Apr 10
24
How to Dispute Credit Report Errors
How to Dispute Credit Report Errors
Your credit report contains information about where you live, how you pay your bills, and whether you’ve been sued or arrested, or have filed for bankruptcy. Credit reporting companies sell the information in your report to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home. The federal Fair Credit Reporting Act (FCRA) promotes the accuracy and privacy of information in the files of the nation’s credit reporting companies.
Some financial advisors and consumer advocates suggest that you review your credit report periodically. Why?
- Because the information it contains affects whether you can get a loan — and how much you will have to pay to borrow money.
- To make sure the information is accurate, complete, and up-to-date before you apply for a loan for a major purchase like a house or car, buy insurance, or apply for a job.
- To help guard against identity theft. That’s when someone uses your personal information — like your name, your Social Security number, or your credit card number — to commit fraud. Identity thieves may use your information to open a new credit card account in your name. Then, when they don’t pay the bills, the delinquent account is reported on your credit report. Inaccurate information like that could affect your ability to get credit, insurance, or even a job.
Getting Your Credit Report
An amendment to the FCRA requires each of the nationwide credit reporting companies — Equifax, Experian, and TransUnion — to provide you with a free copy of your credit report, at your request, once every 12 months.
For details, see Your Access to Free Credit Reports at ftc.gov/credit.
How to Order Your Free Report
The three nationwide credit reporting companies have set up one website, toll-free telephone number, and mailing address through which you can order your free annual report. To order, visit annualcreditreport.com, call 1-877-322-8228 or complete the Annual Credit Report Request Form and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. You can use the form in this brochure, or you can print it from ftc.gov/credit. Do not contact the three nationwide credit reporting companies individually. They are providing free annual credit reports only through annualcreditreport.com, 1-877-322-8228 , and Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.
You may order your reports from each of the three nationwide credit reporting companies at the same time, or you can order from only one or two. The law allows you to order one free copy from each of the nationwide credit reporting companies every 12 months.
You need to provide your name, address, Social Security number, and date of birth. If you have moved in the last two years, you may have to provide your previous address. To maintain the security of your file, each nationwide credit reporting company may ask you for some information that only you would know, like the amount of your monthly mortgage payment. Each company may ask you for different information because the information each has in your file may come from different sources.
Other situations where you might be eligible for a free report
Under federal law, you’re also entitled to a free report if a company takes adverse action against you, such as denying your application for credit, insurance, or employment, based on information in your report. You must ask for your report within 60 days of receiving notice of the action. The notice will give you the name, address, and phone number of the credit reporting company.
You’re also entitled to one free report a year if you’re unemployed and plan to look for a job within 60 days; if you’re on welfare; or if your report is inaccurate because of fraud, including identity theft.
Otherwise, a credit reporting company may charge you up to $10.50 for another copy of your report within a 12-month period. To buy a copy of your report, contact:
Experian-1-888-397-3742
www.experian.com
TransUnion-1-800-916-8800
www.transunion.com
Equifax-1-800-685-1111 www.equifax.com
Under state law, consumers in Colorado, Georgia, Maine, Maryland, Massachusetts, New Jersey, and Vermont already have free access to their credit reports.
For details, see Your Access to Free Credit Reports at ftc.gov/credit.
Correcting Errors
Under the FCRA, both the credit reporting company and the information provider (that is, the person, company, or organization that provides information about you to a credit reporting company) are responsible for correcting inaccurate or incomplete information in your report. To take advantage of all your rights under this law, contact the credit reporting company and the information provider.
Step One
Tell the credit reporting company, in writing, what information you think is inaccurate. Include copies (NOT originals) of documents that support your position. In addition to providing your complete name and address, your letter should clearly identify each item in your report you dispute, state the facts and explain why you dispute the information, and request that it be removed or corrected. You may want to enclose a copy of your report with the items in question circled. Your letter may look something like the one below. Send your letter by certified mail, “return receipt requested,” so you can document what the credit reporting company received. Keep copies of your dispute letter and enclosures.
