| Inaccuracies in Credit Reports
Credit bureaus aren't very good at keeping accurate records. In fact, the odds are at least 1 out of 3 that your credit report contains errors ... and that's a conservative estimate. The Charles Givens organization estimates that a whopping 90% of credit reports contain errors!
So it's obvious that, even taking the minimum estimates, it's extremely likely that items in your credit report are inaccurate, or may not even be your accounts at all!
But here's what's really disturbing ... it only takes ONE mistake to cause denial of 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 under the law in reference to credit reporting, among them the right to demand that credit bureaus investigate inaccuracies in their credit report.
We Look Into Possible Errors On Your Credit Report
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 any inaccuracies in your credit report are corrected.
We will analyze 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.
What Types Inaccuracies Can Occur Happen?
- Wrong accounts
- Account details are inaccurate
- Timely payments being reported as late
- 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
- Your child opened an account in your name
- Payments made were not credited
- You paid off accounts but they are not shown as paid off
- Details of a mortgage are being reported inaccurately
- Incorrect employer information
- Incorrect salary
- Wrong address
- Incorrect social security number
- Report shows that you filed for bankruptcy when you did not
- Report shows a bankruptcy pending that was already discharged
- Report shows pending legal actions when there are none
- Settled legal actions still show as pending
- Credit limits incorrect
- Car loans that were paid off shown as still open
- Account closed by you is shown as closed by the merchant
- Report shows settled foreclosures as still pending
We Prepare a Plan of Action
In conference with you, we will prepare and execute a plan to help you authenticate that the items in your credit reports are all being accurately reported ... to authenticate 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 implementing the plan, and will work with you in the execution of the plan until any and all inaccurate information has been corrected.
We Evaluate Other Issues in Your Credit Report As Well
There are factors other than negative accounts that can cause you to have a low 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 important issue is the "debt ratio" ... your level of debt compared to your "credit limit." We also help you to adjust these levels to bring up your credit score.
"Types" of debt also affect your credit score. Too many debts of the same type (revolving or installment debt) also hurt your credit score. We'll look for difficulties in this area and help you to achieve a better balance. |
