Credit Repair
http://www.mortgagesaver.org/free-credit-repair-guide-score-boosting-tips.htm#Credit-Repair
Credit repair can not guarantee the removal of negative items from your credit report. The law does allow you to request a reinvestigation of credit information in your credit report that you dispute as inaccurate or incomplete. There is no charge for this. Everything a credit repair clinic can do for you legally, you can do for yourself at little or no cost. We allow you to ask credit questions in our credit repair forum. Fair Credit Reporting Act: • You are entitled to a free copy of your credit report if you've been denied credit, insurance or employment within the last 60 days. If your application for credit, insurance, or employment is denied because of information supplied by a credit bureau, the company you applied to must provide you with that credit bureau's name, address, and telephone number. • You can dispute mistakes or outdated credit items for free. Ask the credit reporting agency for a dispute form or submit your dispute in writing, along with any supporting documentation. Do not send them original documents. Clearly identify each item in your report that you dispute, explain why you dispute the information, and request a reinvestigation. If the new investigation reveals an error, you may ask that a corrected version of the report be sent to anyone who received your report within the past six months. Job applicants can have corrected reports sent to anyone who received a report for employment purposes during the past two years. When the credit reinvestigation is complete, the credit bureau must give you the written results and a free copy of your credit report if the dispute results in a change. If an item is changed or removed, the credit bureau cannot put the disputed information back in your file unless the information provider verifies its accuracy and completeness, and the credit bureau gives you a written notice that includes the name, address, and phone number of the provider. You also should tell the creditor or other information provider in writing that you dispute an item. Many providers specify an address for disputes. If the provider then reports the item to any credit bureau, it must include a notice of your dispute. In addition, if you are correct-that is, if the information is inaccurate-the information provider may not use it again. If the reinvestigation does not resolve your credit dispute, have the credit bureau include your version of the dispute in your file and in future reports. The Credit Repair Organizations Act Credit repair companies must give you a copy of the “Consumer Credit File Rights Under State and Federal Law” before you sign a credit repair contract. They also must give you a written contract that spells out your rights and obligations. Read these documents before you sign anything. The law contains specific protections for you. For example, a credit repair company cannot: • Make false claims about their credit repair services • Charge you until they have completed the promised services
• Perform any services until they have your signature on a written contract and have completed a three-day waiting period. During this time, you can cancel the credit repair contract without paying any fees Your contract must specify: • Payment terms for services, including their total cost • A detailed description of the services to be performed • How long it will take to achieve the results • Any credit repair guarantees they offer • The company’s name and business address Credit Repair Tips What does my credit fico score/credit report say? A credit report rating is a measure of your credit worthiness. It's a ranking based on your history of timely payments and how responsibly you've managed credit in the past. Credit Bureaus use your financial payment history to determine your credit rating. We have helped thousands of customers re-establish there credit with our free credit repair advice. We would like to help you understand the importance of good personal credit score and what you can do to maintain a solid credit report rating. Mortgage lenders like to see a credit score of 620. However if you can get your FICO score up to 700 you will receive the best interest rates in the market place and you will never have to worry about credit repair. The best way to establish or re-establish your credit report is with a secured credit card. A secured credit card is an account where the security deposit you provide is equal to the credit limit of your credit card. After 12 to 18 months of timely payments you may be eligible for an unsecured credit card. Free Credit Repair Advice Pay what you owe: Pay at least your "total minimum due" by the due date on your monthly statement to keep your credit report in good standing. Don't skip any credit card payments: Try to pay more than the minimum, or even the whole balance, each month. New spending and carry-over balances combine to increase the amount of your average daily balance - and the finance charges you will owe. You can decrease this expense by paying down your credit card balances as much as possible each month. Do not exceed your approved credit limit. Your "available credit" is how much credit you have left (your "credit limit" minus your "Outstanding Balance"). Be careful to keep your spending below this credit limit. Ideally you should keep your credit balance at least 50% below your credit limit. Be sure to add any charges you made after your monthly statement's closing date to your "outstanding credit balance."
