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Nonprofit Credit Counseling Agency Provides Tips to Help Consumers Check Accuracy of their Credit Reports

admin — Mon, 02 Jan 2012 03:49:04 +0000

Nonprofit Credit Counseling Agency Provides Tips to Help Consumers Check Accuracy of their Credit Reports

Deerfield Beach, FL (PRWEB) November 30, 2011

Debt Management Credit Counseling Corp. http://www.dmcconline.org, a nonprofit credit counseling organization (“DMCC”), announced today they provide tip for consumers to maintain accurate information on credit reports in order to receive the best credit rating, services and interest rates from lenders. As more consumers are struggling to find employment, it is their credit reports that may distinguish two candidates apart. It is estimated that 50% of all consumer credit reports contain at least one error. Many errors result from the incorrect reporting from creditors to the credit bureaus, including nonpayment or late payments, misfiling by a department store credit line, a mix up betwixt family members with the same name, and accounts opened without the consumer’s approval by someone committing identity theft.

To start the process of removing erroneous information from a consumer’s credit reports, DMCC first recommends obtaining the three gratuitous credit reports from AnnualCreditReport.com. This is a procure site where consumers can have a costless credit report from each of the credit bureaus, Experian, Equifax and TransUnion once every twelve months. “Be weary of other sites offering unloosing credit reports. Typically there is a catch such as having to sign up for a service” states Jessica Stokes, Education and Research Coordinator for DMCC. If errors are found, consumers should write a letter to the credit bureaus stating what specifically needs to be removed. Copies of this letter need to be certified mailed with return receipt requested to the creditor who reported the inaccurate information and each of the credit bureaus reporting this erroneous information.

“Monitoring your credit reports carefully to make sure the erroneous information is removed, is imperative,” stated Stokes. “Consumers need to place importance on following up on all disputed items to make sure when their credit report is subsequently pulled, creditors will be looking at accurate information.” Stokes teaches about the importance of maintaining records for everything. “Keep copies of all mail relating to the situation and write down names and phone numbers”. DMCC also advises to be patient. The dispute process can take months as the credit bureaus deal with millions of disputes on an ongoing basis. Consumers planning to finance a large purchase are advised to order their credit reports at least 90 days in advance in case there are errors that need to be corrected. For a sample letter to send to the creditors and bureaus, visit DMCC.

It is important to note that only inaccurate information may be removed from credit reports. It is illegal to dispute information that is correct. Consumers can read about their rights to dispute inaccurate credit report information under the Fair Credit Reporting Act. Consumers with credit card accounts that are past due may want to consider enrolling the accounts in a debt management plan provided by a credit counseling agency licensed in the state they reside. Debt management plans typically provide lower monthly payments for consumers and some of the major creditors will re-age past due accounts and report them as current to the credit bureaus after the first couple plan payments are made.

About Debt Management Credit Counseling Corp.

DMCC is a nonprofit 501(c)(3) public charity committed to educating consumers on financial issues and providing personal assistance to consumers overextended with debt. Education is provided free of charge to consumers via seminars, workshops, a proprietary financial literacy program, and a vast array of online and printed materials. Free personal counseling is provided to consumers to identify the best options for the repayment of their debt. Consumers interested in speaking with a DMCC certified credit counselor may call (866) 618-3328 or request help at dmcconline.org. DMCC is a HUD Approved Housing Counseling Agency, is approved by the U.S. Trustee to provide bankruptcy counseling and education, and has an A+ rating with the Better Business Bureau.

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How to Beat the Credit Bureaus at Their Own Game

admin — Sun, 30 Jan 2011 02:31:28 +0000

Jon Arnold asked:

In my mind, the credit bureaus demonstrate time and time again that they are run in a slipshod manner with little respect for the accuracy of the credit reports they distribute. But the good news is that with persistence and documentation, you can beat the credit bureaus at their own game, although you are going to need to really be persistent and not lose your cool at the incompetence you will undoubtedly meet when you are working with them.

As an example, a friend of mine was checking his credit reports and discovered an item which was charged off and determined “uncollectable” from several years earlier. The item was not a large amount, less than $50 but it was still a glaring negative listing in an otherwise pretty good looking credit report. The bill was from the cable TV company where they had claimed he had never paid his final bill.

Of course, he went through the proper procedure to dispute the item. Although most items like this do not appear on all three credit bureau reports, this one did. Remember that of the three major credit reporting agencies, some of your debtors reports to one of them, two of them, and occasionally all three of them. This means that in order to truly get your credit report as accurate as possible, you need reports from all three of them, since NONE of them have a truly complete picture of your credit history.