Credit reporting companies must investigate the items in question — usually within 30 days — unless they consider your dispute frivolous. They also must forward all the relevant data you provide about the inaccuracy to the organization that provided the information. After the information provider receives notice of a dispute from the credit reporting company, it must investigate, review the relevant information, and report the results back to the credit reporting company. If the information provider finds the disputed information is inaccurate, it must notify all three nationwide credit reporting companies so they can correct the information in your file.
When the investigation is complete, the credit reporting company must give you the results in writing and a free copy of your report if the dispute results in a change. This free report does not count as your annual free report. If an item is changed or deleted, the credit reporting company cannot put the disputed information back in your file unless the information provider verifies that it is accurate and complete. The credit reporting company also must send you written notice that includes the name, address, and phone number of the information provider.
If you ask, the credit reporting company must send notices of any corrections to anyone who received your report in the past six months. You can have a corrected copy of your report sent to anyone who received a copy during the past two years for employment purposes.
If an investigation doesn’t resolve your dispute with the credit reporting company, you can ask that a statement of the dispute be included in your file and in future reports. You also can ask the credit reporting company to provide your statement to anyone who received a copy of your report in the recent past. You can expect to pay a fee for this service.
Step Two
Tell the creditor or other information provider, in writing, that you dispute an item. Be sure to include copies (NOT originals) of documents that support your position. Many providers specify an address for disputes. If the provider reports the item to a credit reporting company, it must include a notice of your dispute. And if you are correct — that is, if the information is found to be inaccurate — the information provider may not report it again.
Adding Accounts to Your File
Your credit file may not reflect all your credit accounts. Although most national department store and all-purpose bank credit card accounts will be included in your file, not all creditors supply information to credit reporting companies: some local retailers, credit unions, travel, entertainment, and gasoline card companies are among the creditors that don’t.
If you’ve been told that you were denied credit because of an “insufficient credit file” or “no credit file” and you have accounts with creditors that don’t appear in your credit file, ask the credit reporting companies to add this information to future reports. Although they are not required to do so, many credit reporting companies will add verifiable accounts for a fee. However, understand that if these creditors do not report to the credit reporting company on a regular basis, the added items will not be updated in your file.
When negative information in your report is accurate, only the passage of time can assure its removal. A credit reporting company can report most accurate negative information for seven years and bankruptcy information for 10 years. Information about an unpaid judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer. There is no time limit on reporting: information about criminal convictions; information reported in response to your application for a job that pays more than $75,000 a year; and information reported because you’ve applied for more than $150,000 worth of credit or life insurance. There is a standard method for calculating the seven-year reporting period. Generally, the period runs from the date that the event took place.
For more information, see Building a Better Credit Report at ftc.gov/credit.
Sample Dispute Letter
| Date Your Name Your Address, City, State, Zip Code Complaint Department Dear Sir or Madam: I am writing to dispute the following information in my file. I have circled the items I dispute on the attached copy of the report I received. This item (identify item(s) disputed by name of source, such as creditors or tax court, and identify type of item, such as credit account, judgment, etc.) is (inaccurate or incomplete) because (describe what is inaccurate or incomplete and why). I am requesting that the item be removed (or request another specific change) to correct the information. Enclosed are copies of (use this sentence if applicable and describe any enclosed documentation, such as payment records and court documents) supporting my position. Please reinvestigate this (these) matter(s) and (delete or correct) the disputed item(s) as soon as possible. Sincerely, Enclosures: (List what you are enclosing.) |
The FTC works to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop and avoid them. To file a complaint or get free information on consumer issues, visit ftc.gov or call toll-free, 1-877-FTC-HELP
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Posted in Credit Restoration Dispute Errors by .