Make timely credit payments Pay attention to the "mail by" dates for bills so that they arrive on time. We recommend that you mail your payment a week before the due date. You can be charged additional fees if it's late. If you have trouble mailing bills on time set up a automatic minimum payment from your checking account. If you are moving, fill out the change of address form to ensure that your credit statements goes to your new correct address. You are responsible for your balance even if your statement goes to the previous address. What does a good credit rating mean? A good credit rating indicates to others that you are a "good" credit risk. You manage your debts responsibly and are likely to pay back what you have borrowed. The longer your credit rating remains unblemished, the more confident others will be in lending to you. Having great credit also allows you to qualify for the best loan programs and lowest mortgage interest rates. Why should you maintain great credit report score? You may need good credit for such routine matters as having the utilities connected to your home. A good credit report score is important to secure financing when buying furniture, a computer, a car, or even a new home. Employers often check the credit rating of prospective employees. A solid credit rating reflects positively on your ability to manage your job responsibly. Renting an apartment may be easier. A good credit score tells landlords that you are a person who's more likely to pay the rent on time each month. You may be eligible to receive loans for college education. If you need access to large sums of money, banks may look more favorably upon giving you the loan you need. Strong credit references can open a world of financial opportunity. Someday you may want to use credit to finance a business. What if I have bad credit or no credit report? You should start building credit with a secured credit card. If I have bad credit can I still get a mortgage? Yes we have many bad credit mortgage and bad credit refinance programs. Sample Credit Repair Letter Date Your Name Your Address, City, State, Zip Code Complaint Department Name of Company Address City, State, Zip Code
RE: Dear Sir or Madam: I am writing to dispute the following information in my credit report 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, court documents) supporting my position. Please reinvestigate this (these) matter(s) and (delete or correct) the disputed item(s) as soon as possible. Sincerely,
Your name Enclosures: (List what you are enclosing.)Why should I check my credit? Whenever you apply for a loan, a job, or an apartment, your credit comes under scrutiny. Your credit history and credit score are used by lenders to assess the amount of risk you represent. Lower credit scores or adverse credit history will result in higher interest rates that can cost you thousands of dollars in the long run. That is why improving your credit is so important. Checking your credit report is the first step. Sometimes a small mistake can linger on your credit report and continue costing you money for years. For example, if you change addresses and a bill does not get forwarded to you, or if a vendor makes a mistake in processing a payment, it may remain on your record as delinquent. According to a US Public Interest Group Report, as many as 70% of credit reports have errors on them.
What is credit monitoring?
Credit monitoring is a service in which an authorized agency notifies you whenever an update is made to your credit report, such as the opening or closing of an account, a change in address, or the processing of a loan payment. It's a great way to keep track of your credit standing. It's also one of the only ways to catch identity theft early, before any serious damage is done. Identity theft is the fastest-growing crime nationwide, affecting an estimated 10 million Americans last year alone.
How can I improve my credit score?
Reduce your debt-to-credit ratio. Avoid leaving your account balances near the maximum credit limit, even if you can do so and still remain well within your budget. Credit bureaus interpret this as a sign that you are borrowing almost as much as you can handle, which they assume makes you a higher risk. A good rule of thumb is to keep your balances below 50% of your credit limit. Correct errors in your report. These are surprisingly common. A utility company or lender could mistakenly report one of your payments as late, which could adversely affect your credit rating until you correct it. Be advised that correcting an error can take as long as 90 days, so it helps to monitor your credit report and fix mistakes early. Make all your payments on time. This is particularly important in the months before you plan to apply for a loan or job when an employer might check your credit report. Why? A recent late payment will affect your score more than, say, a late payment from several years ago. Consider leaving old accounts open, even if you don't use them much anymore. The length of your credit history - how long you've been borrowing - is a factor in your credit score, so it pays to keep these accounts alive. Also, closing an account will reduce the total amount you can borrow, which increases your debtto-credit ratio. Pay off debt rather than shuffling it between accounts. Unless you are severely behind in debt and are taking steps to resolve it, closing some of your accounts will adversely affect your debt-to-credit ratio.
How can I protect myself from identity theft?
Shred or tear up the "pre-approved" credit card offers you get in the mail. A common tactic among identity thieves is to raid trash sites and fill out these offers in your name. Don't print your social security number on your driver's license or personal checks, and don't give it out unless it's absolutely necessary. Monitor your credit by obtaining your credit report, preferably a consolidated 3-in1 report with information from all 3 bureaus. Consider enrolling in a credit monitoring service that alerts you of possible suspicious activity.
Should I use a Credit Repair agency?