The dispute he filed was not answered two months later. The rules are that if the credit bureau cannot verify the information within 30 days, the item must be removed from your credit report. But it was more than 30 days and the item remained. He filed another dispute and got a letter back from the credit bureau that the item had been verified as accurate.

No way! He called the cable TV company and they went back through their records and verified that the final bill should not have been sent since he had moved out of that condo by then, and that the amount should not have been reported as overdue or uncollectable. So how had the credit bureau “verified” it as correct? The only answer was more incompetence on their part.

So with a letter from the cable TV company, he filed yet another dispute. The credit bureau sent him a letter several days later saying the item had been verified again and would remain. So he filed yet another dispute, this time sending the dispute via certified and registered mail with the letter from the cable TV company, and this time it did get removed.

The lesson here is that you need to be persistent when you are trying to get inaccurate information removed from your credit report. With that item corrected, my friend’s credit score shot up by more than 55 points. Don’t just file a dispute and think that will take care of it. The credit bureaus really don’t care, and they also know that the vast majority of consumer credit reports contain errors, so they do not seem to be motivated to get those errors corrected. Be persistent and provide documentation and it will happen but you will need to bird-dog it all the way.

Jon

Free 3 Credit Bureau Report – Where to Get Your Free Credit Report

admin — Thu, 21 Oct 2010 04:15:08 +0000

Davion Wong asked:

There are various ways of getting your free 3 credit bureau report considering that the government has a mandate to give every citizen his own free copy of the credit report once a year. This will give you the chance to track down and monitor your financial information and verify the authenticity of the details recorded in your profile.

There are many credit-reporting bureaus around offering to give you your free yearly copy of this important document; however, the government designated the three main credit-reporting agencies as the official source of your personal financial record, and they are the Experian, the TransUnion and the Equifax. Therefore, if you want to get your financial profile, it is best to get your free-report from these agencies.

Every time you apply for a loan or credit card, your payment behavior with them will be recorded in this report; hence, they should ideally report them to each of the three main reporting agencies in order to make your profile consistent. However, this is not always the case in reality because sometimes there are some creditors who only report them to one agency.

For example, your payment record with a certain credit card company is submitted to the Experian only; without bothering to submit them to TransUnion and Equifax. Consequently, your score for Experian is different with your grade in Transunion and Equifax as a result of absence of your additional profile in the two reporting agencies. Hence, it is important to regularly check your free 3 credit bureau report every year in order to confirm the accuracy of the information contained in your report. This will greatly improve your rating if you have an excellent record.

Where to get your free credit bureau report? One way to get your copy is to request them individually from each of the main agencies mentioned herein. They are tasked by the government to supply you with your free financial record every year upon request.

Another method is to get them online through their web site where the three main official financial institutions have combined their services in one site at AnnualCreditReport.com where you can initiate your request. This method offers more convenient process in obtaining this important document because you don’t need to make three requests from each of the major reporting companies; you only make one request and you will get your free 3 credit bureau report.

Charles

How To Write Letters To Remove Information Off Your Credit Report

admin — Wed, 21 Jul 2010 14:33:20 +0000

Tim Gorman asked:

Many people who look into their reports find that their credit information has errors and those errors usually affect your credit negatively.

Maintaining an accurate score sometimes requires us to be pro-active, and we must write letters to remove information off our credit report. These are sent to the big 3 credit bureaus. Although in many cases the first thing most people want to do is to call the Credit Bureau and tell them off, this would be counterproductive. Instead the best method would be to sit down and write a credit report dispute letter.

You should read your credit report, take notes as to what you consider the problem areas are and think whether what’s on the report could actually be true. If, in finding that what’s on the report is false, you need to think through how you’re going to word your letters to remove info off credit report. You’re going to have to send a copy of this letter to each of the three main credit bureaus: TransUnion, Experian, and Equifax. Be polite and state facts as you see them. See example letter below.

Dear (credit bureau name here),

After looking at a copy of my credit file, I found that it contained erroneous information. I would like to dispute this information and request a correction. I am concerned about the information that you have put in my credit report as it could seriously impair the credit rating I enjoy with lending institutions.

You have not (state the problem here).

Be sure to include the month, and the date, and the name of the business.

I am enclosing a photocopy of my cancelled check as proof of my payment. Hopefully, this will correct the accuracy of my credit file. As you are certainly aware of, the credit bureaus are only allowed to use accurate information in a consumer’s credit file.