Apr 10
10
Credit Repair: How to Help Yourself
Credit Repair: How to Help Yourself
You see the advertisements in newspapers, on TV, and on the Internet. You hear them on the radio. You get fliers in the mail, and maybe even calls offering credit repair services. They all make the same claims:
“Credit problems? No problem!”
“We can remove bankruptcies, judgments, liens, and bad loans from your credit file forever!”
“We can erase your bad credit — 100% guaranteed.”
“Create a new credit identity — legally.”
The Federal Trade Commission (FTC) says do yourself a favor and save some money, too. Don’t believe these claims: they’re very likely signs of a scam. Indeed, attorneys at the nation’s consumer protection agency say they’ve never seen a legitimate credit repair operation making those claims. The fact is there’s no quick fix for creditworthiness. You can improve your credit report legitimately, but it takes time, a conscious effort, and sticking to a personal debt repayment plan.
Recognizing a Credit Repair Scam
Everyday, companies target consumers who have poor credit histories with promises to clean up their credit report so they can get a car loan, a home mortgage, insurance, or even a job once they pay them a fee for the service. The truth is, these companies can’t deliver an improved credit report for you using the tactics they promote. It’s illegal: No one can remove accurate negative information from your credit report. So after you pay them hundreds or thousands of dollars in fees, you’re left with the same credit report and someone else has your money.
If you see a credit repair offer, here’s how to tell if the company behind it is up to no good:
- The company wants you to pay for credit repair services before they provide any services. Under the Credit Repair Organizations Act, credit repair companies cannot require you to pay until they have completed the services they have promised.
- The company doesn’t tell you your rights and what you can do for yourself for free.
- The company recommends that you do not contact any of the three major national credit reporting companies directly.
- The company tells you they can get rid of most or all the negative credit information in your credit report, even if that information is accurate and current.
- The company suggests that you try to invent a “new” credit identity — and then, a new credit report — by applying for an Employer Identification Number to use instead of your Social Security number.
- The company advises you to dispute all the information in your credit report, regardless of its accuracy or timeliness.
If you follow illegal advice and commit fraud, you may find yourself in legal hot water, too: It’s a federal crime to lie on a loan or credit application, to misrepresent your Social Security number, and to obtain an Employer Identification Number from the Internal Revenue Service under false pretenses. You could be charged and prosecuted for mail or wire fraud if you use the mail, telephone, or Internet to apply for credit and provide false information.
Your Rights Regarding Credit Repair
No one can legally remove accurate and timely negative information from a credit report. The law allows you to ask for an investigation of information in your file that you dispute as inaccurate or incomplete. There is no charge for this. Some people hire a company to investigate on their behalf, but anything a credit repair clinic can do legally, you can do for yourself at little or no cost. According to the Fair Credit Reporting Act (FCRA):
- You’re entitled to a free report if a company takes “adverse action” against you, like denying your application for credit, insurance, or employment. You have to ask for your report within 60 days of receiving notice of the action. The notice will give you the name, address, and phone number of the consumer reporting company. You’re also entitled to one free report a year if you’re unemployed and plan to look for a job within 60 days; if you’re on welfare; or if your report is inaccurate because of fraud, including identity theft.
- Each of the nationwide consumer reporting companies — Equifax, Experian, and TransUnion — is required to provide you with a free copy of your credit report once every 12 months, if you ask for it. The three companies have a central website, a toll-free telephone number, and a mailing address for consumers to order the free annual credit reports the government entitles them to. To order, click on annualcreditreport.com, call 1-877-322-8228 , or complete the Annual Credit Report Request Form and mail it to:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
You can use the form in this brochure, or you can print it from ftc.gov/credit. You may order reports from each of the three consumer reporting companies at the same time, or you can stagger your requests, ordering one from each company throughout the year from the central address. Don’t contact the three nationwide consumer reporting companies individually or at another address because you may end up paying for a report that you’re entitled to get for free. In fact, each consumer reporting company may charge you up to $10.50 to purchase an additional copy of your report within a 12-month period.
