Posts Tagged Thousands Of Dollars
Fix Wrong Information In Your Credit Report-TODAY
Jon Arnold asked:
Other than eating, sleeping, and breathing, one of the most important things you should be doing on a regular basis is ensuring that the data in your credit report is accurate. That is such a simple statement, yet it is ignored by the vast majority of consumers, probably due to several factors, such as:
* Consumers seem to accept the fact that errors will “self correct” in a reasonable period of time, where in reality nothing could be further from the truth.
* Consumers don’t know how to find out if there is wrong information on their credit report, which impacts their total credit score negatively.
* Consumers don’t realize that having a low credit score (lower than what they deserve, if the information maintained by the credit bureaus was accurate) can impact a huge number of factors in their everyday lives.
* Consumers don’t realize that studies have shown that the MAJORITY of credit reports on consumers and businesses have errors and inaccuracies.
Your credit score is used by anyone loaning you money such as credit card companies, home loan lenders, auto loan lenders and finance companies. You need to find out what your credit score is before you talk to any lender in case there is something on your report that they may question. Your credit score is the actual number ranging from 300 to 850 that lenders use to judge your creditworthiness and the interest rate they’ll charge you. Having a credit score lower than what you actually deserve could mean the difference between getting approved for a loan or credit card, or being denied. If you are approved, a lower credit score can mean the difference of the lender assessing a 14% interest rate or a 6% interest rate, which can cost you hundreds and even thousands of dollars more at the end of the loan period.
The “big three” credit bureaus are required to give you a free copy of your credit report annually, or any time that you have been denied credit based on information that they provided to a potential lender. It may take some time to get through to the credit bureaus to request a copy of your credit report, but this is well worth your time to do so. Be sure to get a copy of it from all three of them, since some lenders only report to one or two of them. This means that the information on your credit report from one credit bureau is almost certainly not going to be identical to the data from another credit bureau.
If you notice any errors on your report, you should complete a dispute form with the credit bureau. When they send you a copy of your credit report, they will usually include instructions on how to file a dispute for erroneous or inaccurate information. Some experts say that if you are disputing say 5 different items, you should file 5 separate dispute forms so each one can be addressed specifically. There is some merit to that discussion, since the credit bureaus may view a dispute consisting of many items as “frivolous” and not take appropriate action to correct the information.
Another excellent reason for keeping an eye on your credit report is because you will then be aware of any attempts at identity theft. Identity theft is one of the fastest growing crimes of this century, and if someone has stolen your identity to open new accounts in your name, it will likely show up on your credit report. You should take the time to become familiar with identity theft and what you can do about it at Preventing Identity Theft.
Under the Fair Credit Reporting Act, you can dispute information in your credit files with the three credit bureaus, and the creditor is required by law to verify the disputed information. You have the right (and indeed, the obligation) to dispute the completeness and accuracy of information in your credit files. When a credit bureau receives a dispute, they must investigate and record the current status of the disputed items within a “reasonable period of time”, usually defined as 30 days. If the information reported on your credit report cannot be verified by the creditor, the credit bureau is required by law to remove the information.
Check your credit report regularly, at least once per quarter. Even if the creditor misses that 30 day window, they can report the information again later, at which point when you see it appear again, you can (and should) dispute it again. Sometimes, for blatantly wrong information, you may want to contact the creditor directly and find out why they insist on putting inaccurate information on your credit report.
Fernando
Other than eating, sleeping, and breathing, one of the most important things you should be doing on a regular basis is ensuring that the data in your credit report is accurate. That is such a simple statement, yet it is ignored by the vast majority of consumers, probably due to several factors, such as:
* Consumers seem to accept the fact that errors will “self correct” in a reasonable period of time, where in reality nothing could be further from the truth.
* Consumers don’t know how to find out if there is wrong information on their credit report, which impacts their total credit score negatively.
* Consumers don’t realize that having a low credit score (lower than what they deserve, if the information maintained by the credit bureaus was accurate) can impact a huge number of factors in their everyday lives.
* Consumers don’t realize that studies have shown that the MAJORITY of credit reports on consumers and businesses have errors and inaccuracies.
Your credit score is used by anyone loaning you money such as credit card companies, home loan lenders, auto loan lenders and finance companies. You need to find out what your credit score is before you talk to any lender in case there is something on your report that they may question. Your credit score is the actual number ranging from 300 to 850 that lenders use to judge your creditworthiness and the interest rate they’ll charge you. Having a credit score lower than what you actually deserve could mean the difference between getting approved for a loan or credit card, or being denied. If you are approved, a lower credit score can mean the difference of the lender assessing a 14% interest rate or a 6% interest rate, which can cost you hundreds and even thousands of dollars more at the end of the loan period.
