Category Archives: Credit Bureaus

60 minutes 40 million mistakes

< item type="application/x-shockwave-flash" style="size:425 px; elevation:355 px;" information ="// www.youtube.com/v/MfwlLcyzyVo?color2=FBE9EC&version=3&modestbranding=1" >< param name="motion picture" worth ="// www.youtube.com/v/MfwlLcyzyVo?color2=FBE9EC&version=3&modestbranding=1"/ > https://www.creditlawcenter.com. Steve Kroft uncovers fascinating facts about the relationships in between the debt bureaus and consumers.

Below at Credit rating Regulation Center, we utilize the rules and regulations daily to assist our customers in resolving concerns like these.

Debt Legislation Center is an Attorney based credit repair work company, with the capacity to aid consumers in 48 states. The Lawyers and credit score repair experts at our firm help customers to contest suspicious details on their credit history reports. Consumers are secured by the Fair Credit scores Reporting Act, and also many times, when an offense has actually occurred our attorneys, make use of these violations as take advantage of to obtain an item removed. The staff at Credit report Legislation Center has over 13 years experience and proficiency in litigating customer rights, along with reviewing credit scores reports to confirm that the things the Credit score Reporting Firm, (Transunion, Experian, and Equifax) are 100% accurate as well as verifiable. The Federal Trade Compensation (FTC) reports that over 79 percent of Credit report Information include mistakes.

We would certainly love to assist you, please call us for an appointment at 1-800-994-3070.

Debt Regulation Facility.
4041 NE Lakewood Way, Collection 140.
Lee’s Top, MO 64064.

Credit Bureaus Agree to Credit Reporting Overhaul!

< item kind=" application/x-shockwave-flash "design=" width:425 px; elevation:355 px;" data="// www.youtube.com/v/70Vfp1rtYwE?color2=FBE9EC&version=3&modestbranding=1" >< param name =" film "worth ="// www.youtube.com/v/70Vfp1rtYwE?color2=FBE9EC&version=3&modestbranding=1 "/ > The NCAP negotiation alters the method credit conflicts are initiated … appealed as well as solved. Reliable Sept 9, 2015 Conserve your commission! Aid your customers increase their credit history to make sure that they can acquire the residence of their desire. Enhance their buying power by increasing their credit report.
With the new NCAP laws, “credit score repair” companies are now going out of business. The legislation is currently on the side of your customer. Discover just how to help their credit history and also help you close your bargains!

< item type="application/x-shockwave-flash" design="size:425 px; height:355 px;" data ="// www.youtube.com/v/n4q2XtmFmJo?color2=FBE9EC&version=3&modestbranding=1" >< param name="motion picture" worth ="// www.youtube.com/v/n4q2XtmFmJo?color2=FBE9EC&version=3&modestbranding=1"/ > Today’s inquiry is: Exactly how Do Credit score Coverage Agencies Get And also Keep My Info?
Ask us your debt concerns in the remarks and also find your next card at https://www.creditcardinsider.com/ The 3 debt reporting agencies – Experian, Equifax, and TransUnion – gather information regarding your finances, bank card, and also other monetary activity. This information is voluntarily supplied by the lenders, that profit by being able to get a smart idea of somebody’s debt danger by looking at their credit rating record. Credit scores are created based upon the info in these records. If you believe that some info is inaccurate or missing from your credit report reports, you could submit a conflict with the appropriate agencies.

Every week, John Ulzheimer answers YOUR credit rating questions. Email us, provide us a telephone call, or ask on real-time chat, and also we might answer your inquiry on YouTube!

To learn regarding credit report, credit score reports, handling financial obligation, and also just how bank card work, examine out our find out area at https://www.creditcardinsider.com/learn/ If you’re searching for a credit score card, start your search at https://www.creditcardinsider.com/credit-cards/ Join our community!
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How More Than Eighty-Three Percent of Credit Bureau Disputes Really Operate!

Numerous studies display that 1 out 4 consumer credit reports include errors that will result in the consumer being rejected for credit. While this is a serious fact, what is more critical is what genuinely happens when these consumers actually dispute these errors on their report with the Credit Bureaus.

Many “Consumer Protection” and “Consumer Rights” organizations try to make consumers feel assured by explaining that any errors on their credit report have to be…”Investigated” by the credit bureaus and…any details which the bureaus are UNABLE to verify within 30 days, must be DELETED from the consumers report.

All that is required to make this happen is the consumer must mail a letter (or go online) in order to “initiate” the investigation procedure. When most Americans hear the word…”INVESTIGATION” in regards to an item on their credit report they’re challenging, they normally picture some variation of the following three step process:

STEP ONE:
An employee at the Credit Bureau receives their dispute and personally reviews it. During this review they gather information and documents in regards to the disputed account by contacting the original creditor or collection agency etc. (a.k.a. the Data “Furnisher”).