- It doesn’t cost anything to dispute mistakes or outdated items on your credit report. Under the FCRA, both the consumer reporting company and the information provider (that is, the person, company, or organization that provides information about you to a consumer reporting company) are responsible for correcting inaccurate or incomplete information in your report. To take advantage of all your rights under the FCRA, contact the consumer reporting company and the information provider.
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Posted in Credit Restoration by .
What’s The Difference Between Repairing Credit and Rebuilding Credit?
by insidebadcredit.com
Depending on your personal credit situation, you may find it necessary to rebuild your credit rather than repair it. The Fair Credit Reporting Act gives you the right to dispute any items on your credit report that are inaccurate, missing, or not up to date. Taking advantage of this right constitutes “credit repair”.
One can repair their credit by disputing negative items and eventually working to have them removed from your cred
it report. The most common instances of credit repair involve:
- Late Payments Not Updated
- Missing Payments Not Credited
- Paid Collections Not Updated
- Paid Tax Liens Not Updated
The other means by which one repairs their credit is by addressing negative items that are correct on the report. This usually involves working with credit issuing companies and lenders to make arrangements for payments owed to show that past problems have been resolved. Although an item like a collection or bankruptcy stays on your credit report for a while, it is better to show that the issue has been resolved and closed rather than remaining open.
Rebuilding credit involves taking steps that outweigh the negative items as you wait for them to fall off your record. What’s most important is not repeating the same bad habits that got you in this situation in the first place. Managing spending is key to being able to make payments on time. The more time that passes without negative incidents the better!
Another rebuilding strategy involves obtaining new sources of credit and keeping clean records. Industry experts recommend having about three sources of credit active and in good standing at all times. Examples of these include mortgages, car loans, and credit cards. Try not to run credit card balances up to or anywhere near the pre-set spending limit. A maxed-out credit card can hurt your credit utilization scores and negatively impact the credit you’re trying to rebuild.
Posted in Credit Restoration How to repair credit by .
WHAT LENDERS LOOK FOR: GOOD CREDIT IMPROVES YOUR MORTGAGE NEGOTIATIONS
Contrary to what we competence think, we do not conduct your credit applications as well as payments in the vacuum. Your credit function (as the little have schooled the tough way) is tracked by credit bureaus such as Equifax Canada as well as TransUnion of Canada.
This report is tabulated, as well as afterwards we have been reserved the credit rating. It’s critical for we to say as tall the rating as possible. The following report shows we how we can be sure to consequence the great score, as well as because it’s so critical to do so.
Lenders Have Access To This Information.
Think about it. When we confirm to request for the debt for the home purchase, or the large loan for home restoration – do not we wish A+ right up there next to your great name?
Your Good Name Is Really What It’s All About.
In the monetary world, your credit form is your reputation. If we have the great record, it equates to well-spoken sailing forward for you. If your jot down isn’t all it should be, we competence be in for the bit of severe continue when it comes to appropriation the monies we need — during the seductiveness rates we want.
Your Payment History.
Credit label debt — is the single of the most critical factors deliberate when your measure is being tabulated. Any missed, late, or not asked payments have been duly noted. Not usually does the prompt remuneration story clean your credit picture — it saves we income in interest, as well as assures the quicker timid of which debt too.
Timeliness Of Payments.
Actual volume of payments, the state of your credit label balances contra credit available, the series of cards we own, the magnitude of your requests for some-more credit – These have been only the little of the tidbits of personal monetary report which have up your credit profile. This extensive story is gathered to uncover lenders how arguable the debt risk we are. To put it simply they wish to know either or not we have been credit worthy.
Your credit measure is determined with the mathematical formula.