Despite their great claims to eliminate your negative records or improve your credit score in a short time, credit counseling agencies, credit repair companies, and debt consolidation agencies can be severely damaging to your credit, and your wallet. The business of credit counseling is worth an estimated 7 billion dollars a year. These companies can charge you on a percentage of your debt or demand a large setup fee. If you are seeking credit counseling, odds are that you'd rather apply that money directly toward paying off the debt itself. Be sure to consult the fine print and know what kind of payment basis you are committing to. Bear in mind that when a credit repair agency steps in to mediate between you and your creditors, you will still be held fully responsible for your outstanding debt. An unethical
but common practice of credit repair agencies is to keep your first round of late payments for themselves. This may create or add to a record of late payments that can remain on your credit report for several years. If you decide to work with an agency, it's wise to periodically check your credit report to make sure that payments are being made on time. What many people don't realize is that you have the power to do for yourself all the things that a credit repair agency can do for you. You can negotiate a payment plan directly with your creditors, reduce your debt, and improve your own credit score or get your finances back on track. The money that you would spend for the assistance of an agency can be used to pay down your debt. If you are trying to remove erroneous negative information from your credit report, see the section below on disputing errors.
Building Your Credit History
Even if you don't think your credit history is good, or if you don't think you have any at all, consider checking your credit report to find out just where you stand. You might be surprised. If you notice negative information on your report, confirm that that information is accurate. Most derogatory information, such as a loan payment that was 180 days late, must remain on your credit report for at least 7 years. However, if a negative record is not accurate, be sure to send a letter of dispute to the credit bureau that reported the error. See the section below on disputing errors. The next step in building or rebuilding your credit history is to get a credit card. You may have to start with a secured credit card, in which a savings account is used as collateral for your credit. Also consider special-interest cards that are oriented to your purchasing habits, such as a gas card or department store credit card. No matter what card you decide to get, be sure to read the fine print and watch for high APR rates, setup fees, annual fees, and short grace periods. Be sure to use your new card responsibly and make all your payments on time.
Disputing Errors on Your Credit Report
When you check your credit report or account statements from financial institutions and notice suspicious or inaccurate information, you should first try to contact the creditor or company responsible for the inaccuracy. Their contact information will appear in your credit report. Minor errors can often be corrected over the phone. If this is unsuccessful, or you wish to dispute the information with the credit bureau that has reported it, it must be done in writing, either online or by mail. Send them a brief letter describing the error, and include a copy of your credit report with the error(s) highlighted. Also include any documentation you have that proves your position (for example, that you have paid an account that is marked on your report as delinquent). Be sure to include your full name, date of birth, social security number, mailing address, the name and of the creditor you have a dispute with, and your reason(s) for the dispute. Send the letter by certified mail and keep a copy for your records. By law, the credit bureaus are required to investigate your claim. However, they will not necessarily find that the item is an error.
Equifax, Experian and Trans Unionhttp://www.ftc.gov/bcp/conline/pubs/credit/repair.htm
Credit Repair: Self Help May Be Best
You see the advertisements in newspapers, on TV, and on the Internet. You hear them on the radio. You get fliers in the mail. You may even get calls from telemarketers offering credit repair services. They all make the same claims:
―Credit problems? No problem!‖ ―We can erase your bad credit — 100% guaranteed.‖ ―Create a new credit identity — legally.‖ ―We can remove bankruptcies, judgments, liens, and bad loans from your credit file forever!‖ Do yourself a favor and save some money, too. Don’t believe these statements. Only time, a conscious effort, and a personal debt repayment plan will improve your credit report. This brochure explains how you can improve your creditworthiness and gives legitimate resources for low or no-cost help.
The Scam
Everyday, companies nationwide appeal to consumers with poor credit histories. They promise, for a fee, to clean up your credit report so you can get a car loan, a home mortgage, insurance, or even a job. The truth is, they can’t deliver. After you pay them hundreds or thousands of dollars in fees, these companies do nothing to improve your credit report; most simply vanish with your money.
The Warning Signs
If you decide to respond to a credit repair offer, look for these tell-tale signs of a scam:
companies that want you to pay for credit repair services before they provide any services. companies that do not tell you your legal rights and what you can do for yourself for free. companies that recommend that you not contact a credit reporting company directly. companies that suggest 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. companies that advise you to dispute all information in your credit report or take any action that seems illegal, like creating a new credit identity. If you follow illegal advice and commit fraud, you may be subject to prosecution. You could be charged and prosecuted for mail or wire fraud if you use the mail or telephone to apply for credit and provide false information. 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. Under the Credit Repair Organizations Act, credit repair companies cannot require you to
pay until they have completed the services they have promised.
