Inaccuracies in Credit Reports
Credit bureaus don't do a good job of record-keeping. In fact, the chances are at least 1 out of 3 that your credit report contains inaccuracies ... and that's on the LOW end. The Charles Givens organization estimates that an appalling 90% of credit reports contain inaccuracies!
So it's clear that, even by the most conservative estimates, it's highly probable that accounts in your credit report have mistakes, or may not even be your accounts at all!
But the really scary part is ... even ONE mistake can cause you to be denied credit!
The Fair Credit Reporting Act
In 1972 the US Congress passed the Fair Credit Reporting Act (FCRA) to address these abuses.
The FCRA gives the consumer certain rights under Federal law regarding credit reporting, among them the right to demand an investigation into the accuracy of any information in a credit report.
We Go Over Your Credit Report For Inaccuracies
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 your credit report and search for items that we think, based on our expertise, have a high likelihood of being in error. After identifying possible items of concern, we will guide you in asking for verification by the major credit bureaus, as required by the FCRA.
What Manner of Inaccuracies Can Occur?
1. Details of an account are inaccurate
2. Someone else's account is being reported as yours
3. Accounts you paid off are not being shown as paid off
4. Account shows there being late payments when they were not
5. Paid accounts reported as turned over for collection
6. The details of a mortgage are being reported inaccurately
7. You applied for an account but never opened it
8. You made payments that were not credited to your account
9. Incorrect employer information
10. Salary being reported incorrectly
11. Address is incorrect
12. Incorrect social security number
13. Legal actions that were settled are still showing as pending
14. Credit limit amounts are incorrect
15. Account closed by you is shown as closed by the merchant
16. Report shows that you filed for bankruptcy when you did not
17. Your child opened account in your name
18. Bankruptcy being reported as pending although it has been discharged
19. Car loans were paid off but are shown as still open
20. Report erroneously shows pending foreclosures when there are none
21. Report shows a foreclosure as pending that was already settled
22. Report erroneously shows pending legal actions
We Prepare a Plan On Which to Act
In conference with you, we will prepare and execute a strategy to help you confirm and verify that all the accounts in your credit report are being reported accurately ... to confirm and verify that it was 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 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 Analyze Other Factors in Your Credit Report As Well
Besides negative accounts, there are other issues that can cause a low credit score. Nevertheless, this is the point where a lot of "Credit Repair Agencies" stop!
But we don't stop there. We go beyond just challenging account information in your credit report.
Were your aware 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 probability 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 enhance your credit score by adjusting these levels.
"Types" of debt also affect your credit score. Too many of the same kinds of debts (revolving or installment debt) also negatively impact your score. We'll look for difficulties in this area and guide you in achieving a better balance. |