Various factors have been weighed as well as offset as well as since the sure commission worth towards your last score. Credit bureaus additionally take in to care — in further to factors already referred to — your existent debt burden, your tangible as well as intensity income (remember we do give out these sum when we request for credit), your debt to income ratio, your past monetary problems (any failure or foreclosure stays the prolonged time upon record), your pursuit fortitude -
essentially any square of open report which helps set up an scold as probable risk comment of we as debtor.
Your Credit Rating Is A Fluid And An Ever-Changing Thing.
It is contingent upon your benefaction monetary resources as well as any actions we make. The credit bureaus regularly follow your income trail. Because the arrangement of your form is an upon starting thing, it’s critical for we to consistently make make use of of arguable as well as obliged debt handling. The great news? The ever-changing peculiarity of your credit rating allows we to ceaselessly target for the aloft score. Think of your rating — not as the weight — though as the plea as well as an opportunity.
Infrequent Requests For Additional Credit?
That’s the unequivocally great pointer to the lender. Keep in thoughts which debt as well as loan selling won’t stroke we negatively if it’s finished in the strong time period. The credit bureaus appreciate this flurry of wake up definitely — as prolonged as it doesn’t start as well frequently. You wish to demeanour savvy, not desperate.
How Much Plastic Is Too Much?
Too most credit cards red dwindle we to intensity lenders. Limit your cards to 3 or four, as well as try to say longtime make make use of of of during slightest the single card. This is the pass approach to set up up an glorious credit history. The volume of credit we use, contra credit available, is unequivocally revelation too. Keep your balances low.
It’s Your Right To Pull Up Your Credit Report Profile.
This is something which is in your seductiveness to do so. (You can do this online during www.equifax.com). Experts suggest we to check it out during slightest once the year. Doing so gives we the event to scold any errors or misinformation which competence be there. Practice arguable as well as obliged debt management.
Then, when we do essentially need income for the vital endeavour (like the squeeze of the home), your credit rating will be an asset, not the liability.
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Posted in Credit Restoration Mortgatge Information by .
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Posted in Credit Restoration Federal Trade Commisson by .
How Credit Score Affects Your Loan Application
If you have ever been denied credit, you’ve probably wondered what exactly the lender based the decision on. Though it may not seem fair to you, you need to look at the decision from the point of view of the lender. You walk into the office and ask them to give you a loan that you “promise” to pay back. The lender initially knows nothing about you or your trustworthiness. They have to turn to a credit reporting bureau to learn about your past borrowing performance. This will be the majority of what they base their decision on since past performance is viewed as the best indicator of future performance.
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If your credit history is less than perfect or if you have little history of credit at all, then you will very likely be denied unless you can provide substantial reasons why you shouldn’t. Fortunately lenders are in the business of lending money and they want to lend to you. First you need to clean up your history a little bit.
Cleaning up your credit will take some time and effort, but it can be done, regardless of how bad your credit is. No one is perfect as many huge financial institutions recently found out during the housing and banking collapse. Even the big boys can make bad decisions. Fortunately, their mistakes can be to your advantage if you are trying to clean up a shaky credit past.
Bankruptcy can severely damage your credit, but most people considering bankruptcy already have a near rock bottom credit score so it doesn’t really matter. What bankruptcy does is to essentially wipe out your debts as well as your credit history and allow you to start over.
In the past, bankruptcy made it almost impossible to qualify for a loan until the bankruptcy was discharged from your credit history. With the current economic situation many Americans were forced to file bankruptcy or were at least left with a lower credit score due to unemployment or foreclosure. The banks once again have money to lend and are trying to attract borrowers in an attempt to get the economy rolling again. They are therefore much more likely to offer loans to those who have declared bankruptcy than they were in the past.
The banks want your credit score to go up so you can borrower more money and help their business. They are willing to offer you loans to help repair your credit history and raise your credit score. Just be honest with them and be prepared to explain how your situation has changed and your plan for getting back on your feet. The government after all bailed out many major lenders; why shouldn’t they do the same for you the tax payer?