The “big three” credit bureaus are required to give you a free copy of your credit report annually, or any time that you have been denied credit based on information that they provided to a potential lender. It may take some time to get through to the credit bureaus to request a copy of your credit report, but this is well worth your time to do so. Be sure to get a copy of it from all three of them, since some lenders only report to one or two of them. This means that the information on your credit report from one credit bureau is almost certainly not going to be identical to the data from another credit bureau.
If you notice any errors on your report, you should complete a dispute form with the credit bureau. When they send you a copy of your credit report, they will usually include instructions on how to file a dispute for erroneous or inaccurate information. Some experts say that if you are disputing say 5 different items, you should file 5 separate dispute forms so each one can be addressed specifically. There is some merit to that discussion, since the credit bureaus may view a dispute consisting of many items as “frivolous” and not take appropriate action to correct the information.
Another excellent reason for keeping an eye on your credit report is because you will then be aware of any attempts at identity theft. Identity theft is one of the fastest growing crimes of this century, and if someone has stolen your identity to open new accounts in your name, it will likely show up on your credit report. You should take the time to become familiar with identity theft and what you can do about it at Preventing Identity Theft.
Under the Fair Credit Reporting Act, you can dispute information in your credit files with the three credit bureaus, and the creditor is required by law to verify the disputed information. You have the right (and indeed, the obligation) to dispute the completeness and accuracy of information in your credit files. When a credit bureau receives a dispute, they must investigate and record the current status of the disputed items within a “reasonable period of time”, usually defined as 30 days. If the information reported on your credit report cannot be verified by the creditor, the credit bureau is required by law to remove the information.
Check your credit report regularly, at least once per quarter. Even if the creditor misses that 30 day window, they can report the information again later, at which point when you see it appear again, you can (and should) dispute it again. Sometimes, for blatantly wrong information, you may want to contact the creditor directly and find out why they insist on putting inaccurate information on your credit report.
Fernando
Small Business Credit Reports and Scores
Adam Tijerina asked:
You know you have personal credit reports and credit scores, but were you aware that if you run a business, you also have a business credit report and score? If you run a small business, find out why it is important to access your own reports and those of your customers, vendors and suppliers and how that information can affect whether or not you get access to an increased credit line or more stringent credit terms for your company.
Your small business credit report and score can indicate to a potential customer, vendor or supplier your credit worthiness and can have factor in the what kind of credit terms you get or if you get any financing at all. They will see how many accounts you have opened, how many of those accounts are past due, the average amount you owe, and whether you have ever been past due on any of your accounts.
You can also get access to public records such as bankruptcies, judgments, liens, alternate company names and other DBAs all on a small business credit report.
All this information is then compiled and given a credit risk score by Equifax which can indicate how likely a company will fall behind over 90 days on their bills or result in a charge off over the next year. Wouldn’t this information be useful in deciding on who to do business with?
Equifax also provides a business failure score which can predict how likely a big business will fail and have to file bankruptcy over the next year.
There are no free business credit reports as their are with personal credit reports. You can chalk up the cost of this information as a cost of doing business which can save you thousands of dollars by going with a responsible vendor or supplier or new customer who will not default on their payments.
Buying small business credit reports and scores can help you make smart decisions about who you decide to do business with and can prevent you from working with an unreliable customer, vendor, or supplier who has a lousy payment history and keep your cash flow low.
Allison
You know you have personal credit reports and credit scores, but were you aware that if you run a business, you also have a business credit report and score? If you run a small business, find out why it is important to access your own reports and those of your customers, vendors and suppliers and how that information can affect whether or not you get access to an increased credit line or more stringent credit terms for your company.
Your small business credit report and score can indicate to a potential customer, vendor or supplier your credit worthiness and can have factor in the what kind of credit terms you get or if you get any financing at all. They will see how many accounts you have opened, how many of those accounts are past due, the average amount you owe, and whether you have ever been past due on any of your accounts.
You can also get access to public records such as bankruptcies, judgments, liens, alternate company names and other DBAs all on a small business credit report.
All this information is then compiled and given a credit risk score by Equifax which can indicate how likely a company will fall behind over 90 days on their bills or result in a charge off over the next year. Wouldn’t this information be useful in deciding on who to do business with?
Equifax also provides a business failure score which can predict how likely a big business will fail and have to file bankruptcy over the next year.