Thank you for correcting the above errors to insure that it doesn’t impair my personal credit. Please contact me as soon as the correction has been made and my credit report is again accurate. Please send a copy of my credit report to: (place mailing address here).

Yours,

(Your name)

Be sure to include your full name as listed in your credit report, address, Social Security number, copy of your driver’s license, copy of the credit report, and copy of your proof, i.e. cancelled check.

Be sure to retain a copy of whatever you send to each credit bureau. Make a note of the date that you mail your letters to remove info off credit report. Using certified or registered mail is a good idea, as this will give you proof of the mailing date.

Joan

Credit Reports and Credit Repair Tips

admin — Tue, 09 Feb 2010 14:30:37 +0000

Ronnica Rothe asked:

Having a bad credit report can affect your current interest rates and your ability to apply for further credit or loans. It is a good idea to know what your credit report contains, as this is what potential lenders see when they consider you as a candidate for a loan whether it is for a house, car, or other item.

The first step you need to take in examining and fixing your credit is to obtain a copy of your credit report. The three major credit bureaus are now required to provide you one free credit report each year, through the website annualcreditreport.com. Though each credit bureau might have slightly different information about you, each report should be more or less the same.

Once you have obtained a copy of your credit report, look it over for accuracy. Most negative items are only allowed to stay on your credit report for 7 years, however bankruptcies can remain for 10 years and unpaid tax liens can remain indefinitely after they are posted to your report. If there are any negative items older than that, you need to dispute it so that they will be removed.

Also, make sure that all items are correct. Because negative items are more likely reported than positive ones, it is possible that there is something beneficial missing. Check that all the accounts that you have stayed current on are listed. If not, dispute it so that they will get listed. Also, sometimes items have been reported inaccurately or have been inappropriately attributed to you. These also need to be disputed.

It is relatively simple to dispute an item on your credit report through the specific credit bureau’s website. After filing the dispute, you will hear back from the company with an updated copy of your credit report. If it is not fixed completely, it will then be time to file a dispute by mail with documentation. Make sure to save a copy of everything you send.

There is no need to pay a credit repair service to help you out. There is nothing that they can do that you can’t do easily for yourself. Anything more that they promise you is most likely illegal and not actually beneficial.

If you want to find out more about what on your credit report is helping or hurting you, talk to a credit counselor. They can weed through your credit report and provide you with steps you can take in the future to improve your credit. A credit counselor can show you ways to improve your credit score by making positive credit history to offset the negative items you have in your past.

If you have credit card accounts that are reaching their credit limits or ones that are delinquent, a debt management plan and credit counseling might be right for you. It will allow your accounts to stay current and action to be taken to lower your debt, which are positive factors. Such credit counseling can be beneficial to your credit history as well as provide you with information that can help you avoid bad debt in the future. Knowing what is on your credit report can help you determine what steps to take to improve your financial situation.

Dennis

How to Remove a Foreclosure From your Credit Report

admin — Sat, 23 Jan 2010 06:53:42 +0000

Chane Steiner asked:

A foreclosure can be reported on your credit report for 7 years and should be avoided at all costs. A foreclosure can be devastating to your credit scores. If you have a foreclosure on your record, credit repair should be one of the very first things you look into. A foreclosure can be deleted from your credit report just like any other negative account, but you must know what you are dealing with or you could actually make matters worse.

If you would like to remove a foreclosure from your credit report, you will first want to learn about your rights under the Fair Credit Reporting Act and all other laws having to do with foreclosures and credit reporting. The better you understand your rights, the easier it will be to have your foreclosure removed from your credit report.

The Fair Credit Reporting Act (FCRA) allows a consumer to challenge any information on his credit report, including a foreclosure, on the basis of “completeness and accuracy.” If, after a reinvestigation by the credit bureau, the disputed information “is found to be inaccurate or can no longer be verified, the credit bureau must promptly delete such information.”

The credit bureaus are required to complete the investigation within 30 days.

Most people would claim that they don’t have the time or resources to commit to learning about the laws and their rights, but it’s very important to know your civil and consumer rights. If you don’t have the time you may want to seek legal help and/or consult with a credit repair company.

Credit repair professionals specialize in removing foreclosures and other negative items from your credit reports. They focus on correcting inaccurate and erroneous information on your credit report. If a negative item on your credit report is disputed and can not be verified by the creditor or contains any kind of inaccurate information it must be legally be corrected and/or removed from your report immediately.

Tom