Hard times don’t mean the end of times and almost anything can be fixed. Take advantage of the current economic recovery to find help in repairing your credit and get back on the road to financial success.
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Posted in Credit Restoration Mortgatge Information by .
Apr 10
13
How to read a credit report
Reading a Report
Once you’ve obtained a copy of your credit report, you’ll be able to see what your creditors are saying about you. There’s just one problem — credit reports can be a little confusing. Never fear! CCCS-OC is here to help. In the following paragraphs you’ll find a step-by-step explanation of how to read and interpret each section of your credit report.
I.D. Section
Here you’ll find identifying information like your:
name
current address
social security number
date of birth
spouse’s name (if applicable)
Easy, right? But don’t just skim over this section. Read all the entries to make sure everything is correct. One bad piece of information and the credit history listed on your report could be wrong.
Credit History Section
This is the meat of the report. It contains a list of your open and paid credit accounts and indicates any late payments reported by your creditors. Although it may seem a little tedious, it’s essential that you read through this section very thoroughly. If you find any information that is incorrect or accounts that don’t belong to you, you’ll need to submit a dispute letter to the credit-reporting agency.
The basic format for the credit history section (see sample) is as follows:
Company Name – identifies the company that is reporting the information.
Account Number – lists your account number with the company.
Whose Account – Indicates who is responsible for the account and the type of participation you have with the account. Abbreviations may vary depending on the reporting agency but here are some of the most common:
I – Individual
U – Undesignated
J – Joint
A – Authorized User
M – Maker
T – Terminated
C – Co-maker/Co-signer
S – Shared
Date Opened – This is the month and year you opened the account with the credit grantor.
Months Reviewed – Lists the number of months the account history has been reported.
Last Activity – Indicates the date of the last activity on the account. This may be the date of your last payment or last charge.
High Credit – Represents the highest amount charged or the credit limit. If the account is an installment loan, the original loan amount will be listed.
Terms – For installment loans, the number of installments may be listed or the amount of the monthly payments. For revolving accounts, this column is often left blank.
Balance – Indicates the amount owed on the account at the time it was reported.
Past Due – This column lists any amount past due at the time the information was reported.
Status – A combination of letters and numbers are used to indicate the type of account of the timeliness of payment.
Abbreviations for the type of account are as follows:
O – Open
R – Revolving
I – Installment
Abbreviations for Timeliness of Payment varies among agencies. Numbers are used to represent how current you are in your payments. Current or paid as agreed is usually represented by 0 or 1. Larger numbers (up to 9) indicate that an account is past due.
Date Reported – Indicates the last time information on this account was updated by your creditor.
Collection Accounts Section
If you’ve had any accounts referred to collection agencies in the last seven years, this is where they will be reported. The name of the collection agency will be listed along with the amount you owe and, in some cases, their contact information. If a collection is listed on your report that doesn’t look familiar to you, contact the credit bureau and submit a dispute letter.
For your own piece of mind, you may also want to contact the collection agency to determine the nature of the account. Here’s why.
You may find out that the collection account is NOT yours. Perhaps it belongs to someone whose name or social security number is very similar to yours. If this is the case, ask the collection agency to acknowledge this fact in writing. They should send a copy of the letter to you AND the credit reporting agency so that the mistaken information can be cleared from your report.
You may find out that the collection account IS yours. If so, it is in your best interest to determine the accuracy of the amount of the collection account and make arrangements to satisfy your obligation as quickly as possible. Once the collection account has been paid, you should request a letter from the collection agency to this effect. Again, make sure the credit reporting agency gets a copy of the letter so that they can list the account as paid.
Courthouse Records Section
This section may also be referred to as Public Records. Here you’ll find a listing of public record items (obtained from local, state and federal courts) that reflect your history of meeting financial obligations. These include:
Bankruptcy records
Tax liens
Judgments
Collection accounts
Overdue child support (in some states)
Look closely at all the information listed here. If anything is mistaken, contact the credit bureau and submit a dispute letter.
