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Credit Reports and Errors |
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Credit bureaus don't do a good job of record-keeping. In fact, there's at least a 1 in 3 chance that your credit report contains mistakes ... and that's at minimum. The Charles Givens organization estimates that a staggering 90% of credit reports contain mistakes!
So it's clear that, even taking the minimum estimates, 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 the really scary part is ... only ONE mistake can result in denial of credit! |
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The Fair Credit Reporting Act |
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In 1972 the US Congress passed the Fair Credit Reporting Act (FCRA) to address these abuses.
The FCRA grants the consumers certain rights under the law regarding credit reporting, among them the right to demand an investigation into the accuracy of any information in a credit report. |
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We Look Into Possible Errors On Your Credit Report |
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We are very familiar with your rights are 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 assess your credit report and look for items that we believe, based on our experience, have a high probability of being in error. After identifying likely items of concern, we will guide you in contacting the credit bureaus to ask for verification, as required by the FCRA. |
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What Kinds of Errors Can Arise? |
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- Wrong accounts
- Account details are not being reported correctly
- Paid off accounts are not shown as paid off
- Accounts that were paid are inaccurately being shown as collection accounts
- An account you applied for but never opened is being shown as having been opened
- Report erroneously shows pending foreclosures
- Your child opened an account in your name
- Mortgage details are incorrect
- Employer information is incorrect
- Incorrect salary
- Payments made were not credited
- Wrong address
- Incorrect social security number
- Account shows there being late payments when there were none
- Report incorrectly shows you as having filed for bankruptcy
- Report shows a bankruptcy pending that was already discharged
- Credit limit amounts incorrect
- Car loans that were paid off still reported as open
- You closed an account but it shows as closed by the merchant
- Report shows pending legal actions when there are none
- Legal actions that were settled are still showing as pending
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We Arrange a Plan to Act On |
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In conference with you, we will prepare and execute a strategy to help you validate that all the account in your credit report are being reported accurately ... to validate that it was 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 carrying out the plan, and will work together with you in the execution of the plan until any and all inaccurate information has been corrected. |
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We Also Look At Various Other Issues in Your Credit Report |
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Besides negative accounts, there are other factors that can bring down a credit score. Nevertheless, this is the point where a lot of "Credit Repair Agencies" stop! But we go beyond simply challenging account information in your credit report.
Did you know that the number of requests for your credit report can bring your score lower? 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 modify this ratio to bring up your credit score.
"Types" of debt also affect your credit score. Too many debts of the same kind (revolving or installment debt) also negatively impact your score. We'll look for difficulties in this area and help you to attain a better balance.
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