The Truth
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. Everything a credit repair clinic can do for you 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, and you 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, at your request, once every 12 months. The three companies have set up a central website, a toll-free telephone number, and a mailing address through which you can order your free annual report. 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 print the form from ftc.gov/credit. Do not contact the three nationwide consumer 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 consumer reporting companies at the same time, or you can order your report from each of the companies one at a time. For more information, see Your Access to Free Credit Reports at ftc.gov/credit. Otherwise, a consumer reporting company may charge you up to $9.50 for another copy of your report within a 12-month period. You can dispute mistakes or outdated items for free. 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 this law, contact the consumer reporting company and the information provider.
STEP ONE
Tell the consumer 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 on page 6. Send your letter by certified mail, ―return receipt requested,‖ so you can
document what the consumer reporting company received. Keep copies of your dispute letter and enclosures. Consumer 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 consumer reporting company, it must investigate, review the relevant information, and report the results back to the consumer reporting company. If the information provider finds the disputed information is inaccurate, it must notify all three nationwide consumer reporting companies so they can correct the information in your file. When the investigation is complete, the consumer reporting company must give you the results in writing and a free copy of your report if the dispute results in a change. If an item is changed or deleted, the consumer reporting company cannot put the disputed information back in your file unless the information provider verifies that it is accurate and complete. The consumer reporting company also must send you written notice that includes the name, address, and phone number of the information provider. If you request, the consumer reporting company must send notices of any correction 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 consumer 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 consumer 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 consumer 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. For more information, see How to Dispute Credit Report Errors at ftc.gov/credit.
Reporting Accurate Negative Information
When negative information in your report is accurate, only the passage of time can assure its removal. A consumer 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.
The Credit Repair Organizations Act
By law, credit repair organizations must give you a copy of the ―Consumer Credit File Rights Under State and Federal Law‖ before you sign a contract. They also must give you a written contract that spells out your rights and obligations. Read these documents before you sign anything. The law contains specific protections for you. For example, a credit repair company cannot:
make false claims about their services charge you until they have completed the promised services perform any services until they have your signature on a written contract and have completed a three-day waiting period. During this time, you can cancel the contract without paying any fees Your contract must specify:
the payment terms for services, including their total cost a detailed description of the services to be performed how long it will take to achieve the results any guarantees they offer the company’s name and business address
Have You Been Victimized?
Many states have laws regulating credit repair companies. State law enforcement officials may be helpful if you’ve lost money to credit repair scams. If you’ve had a problem with a credit repair company, don’t be embarrassed to report it. While you may fear that contacting the government will only make your problems worse, remember that laws are in place to protect you. Contact your local consumer affairs office or your state Attorney General (AGs). Many AGs have toll-free consumer hotlines. Check the Blue Pages of your telephone directory for the phone number or check www.naag.org for a list of state Attorneys General.
Need Help? Don’t Despair
Just because you have a poor credit report doesn’t mean you won’t be able to get credit. Creditors set their own credit-granting standards and not all of them look at your credit history the same way. Some may look only at more recent years to evaluate you for credit, and they may grant credit if your bill-paying history has improved. It may be worthwhile to contact creditors informally to discuss their credit standards. If you’re not disciplined enough to create a workable budget and stick to it, work out a
repayment plan with your creditors, or keep track of mounting bills, consider contacting a credit counseling organization. Many credit counseling organizations are nonprofit and work with you to solve your financial problems. But not all are reputable. For example, just because an organization says it’s ―nonprofit,‖ there’s no guarantee that its services are free, affordable, or even legitimate. In fact, some credit counseling organizations charge high fees, or hide their fees by pressuring consumers to make ―voluntary‖ contributions that only cause more debt. Most credit counselors offer services through local offices, the Internet, or on the telephone. If possible, find an organization that offers in-person counseling. Many universities, military bases, credit unions, housing authorities, and branches of the U.S. Cooperative Extension Service operate nonprofit credit counseling programs. Your financial institution, local consumer protection agency, and friends and family also may be good sources of information and referrals. If you are considering filing for bankruptcy, you should know about one major change to the bankruptcy laws: As of October 17, 2005, you must get credit counseling from a government-approved organization within six months before you file for bankruptcy relief. You can find a state-by-state list of government-approved organizations at www.usdoj.gov/ust. That is the website of the U.S. Trustee Program, the organization within the U.S. Department of Justice that supervises bankruptcy cases and trustees. Reputable credit counseling organizations can advise you on managing your money and debts, help you develop a budget, and offer free educational materials and workshops. Their counselors are certified and trained in the areas of consumer credit, money and debt management, and budgeting. Counselors discuss your entire financial situation with you, and help you develop a personalized plan to solve your money problems. An initial counseling session typically lasts an hour, with an offer of follow-up sessions. For more information, see Knee Deep in Debt and Fiscal Fitness: Choosing a Credit Counselor at ftc.gov/credit.