Additional Information
This section consists primarily of former addresses and past employers as reported by your creditors.
Inquiry Section
Contains a list of the businesses that have received your credit report in the last 24 months. If you find the names of businesses that sound unfamiliar, you should find out who they are and why they’re looking at your credit! The credit-reporting agency may be able to help you with contact information. Remember, only companies that have received your written authorization should be able to check your credit history.
Time information is retained
The length of time that information remains in your file varies.
Credit and collection accounts will be reported for 7 years from the date of the last activity with the original creditor.
If you’ve filed a Chapter 7 or Chapter 11 bankruptcy, this information will be reported for 10 years from the date filed.
All other courthouse records will be reported for 7 years from date filed.
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Posted in Credit Restoration Reading a credit report by .
WASHINGTON — The Internal Revenue Service, the Federal Trade Commission and state regulators today issued a consumer alert for those seeking assistance from tax-exempt credit counseling organizations.
Paying bills is never easy, but job loss, divorce or unexpected medical bills can be devastating to a consumer. Many consumers seek help from non-profit credit counseling organizations in managing their debt or “repairing” damaged credit. The IRS, FTC and state agencies urge consumers to be cautious when choosing a credit counseling organization.
Many credit counseling organizations provide valuable advice, education and assistance to those seeking to better manage their debt. But an increasing number of complaints to federal and state agencies indicates that some organizations are engaging in questionable activities.
Federal and state regulators are concerned that some credit counseling organizations using questionable practices may seek tax-exempt status in order to circumvent state and federal consumer protection laws. State and federal statutes regulating credit counseling agencies often do not apply to Section 501(c)(3) tax-exempt organizations.
“Many of these groups provide a valuable service to consumers, but some use the tax code to skirt consumer-protection laws,” said IRS Commissioner Mark W. Everson. “The IRS will work to protect the integrity of the tax law to ensure that tax-exempt organizations understand and comply with the rules. We will work with other federal agencies and state regulators to combat abuse in this area. It is not fair to taxpayers struggling with financial problems to be taken advantage of by credit counseling groups exploiting gaps in the law.”
Consumers need to be wary of the “quick fixes” offered by some organizations.
“Consumers who are struggling financially need to be careful not to lose even more money to someone offering a quick and easy way to fix credit problems,” said Timothy J. Muris, Chairman of the FTC. “We want all consumers seeking help to take some common sense precautions.”
Consumers can help protect themselves from deceptive credit counseling practices by following these tips:
-
Check that the organization will help you manage your finances better through counseling and education.
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Carefully read through any written agreement that a credit counseling organization offers. It should describe in detail the services to be performed; the payment terms for these services, including their total cost; how long it will take to achieve results; any guarantees offered; and the organization’s business name and address.
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Beware of high fees or required “voluntary contributions” that, with high monthly service charges, may add to your debt and defeat your efforts to pay your bills. It is illegal to represent that negative information, such as bankruptcy, can be removed from your credit report. Promises to “help you get out of debt easily” are a red flag.
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Make sure that your creditors are willing to work with the agency you choose. If they are, follow up with those creditors regularly to make sure your debt is being paid off.
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Check with state agencies and your local Better Business Bureau to find out about a specific credit counseling organization’s record. A list of helpful Web sites appears at the bottom of this release.
“State charity officials are working with other state and federal agencies to remedy abuses in this area, and to assure that nonprofit credit counseling organizations operate in accordance with the charitable trust or non-profit corporation laws under which they are formed,” said Mark Pacella, president of the National Association of State Charity Officials (NASCO).
To address some of the concerns, the IRS has stepped up its enforcement efforts to ensure that existing Section 501(c)(3) organizations are complying with the applicable rules and regulations. Further information and background can be found in Fact Sheet 2003-117.