There are no free business credit reports as their are with personal credit reports. You can chalk up the cost of this information as a cost of doing business which can save you thousands of dollars by going with a responsible vendor or supplier or new customer who will not default on their payments.
Buying small business credit reports and scores can help you make smart decisions about who you decide to do business with and can prevent you from working with an unreliable customer, vendor, or supplier who has a lousy payment history and keep your cash flow low.
Allison
Accurise.com : A Better Kind of Credit Report Repair – Repair Your Credit Today! – 1.800.388.7913
Accurise asked:
More than 40000 people cant be wrong: Accurise.com are the new leaders in credit report repair. By holding the highest standards in accurate credit repair, weve helped thousands remove derogatory items off their credit reports. Sign-up today and Accurise.com will put you on a path to get the financing they deserve and assist you in securing thousands of dollars in future savings. Call 1-800-388-7913 for your free consultation and see if Accurise.com can work for you!
Antonio
Identity Theft – Guard Your Children’s Social Security Numbers
Charles Essmeier asked:
Identity theft is a growing concern among Americans, and rates among the top five complaints received by states’ Attorney General’s offices. A stolen identity can lead to tens of thousands of dollars worth of debt in the victim’s name and it can take years to completely undo the damage done to the victim’s credit report. Identity thieves can successfully commit crime with as little as a driver’s license number or credit card number, but the ideal target of such criminals is the Social Security number. With that number in hand, the identity thief can pass themselves off as the victim and open credit card accounts, bank accounts, and even obtain home equity loans. As more Americans become aware of the problems posed by identity theft, consumers are doing more to protect themselves. This has inspired thieves to look to a new source of identities to steal, and they have found one. They are now stealing the identities of children.
Established in the 1930′s the Social Security Administration was set up to provide benefits for retired Americans. Taxes are withdrawn from the paychecks of eligible workers, and each worker is issued a Social Security number in order to keep track of his or her benefits. Over the years, and despite the intentions of those who created the system, the Social Security number has become a de facto national identity number. It is difficult, if not impossible, to engage in most financial transactions without providing that number to the other party in the transaction. In fact, the number itself has become as important as the name of the person who holds it. Over the years, criminals have discovered that by obtaining the Social Security number of someone else, all kinds of illegal activities are possible, including obtaining loans in the names of the owner’s of the stolen numbers.
With more people now aware of the potential of identity theft, consumers are more carefully protecting their personal information. As a result, thieves are now targeting the Social Security numbers of children. A law passed in 1989 requires parents of newborn infants to register for a Social Security number for their child. That child will probably not need that number until he or she is a teenager, when the number might be necessary to obtain a driver’s license, open a bank account, or get a job. In the meantime, the number is not only unused, but the theft of it may go unnoticed. Thieves who obtain a Social Security number of a child know that they can probably use it for a decade without being caught.
How can you protect your child from identity theft? Treat your child’s personal information as if it were your own, and guard it carefully. Don’t give out the Social Security number of your child unless it is absolutely necessary, and if you aren’t sure if it’s necessary, ask. Some doctors and hospitals, for instance, request the number as a matter of course, but they may not actually need it.
Check to see if your child has a credit report. You can obtain one for free at the free credit report Website. Your child, if not working, shouldn’t have a credit report, so if the credit bureaus have one on file, you may have a problem. A child’s personal information is as useful to an identity thief as that of an adult. Guard yours and your children’s identification carefully.
Todd
Identity theft is a growing concern among Americans, and rates among the top five complaints received by states’ Attorney General’s offices. A stolen identity can lead to tens of thousands of dollars worth of debt in the victim’s name and it can take years to completely undo the damage done to the victim’s credit report. Identity thieves can successfully commit crime with as little as a driver’s license number or credit card number, but the ideal target of such criminals is the Social Security number. With that number in hand, the identity thief can pass themselves off as the victim and open credit card accounts, bank accounts, and even obtain home equity loans. As more Americans become aware of the problems posed by identity theft, consumers are doing more to protect themselves. This has inspired thieves to look to a new source of identities to steal, and they have found one. They are now stealing the identities of children.
Established in the 1930′s the Social Security Administration was set up to provide benefits for retired Americans. Taxes are withdrawn from the paychecks of eligible workers, and each worker is issued a Social Security number in order to keep track of his or her benefits. Over the years, and despite the intentions of those who created the system, the Social Security number has become a de facto national identity number. It is difficult, if not impossible, to engage in most financial transactions without providing that number to the other party in the transaction. In fact, the number itself has become as important as the name of the person who holds it. Over the years, criminals have discovered that by obtaining the Social Security number of someone else, all kinds of illegal activities are possible, including obtaining loans in the names of the owner’s of the stolen numbers.