STEP TWO:
The Credit Bureau employee then reviews copies of original paperwork like the credit application, billing statements, billing and payment statements or notes in the account looking for any mistakes in reporting. If anything is in question they will ask for proof from the “Data Furnisher.”

STEP THREE:
Once a “complete and thorough” study has been completed, the Credit Bureau employee will then update the consumers account according to the outcome of the investigation.

Now, let’s talk about how it truly works. Here’s how more than 83% of credit bureau disputes really work:

FIRST: A credit bureau disputes letter is developed by either you, an attorney, or a credit repair company. And it’s then mailed to the credit bureaus. It doesn’t actually matter who mails the letter due to the fact that…

SECOND: When the letter is received by the Credit Bureau it’s electronically scanned with “Optical Character Recognition” and…matched against a DATABASE of…Boiler Plate Dispute Letters normally used by Credit Repair Companies or discovered in Software Programs and Credit Repair Books…

If your letter “matches” one of these letters in their database your dispute will most likely be…Flagged as FRIVALOUS, Marked as SUSPICIOUS or entirely IGNORED. If you’ve used a Credit Repair Company or Dispute Letters out of Credit Repair Books you might have firsthand experience with this.

THIRD: No matter who writes your dispute letter or how threatening it may sound…if the SCANNED version of it does NOT match that of a “Boiler Plate” Dispute Letter employed thousands of times, the scanned version will then be sent electronically overseas for processing in a nation like: India, Jamaica, Philippines or Costa Rica.

There, an outsource employee who doesn’t even speak English as their native vocabulary will look at your scanned dispute and turn it into nothing but a TWO or THREE Digit Code. Yes, you observed that correctly. They will take your dispute (even if it has ten pages of in depth documentation supporting your claim) and convert it into nothing but a…TWO or THREE Digit Code

And, to make your blood boil even a lot more, they do this with a highly automatic system the Credit Bureaus designed termed e-Oscar which (get this) stands for…E-lectronic: O-nline S-olution (for) C-omplete (and) A-ccurate R-eporting.

The e-OSCAR system takes your dispute and commonly makes use of a pull down “Pick List” to transform the dispute into just 1 of 26 different dispute codes. Even worse, of these 26 Dispute Codes, 85% of disputes will fall under the identical 5 codes. For instance, according to testimony from congressional hearings, credit bureaus utilized the following codes in these percentages with the e-Oscar system:

31% of Disputes “NOT MINE”
21% of Disputes “ACCOUNT STATUS”
17% of Disputes “INACCURATE INFORMATION”
9% of Disputes “ACCOUNT AMOUNTS”
7% of Disputes “ACCOUNT CLOSED”

85% of Disputes fall under the exact same 5 Codes. Once your dispute is transformed to one of the “Standardized Dispute Codes” inside of the e-Oscar system, the code is sent to the Data Furnisher (a.k.a. the Original Creditor or Collection Agency) making use of a standardized form known as an “Automated Consumer Dispute Verification Form” (or ACDV for short).

This request is sent to the Data Furnisher through the e-Oscar System. An ACDV simply consists of a few items of identifying data about the consumer, the Dispute Code and in some cases, additional notes. Any supporting info like…Account Applications, Cancelled Checks, Billing Statements or Pay Off Letters or Confirmations etc…

…are NOT integrated in these electronic communications between Data Furnishers and the e-Oscar System. Your dispute is fundamentally transformed into nothing but a “Dispute Code”. In fact, there is NO MECHANISM IN PLACE for the Credit Bureaus to send your Supporting Documents and Proof of your claim to the Data Furnishers! So, what happens when a furnisher receives an “Automated Consumer Dispute Verification” (ACDV) from the e-Oscar System?

Do they begin an “in-depth” study? If the furnisher is a Collection Agency do they get in touch with the primary collector for actual documentation on the account? Hardly… keep in mind, the data furnisher will never even acquire nor see all the documentation in your dispute (even if you sent 60 pages of proof).

In fact, there’s a new piece of technology to even further automate the e-Oscar System for Data Furnishers and it’s called…BATCH INTERFACE. Data Furnishers like large banks and collection agencies can get thousands of disputes a month. Dealing with all these disputes by hand by way of the e-Oscar System quickly becomes…A LOT OF WORK.

