verification of their accuracy by the major credit bureaus, as required by the FCRA.
What Kinds of Mistakes Can Happen?
1. Wrong accounts
2. Details of an account are being reported inaccurately
3. Timely payments being reported as late
4. Paid accounts reported as turned over for collection
5. You applied for an account but never opened it
6. An account was opened in your name by your child
7. Payments you made were not credited to your account
8. Accounts you paid off are not being shown as paid off
9. The details of a mortgage are being reported inaccurately
10. Employer information is incorrect
11. Salary being reported incorrectly
12. Address is incorrect
13. Wrong social security number
14. Report shows that you filed for bankruptcy when you did not
15. Report shows a bankruptcy pending that was already discharged
16. Report erroneously shows pending legal actions
17. Reports legal actions as pending that were already settled
18. Credit limits incorrect
19. Paid car loans still showing as open
20. You closed an account but it shows as closed by the merchant
21. Report shows foreclosure as pending that was already settled
We Organize a Plan on Which to Act
In discussion with you, we will prepare and implement a plan to help you validate the accuracy of all the accounts in your credit report ... to validate that it was in fact you who applied for all the accounts in question, and that every detail of those accounts is being reported correctly.
We will guide you in execution of the action plan, and we will work together in the execution of the plan until any and all inaccurate information has been corrected.
We Look At Other Aspects in Your Credit Report As Well
Besides negative accounts, there are other issues that can bring down a credit score.
But unfortunately this is where a lot of "Credit Repair Agencies" quit! But we don't stop there. We go beyond just challenging 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 given the poor record keeping by the credit bureaus, there's a high likelihood that requests were made that you did not authorize (as required by law).
Another factor is a number called your "debt ratio" ... your level of debt compared to your "credit limit." We also help you raise your credit score by adjusting these levels.
"Types" of debt also affect your credit score.
Too many debts of the same type (revolving or installment debt) also can lower your credit score. We'll identify problems in this area and help you to reach a better balance. |