With more people now aware of the potential of identity theft, consumers are more carefully protecting their personal information. As a result, thieves are now targeting the Social Security numbers of children. A law passed in 1989 requires parents of newborn infants to register for a Social Security number for their child. That child will probably not need that number until he or she is a teenager, when the number might be necessary to obtain a driver’s license, open a bank account, or get a job. In the meantime, the number is not only unused, but the theft of it may go unnoticed. Thieves who obtain a Social Security number of a child know that they can probably use it for a decade without being caught.
How can you protect your child from identity theft? Treat your child’s personal information as if it were your own, and guard it carefully. Don’t give out the Social Security number of your child unless it is absolutely necessary, and if you aren’t sure if it’s necessary, ask. Some doctors and hospitals, for instance, request the number as a matter of course, but they may not actually need it.
Check to see if your child has a credit report. You can obtain one for free at the free credit report Website. Your child, if not working, shouldn’t have a credit report, so if the credit bureaus have one on file, you may have a problem. A child’s personal information is as useful to an identity thief as that of an adult. Guard yours and your children’s identification carefully.
Todd
Ftc Credit Report Repair Facts – for Consumers
Mike Clover asked:
The FTC claims that Credit Report Repair may be better for you if you do it yourself. You have seen advertisements on TV, local newspapers, internet. All of these credit report repair companies claim the following:
* "Credit Problem? No Problem!"
* " We can get rid of bad credit problems – 100% guaranteed"
* "We can remove bankruptcies, judgments, bad loans and tax liens from your credit file forever
The FTC says "Don’t believe these statements. The only thing that will fix your credit is time, conscious effort, and a personal debt repayment plan will improve your credit report.
This article will explain how you can improve your creditworthiness and gives legitimate resources for low or no cost help.
The Scam
All over the US companies appeal to families and individuals that have bad credit problems. They promise for a fee, to clean up your credit report so you can get a car loan, a home mortgage, a job or even a insurance. The fact is, they cannot deliver. After you pay them hundred of dollars or even thousands of dollars in fees, these companies do absolutely nothing to improve your credit report. They typically vanish with your money says the FTC.
Warning Signs
If you feel credit repair with one of these companies is your choice, look out for the following.
* Companies that want you to pay before services are rendered
* Companies that don’t tell you your legal rights and what you cannot do yourself for free
* Companies that recommend that you don’t contact the credit reporting companies
* Companies that recommend you create a new identity by way of Identification Number.
* Companies that advise you to dispute all information in your credit report
Under the Credit Repair Organizations Act, credit repair companies cannot require you to pay until they have completed services they claim they can provide. The FTC says to get what they claim they can do in written, and once it is done then pay them.
The FACTS
No one can legally remove accurate information from you credit report. If you owe the debt, it will be on there for 7 years from original collection date. The law allows you the consumer to dispute inaccurate information on your report for FREE. There is no cost to you for doing this. Everything a credit repair company does for a fee, you can do it yourself for FREE. This is all in accordance to the Fair Credit Reporting Act (FCRA)
v You are entitled to Free Credit Report if you are denied for the following
1. Credit Application
2. Insurance
3. Employment
You are to ask for this report within 60 days of receiving this notification. You are also entitled to the free report if you are unemployed and are about to apply for job, if you are on welfare, or if your report is inaccurate because of fraud including identity theft.
v All 3 Credit Bureaus – Equifax, Trans Union and Experian are required to provide you once a year with a Free Credit Report. In order to get this report you must go to annualcreditreport.com.
v You are allowed to dispute items that are not yours for free. Under the FCRA any company that is reporting information about you that is inaccurate, this information must be updated correctly. If you owe the debt it will not be removed.