The e-Oscars answer to the problem is to send the Data Furnisher all these disputes in one large file, all at one time. This is what the BATCH INTERFACE function was developed for. Now, when the data furnisher receives this huge file there are various alternatives for processing the data. One such possibility is something called…REPLY ALL

REPLY ALL enables the data furnisher to choose a response like…”Account Verified”… And apply this reaction to dozens or even hundreds of records in the file with a single push of a button. But if this doesn’t have fuming enough, then possibly another feature will. And, that function is one named…AUTO POPULATE

The “Auto-Populate” function permits the data furnisher to Auto Populate responses of Automated Consumer Dispute Requests before submitting them back to the credit bureau via the e-Oscar System. Of course, we all know the Fair Credit Reporting Act (FCRA) says that all Data Furnishers MUST perform a…fair study. Then again, possibly it all depends on what one calls a “reasonable” investigation and how fair it can be when automated.

Jay Peters owns Zodiac Publishing, which developed the “Credit Repair Intelligence System”, offering you the answers to help you with your need to understand the credit bureaus. For extra free reports and videos with distribution rights please go to see their website and learn about credit bureau disputes .

What Credit Bureaus DON'T Want You to Know!

http://creditrepairpublishing.com/credit-repair-articles/56-credit-bureaus/151-what-the-credit-bureaus-dont-want-you-to-know-about-the-metro-2-format-and-credit-reporting
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Contacting The Credit Bureaus

Your credit needs some restoration and you opted to do it yourself. If that is the case, you have to contact the credit bureaus. There are three ways to contact the bureaus that we will discuss, they are:

Phone
Snail Mail
Online

Phone- you can call the credit bureaus directly for such reasons as: denial of credit or entitled to a free credit report, placing a fraud alert, placing a security freeze or simply disputing an item. If you plan on disputing an incorrect item by phone make sure you have your most recent credit report. On the report you will find a telephone number to initiate the dispute. For any of the other reasons, you can simply go to the credit bureaus website (of the one in which you wish to contact) and get the necessary number.

Snail Mail- snail mail is an effective approach of contact and even though it is slow it does have its advantages. Credit bureaus are bombarded daily (by the millions) with letters from consumers alike. Should you choose to dispute an item by mail you will need to track the letter. For this I suggest you send it certified mail, return receipt requested.

Online – you can contact the credit bureaus on line for numerous reasons, such as the ones listed above. However should you choose to dispute an item on line, I would also opt to do it by mail. Combining the two together has resulted in some very favorable results for my clients and if by chance the credit bureau can’t answer one of the disputes within the 30-day time frame it has to be removed.
A little hint (When restoring clients credit I opt to do what I call the “Trilateral Attack”, it is the utilization of the three combined and it yields some amazing results.)

OK, now you know the different ways in which you can contact the credit bureaus. Now I am going to briefly show you how to effectively launch a credit cleaning campaign utilizing all three methods of contact. I use it all the time with my clients and have great success.

First I would get my most recent credit report from all three bureaus, then I would sit down and go over each of them. I would mark all information that I felt was incorrect, such as: names, AKA’s, previous addresses, negative accounts and public records from the three. I would gather the bureaus contact info and call each of the bureaus individually to open a dispute and ask them to correct the information in question.

Next, over the course of a few days (maybe a week) I would sit down and formulate a well thought out and well written letter. In it, I would vent my frustration a little and let them now how upset I am about the fact that they are reporting false information on my credit report. I would be very specific in what it is that they are reporting incorrectly and what I would like them to do with it. Such as: “The following account is incorrect as it is not mine.” “Please investigate the account to its entirety within the 30-days provided by law or remove it.” I would gather the letters, notarize them (a little trick that works for me, but not necessary) address them and send them out to each of the credit bureaus by certified mail. Make sure you send them certified, as you might have to show proof later that you sent them.

Finally, while the letters were in transit I would hop on the computer and start an online dispute with the three credit bureaus.

Even though this might seem like a lot of work, and it is, the results you will see are well worth it. I would continue the process until I seen the results that I was looking for, but be careful not to do it too much. If you do it about 5 to 10 days after each response from the credit bureaus you should be fine. Good Luck!

You can go here to sign up for our newsletter or to find out more about having foreclosures, bankruptcies, late payments and other derogatory items removed from your credit report contact creditexpert@scrubyourcredit.com or at: http://www.scrubyourcredit.com

credit bureaus, 3 credit bureaus ,three major credit bureaus

http://www.equifax.com/home/en_us
1 Credit monitoring from Experian and Transunion will take several days to begin.
2 We will require you to provide your payment information when you sign up. We will immediately charge your card the price stated and will charge the card the price stated for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.
3 The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau credit scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.
4 Identity theft insurance underwritten by subsidiaries or affiliates of American International Group, Inc. The description herein is a summary and intended for informational purposes only and does not include all terms, conditions and exclusions of the policies described. Please refer to the actual policies for terms, conditions and exclusions of coverage. Coverage may not be available in all jurisdictions.