Do-It-Yourself Check-Up
Even if you don’t have a poor credit history, some financial advisors and consumer advocates suggest you review your credit report periodically
because the information it contains affects whether you can get a loan or insurance — and how much you will have to pay for it. 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.
Sample Dispute Letter
Date Your Name Your Address Your City, State, Zip Code Complaint Department Name of Company Address City, State, Zip Code Dear Sir or Madam: I am writing to dispute the following information in my file. The items I dispute also are encircled 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 deleted (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, court documents) supporting my position. Please investigate this (these) matter(s) and (delete or correct) the disputed item(s) as soon as possible. Sincerely, Your name Enclosures: (List what you are enclosing) The FTC works for the consumer 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 to get free information on consumer issues, visit www.ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters Internet, telemarketing, identity theft, and other fraud-related complaints into Consumer Sentinel, a secure, online database available to hundreds of civil and criminal law enforcement agencies in the U.S. and abroad. http://web.extension.uiuc.edu/jackson/news/news615.html
Call, Don't Click for Free Credit Reports!
FOR IMMEDIATE RELEASE April 11, 2005
It was supposed to be easy for the consumer! The plan was in place–people who wanted to get a free copy of their credit report could log onto a web site to order it. Consumers
flocked to the web site https://www.AnnualCreditReport.com,BUTso did the imposters! "Some 98 imposter web sites have been discovered," says Lois Smith, University of Illinois Extension consumer and family economics educator. "Now the same consumer groups that touted using the web site are reversing their recommendations and encouraging consumers to go back to the 'old' methods of getting information. They suggest that you phone or send your request by mail."
Addresses and phone numbers for the three credit bureaus are:
Equifax P. O. Box 105873 Atlanta, GA 30348 800-685-1111 or 800-997-2493 Experian Consumer Assistance P.O. Box 2104 Allan, TX 75013-2104 800-682-7654 or 888-397-3742 Trans Union LLC Consumer Disclosure Center P.O. Box 1000 Chester, PA 19022 800-888-4213 Smith offers these tips for safeguarding your personal information:
When requesting your free credit report, ask that only the last four digits of your Social Security number be displayed on the reports to be mailed to you. Have the report mailed to a secure mailbox.
Order a free credit report every four months. Order one from each of the three credit bureaus. (You're entitled to one free credit report from each of them once a year.) That way, you can regularly monitor activity on your credit reports and watch for fraudulent accounts and other suspicious activity.http://www.eminenthomeloans.com/credit_bureaus_794.htm
Credit Bureaus
There are three main credit bureaus that your creditors provide information to on a monthly basis. Your score is based on a complex formula each bureau uses to determine your financial risk. You may dispute items on your credit reports through the three major credit bureaus. The disputes may initiated by writing a letter or by going to the websites of the bureaus that are listed here. By law the bureaus have 30 days in which to resolve your dispute. Sometimes credit bureaus can report inaccurate information about you. It is important to resolve these issues since they may hurt you in the loan process. You should talk with your broker about any inaccurate information or
contact the three major credit bureaus. Equifax Credit Bureau P.O. Box 740241 Atlanta GA 30374-0241 (800) 685-1111 http://www.equifax.com Experian (Formerly TRW Credit Bureau) P.O. Box 949 Allen TX 75013-0949 (888) 397-3742 http://www.experian.com Trans Union Corporation (Credit Bureau) Consumer Disclosure Center P.O. Box 390 Springfield PA 19064-0390 (800) 916-8800 (800) 682-7654 (714) 680-7292 http://www.tuc.com
Everyone should periodically review what's on their credit reports. It's a good way to monitor if they contain any errors and more importantly, to guard against identity theft. Credit bureaus are generally regulated by the Fair Credit Reporting Act (FCRA), which is the Federal law generally covering credit bureaus and credit reporting in this country. Individual states may also have their own versions of the law. The Credit Bureaus make more money off of you with bad credit than good credit and they get fined every day by the FTC for their illegal tactics. Don't let them push you around! "VERIFIED" does not always mean "VERIFIED" The 3 main credit bureaus are: Experian Trans Union Equifax They come up with a numerical score typically in a range of 350-850, the higher the score the better "qualified" you are to handle credit and the likelihood of getting a loan with decent rates.