Step One
The consumer credit reporting company that is reporting information incorrectly about you must be informed in writing what information is inaccurate. You are to include a copy of documents backing your claim. You are to clearly identify in the claim the following
1. Your full name
2. Address
3. The item in the report that you are disputing
4. The request that it should be removed or corrected
5. Enclose a copy of the report and circle the item in question.
Your credit report dispute letter may look something like this:
Date
You’re Name
Mailing Address
City, State, Zip
Re: Disputing Inaccuracies on My Credit Report
Name of Credit Reporting Bureau
Mailing Address
City, State, Zip
Dear Sir or Madam:
I am writing for two (2) reasons:
1. To dispute certain information in my credit file; and
2. To have you investigate/re-investigate and remove inaccurate information from
my Credit Report and prevent its re-insertion. The item(s) I dispute are encircled
on the attached copy of the credit report and further identified by (identify the
items by name of source, such as creditor or tax court, etc. and identify type of
item, such as credit account, judgment, etc.)This item is (inaccurate or
incomplete) because (describe what is inaccurate or incomplete and why). I am
requesting that the item be deleted (or whatever specific change you are
requesting) to correct the information.(If you are enclosing documents such as
copies of cancelled checks, payment records, court documents, send copies
only, you should always retain the originals — and use the following sentence.)
Enclosed are copies of the following documents supporting my position:
1.
2.
3.
Please reinvestigate this (these) matter(s) and (delete or correct) the disputed
items within the time frame required by the Fair Credit Reporting Act (FCRA) and
inform me in writing of the outcome. Thank you for your time and consideration in
this matter.
Sincerely,
________________________
(Signature)
Your name
Once the investigation is complete, whether they removed the item or not, the creditor must give you something in writing. If the information was deemed incorrect, then they must remove it, and not put it back on your report.
Step Two
Advise the creditor or other information provider, in writing, that you dispute an item. Be sure to include copies only, not your original supporting your claim. The creditors usually provide an address for disputes. If the creditor reports the items to the 3 credit bureaus, they must include the dispute during the reporting time. If you are correct, the creditor must remove the item from the Bureaus it’s reporting too.
For information on "How to Dispute Credit Report Errors, go to ftc.gov/credit.
The reporting of correct information
When negative information is being reported about you, and it’s accurate the only way it will go away is with time. A consumer credit reporting company can report negative information about you for 7 years and bankruptcies for 10 years. Judgments can be reported for 7 years or until the statue of limitations run out.
Credit Repair Organization Act
By law credit repair companies must give you a copy of the "Consumer Credit File Rights Under State and Federal Law" before you sign any contract. They must also give you a written contract that specifies your rights and obligations. Read these documents carefully before you sign anything.
Example of what a credit report company cannot do:
v Charge you for anything until services have been completed
v Make false claims about there services
v Provide any services until they have your signature on a written contract and have completed a 3 day waiting period. During this time you may cancel the contract without any fees occurred.
v Payment terms for services rendered, along with total cost
v Detailed description of services you are paying for
v How long it will take to achieve results
v Any guarantees they offer
v Company address and name
Check your Credit Report at least 4 to 5 times a year.
Even if you don’t have poor credit, you need to know what’s on your credit report. Here are some good reasons per the FTC.
v Because the information it contains may affect whether you get a loan and the payment terms for that loan
v Make sure the information is accurate, complete, and up to date before you apply for a mortgage, credit card, car, insurance or even a job.
v To help guard against identity theft
Hopefully this has shed some light on credit repair, and the importance of have a recent copy of your free credit report.
DALLAS
The FTC claims that Credit Report Repair may be better for you if you do it yourself. You have seen advertisements on TV, local newspapers, internet. All of these credit report repair companies claim the following:
* "Credit Problem? No Problem!"
* " We can get rid of bad credit problems – 100% guaranteed"
* "We can remove bankruptcies, judgments, bad loans and tax liens from your credit file forever
The FTC says "Don’t believe these statements. The only thing that will fix your credit is time, conscious effort, and a personal debt repayment plan will improve your credit report.
This article will explain how you can improve your creditworthiness and gives legitimate resources for low or no cost help.
The Scam
All over the US companies appeal to families and individuals that have bad credit problems. They promise for a fee, to clean up your credit report so you can get a car loan, a home mortgage, a job or even a insurance. The fact is, they cannot deliver. After you pay them hundred of dollars or even thousands of dollars in fees, these companies do absolutely nothing to improve your credit report. They typically vanish with your money says the FTC.
Warning Signs
If you feel credit repair with one of these companies is your choice, look out for the following.
* Companies that want you to pay before services are rendered
* Companies that don’t tell you your legal rights and what you cannot do yourself for free
* Companies that recommend that you don’t contact the credit reporting companies
* Companies that recommend you create a new identity by way of Identification Number.
* Companies that advise you to dispute all information in your credit report
Under the Credit Repair Organizations Act, credit repair companies cannot require you to pay until they have completed services they claim they can provide. The FTC says to get what they claim they can do in written, and once it is done then pay them.