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How Students May Clean Up Their Bad Credit
Sometimes, even when you strive to protect your credit history, you may find that your rating is below what you expected. What if you discovered that you have poor credit? What can you do to regain a good credit standing? Below are practical suggestions on how to build good credit:
Regularly look into your credit report. Do you regularly check your personal credit report? You should order a copy of your report from all the three major credit bureaus (Equifax, Experian, and TransUnion) at least twice a year to ensure that it contains no errors or incorrect information. You can also take advantage of your privilege to a get a free credit report once a year by visiting AnnualCreditReport.com.
Examine your report for errors. Erroneous credit reporting is a fairly common case. Sometimes creditors may report inaccurate information to the bureaus. Sometimes the credit reporting agencies commit the errors themselves. There are also instances when your record gets mixed up with another person’s credit history. This is why checking your credit report is very important.
Compare all three credit reports. Remember that each report you obtain from the three credit bureaus (Equifax, Experian, and TransUnion) may not be exactly the same as the other. If you find discrepancies with your personal details, payment history, or within any section of your credit file be prepared to find a dispute.
Send a letter of dispute. The Fair Credit Reporting Act gives all consumers the right to dispute credit report errors. If you are a student who owns a student credit card, do not hesitate to exercise this privilege. The credit bureaus must investigate on the issue as soon as they receive a letter of complaint or dispute from a consumer.
You can find sample credit dispute letters from the internet that you can use as reference in creating your own. In your dispute letter, clearly point out the error that you want to be corrected. You should also send a photocopy of your report (with the items in question clearly marked); as well as photocopies (NEVER ORIGINALS) of receipts or other documents that prove your claims.
Send your letter through registered post mail to the credit reporting agency that issued your report. If you do not get a response after 10 days, send a follow up dispute letter. The investigation can take up to 30 days to complete. After this period, the bureau must inform you about the result of the investigation along with a free and updated copy of your credit report.
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Posted in Credit Restoration How to repair credit by .
Apr 10
7
Lets get your credit back
owning a credit ca
rd is an opportunity. It provides convenience and safety for you will not need to bring cash with you in purchasing goods and services. But it also comes with great responsibility. The use of credit card requires discipline. You have to do your part in terms of paying promptly to avoid credit debt. But sometimes, you couldn’t help but skip a payment for a valid reason. Such incident would bring you a bad credit history.
Having a bad credit history could affect your future plans. You will most likely have less chances of acquiring credit loans and mortgage because of the stain that a late payment have caused you. But with the instability of the economy these days, several considerations have been taken all in account which gives you the chance to fix a bad credit history.
Now let me tell you some measures you can do in order to fix such history.
First, you have to run through every transaction you have in the past. Go over your bills and make sure that everything printed there is correct. But if you find some error which you think might have caused the dirt in your record then reporting such transaction to your credit company is your best move. Errors happen and you may be unlucky to have one. There is nothing to lose for you would just have to check it with your provider for assurance.
Secondly, if you have a few late payments on the record then you can make up for them. And to be able to do so, you have to be prompt in paying your bills from here on. Avoid missing out a due for it would cause more damage on your record. 10 or 12 consecutive prompt payment of bills will surely diminish your bad transactions that have occurred in the past written on paper.
Finally, you can file for a goodwill customer benefit. Yes! Every credit company values their customers. If you are a prompt payer who just happened to miss a due payment which could stain your record, then you can talk it over to your creditors for a reason. I’m sure they’d be happy to clear your record considering the fact that you are one of the most reliable customers they have.
These are just a few measures you can do in fixing your bad credit history. Keep in mind that it’s never too late to clean your image. Make use of such measures to clear your record and you can have opportunities that lies ahead for you in the future.
This still sound confusing well, Click here now and let a professional do this for you. dowload this form and follow the instructions. Where it ask for SI REP ID put : Curtis Maybin
Posted in Credit Restoration by .
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