The FACTS
No one can legally remove accurate information from you credit report. If you owe the debt, it will be on there for 7 years from original collection date. The law allows you the consumer to dispute inaccurate information on your report for FREE. There is no cost to you for doing this. Everything a credit repair company does for a fee, you can do it yourself for FREE. This is all in accordance to the Fair Credit Reporting Act (FCRA)
v You are entitled to Free Credit Report if you are denied for the following
1. Credit Application
2. Insurance
3. Employment
You are to ask for this report within 60 days of receiving this notification. You are also entitled to the free report if you are unemployed and are about to apply for job, if you are on welfare, or if your report is inaccurate because of fraud including identity theft.
v All 3 Credit Bureaus – Equifax, Trans Union and Experian are required to provide you once a year with a Free Credit Report. In order to get this report you must go to annualcreditreport.com.
v You are allowed to dispute items that are not yours for free. Under the FCRA any company that is reporting information about you that is inaccurate, this information must be updated correctly. If you owe the debt it will not be removed.
Step One
The consumer credit reporting company that is reporting information incorrectly about you must be informed in writing what information is inaccurate. You are to include a copy of documents backing your claim. You are to clearly identify in the claim the following
1. Your full name
2. Address
3. The item in the report that you are disputing
4. The request that it should be removed or corrected
5. Enclose a copy of the report and circle the item in question.
Your credit report dispute letter may look something like this:
Date
You’re Name
Mailing Address
City, State, Zip
Re: Disputing Inaccuracies on My Credit Report
Name of Credit Reporting Bureau
Mailing Address
City, State, Zip
Dear Sir or Madam:
I am writing for two (2) reasons:
1. To dispute certain information in my credit file; and
2. To have you investigate/re-investigate and remove inaccurate information from
my Credit Report and prevent its re-insertion. The item(s) I dispute are encircled
on the attached copy of the credit report and further identified by (identify the
items by name of source, such as creditor or tax court, etc. and identify type of
item, such as credit account, judgment, etc.)This item is (inaccurate or
incomplete) because (describe what is inaccurate or incomplete and why). I am
requesting that the item be deleted (or whatever specific change you are
requesting) to correct the information.(If you are enclosing documents such as
copies of cancelled checks, payment records, court documents, send copies
only, you should always retain the originals — and use the following sentence.)
Enclosed are copies of the following documents supporting my position:
1.
2.
3.
Please reinvestigate this (these) matter(s) and (delete or correct) the disputed
items within the time frame required by the Fair Credit Reporting Act (FCRA) and
inform me in writing of the outcome. Thank you for your time and consideration in
this matter.
Sincerely,
________________________
(Signature)
Your name
Once the investigation is complete, whether they removed the item or not, the creditor must give you something in writing. If the information was deemed incorrect, then they must remove it, and not put it back on your report.
Step Two
Advise the creditor or other information provider, in writing, that you dispute an item. Be sure to include copies only, not your original supporting your claim. The creditors usually provide an address for disputes. If the creditor reports the items to the 3 credit bureaus, they must include the dispute during the reporting time. If you are correct, the creditor must remove the item from the Bureaus it’s reporting too.
For information on "How to Dispute Credit Report Errors, go to ftc.gov/credit.
The reporting of correct information
When negative information is being reported about you, and it’s accurate the only way it will go away is with time. A consumer credit reporting company can report negative information about you for 7 years and bankruptcies for 10 years. Judgments can be reported for 7 years or until the statue of limitations run out.
Credit Repair Organization Act
By law credit repair companies must give you a copy of the "Consumer Credit File Rights Under State and Federal Law" before you sign any contract. They must also give you a written contract that specifies your rights and obligations. Read these documents carefully before you sign anything.
Example of what a credit report company cannot do:
v Charge you for anything until services have been completed
v Make false claims about there services
v Provide any services until they have your signature on a written contract and have completed a 3 day waiting period. During this time you may cancel the contract without any fees occurred.
v Payment terms for services rendered, along with total cost
v Detailed description of services you are paying for
v How long it will take to achieve results
v Any guarantees they offer
v Company address and name
Check your Credit Report at least 4 to 5 times a year.
Even if you don’t have poor credit, you need to know what’s on your credit report. Here are some good reasons per the FTC.
v Because the information it contains may affect whether you get a loan and the payment terms for that loan
v Make sure the information is accurate, complete, and up to date before you apply for a mortgage, credit card, car, insurance or even a job.
v To help guard against identity theft
Hopefully this has shed some light on credit repair, and the importance of have a recent copy of your free credit report.
DALLAS