Griphop by Kevin MacLeod is licensed under a Creative Commons Attribution license (https://creativecommons.org/licenses/by/4.0/)
Source: http://incompetech.com/music/royalty-free/index.html?isrc=USUAN1100413
Artist: http://incompetech.com/
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How to Report to Credit Bureaus

< item kind="application/x-shockwave-flash" design="width:425 px; height:355 px;" data ="// www.youtube.com/v/_AuGReI8VQY?color2=FBE9EC&version=3&modestbranding=1" >< param name="flick" value ="// www.youtube.com/v/_AuGReI8VQY?color2=FBE9EC&version=3&modestbranding=1"/ > Exactly how to Report to Credit report
Bureaus 00:01:06 Technique 1 Knowing Debt Bureaus
00:01:13 1 – Research the 3 credit score bureau firms 00:02:09 2 – Make use of credit report reporting to gather uncollectable bills 00:02:40 3 – Negotiate with removal of a bad credit report entrance 00:03:16 Technique 2 Employing a Collection Agency or Credit score Reporting Service 00:03:25 1 – Work with a collection firm 00:04:03 2 – Select a debt collector carefully 00:04:53 3 – Work with a credit report reporting service business 00:05:30 Method 3 Reporting Directly to Debt Bureaus
00:05:38 1 – Sign up with the credit report bureaus 00:06:21 2 – Call the credit history bureau and request for their credentials demands 00:06:42 3 – Pay the fees as well as service fee 00:07:07 Tips Material drawn from WikiHow http://www.wikihow.com/Report-to-Credit-Bureaus

The Truth About The Credit Bureaus

Are you under the impression that there is some relationship between the credit bureaus and the government? Credit repair expert Jim Kemish offers some insights.

Not a Friendly Service

In a recent blog entry I wrote, “Significant legislation has been enacted to protect you from the impact of the credit bureau’s inaccuracies. The right that you have to receive copies of your three credit reports for free on an annual basis is not a friendly public service by the credit bureaus. The bureaus have been required to provide this service as one of the protective measures included in the Fair and Accurate Credit Transactions Act. Your credit report can have a major impact on your financial life. Give your credit the attention that it deserves and review your reports regularly.”

A Reader Responds

A reader responded by asking, “I’ve read that the credit bureaus are regulated by the Federal Trade Commission. Doesn’t this indicate a relationship with the government?” Below is my reply along with some additional thoughts on the subject.

The Credit Bureaus are Not Government Agencies

I replied that, “The relationship between the credit bureaus and the government is the same as the relationship that you have with the government. Because your actions are conscripted by law does not in anyway suggest that you are necessarily a law abiding citizen (although I’m sure that you are!). As many people live in a constant adversarial relationship with the government, so do many large businesses. The credit bureaus happen to be constantly at odds with the law. Given the potential impact that credit reporting errors can have on your financial life, I strongly suggest that you modify your opinion of the bureaus enough to be very cautious of the content of your credit report.”

Strictly For Profit

One of the unfortunate underlying assumptions that people, like the above reader, have in their attitude towards the credit bureaus is that the bureaus have some form of official status. This could not be farther from the truth. They are strictly for profit businesses. Experian and Equifax are publicly traded companies and list their revenues in the billions of dollars. Trans Union is a privately held company with revenues estimated also in the billions. The three credit bureaus have maintained a consistently adversarial relationship with the government and consumers throughout their histories.

An Adversarial Relationship

An adversarial relationship with the public is not unusual for large businesses. All activities are chosen for the purpose of producing profits. The history of lawsuits brought against the bureaus over time paint a clear picture. The office of the Attorney General of Florida is currently pursuing action against Experian relating to misleading claims, deceptive advertising, a misleading domain name (freecreditreport.com), and failure to honor cancellations to their credit monitoring service offered through this so-called free credit report website.

A History of Conflict

The type of behavior described by the Office of the Attorney General of Florida is consistent with countless charges against the three bureaus. In the 1970s Equifax was charged with rewarding its employees for collecting negative information on consumers. This charge, which resulted in a consent decree, provides an interesting hint about the corporate culture.

Experian Gets an “F”

In 2006 a leading consumer advocate website rated the customer service offered by the three bureaus. The ratings were dismal including a grade of “F” given to Experian, who was sited for not even providing customers with a customer service telephone number. Credit repair is not on the priority list at the credit bureaus!

Nothing Has Changed

The above mentioned consumer advocate site has a current post that says, “With the 2003 amendments to the FCRA, and the introduction of the FACT Act, millions of consumers will see the quality of their credit reports degrade even further. FACT stands for Fair and Accurate Credit Transaction Act, but in reality it is just our government trying to appease millions of consumer who complain about the current credit reporting industry. But they are only appeasing us in name only…”

The Forces at Work

We have been assisting our customers with credit repair since 1989 and as such have dealt with the three bureaus on a consistent basis. There are two major forces at work that shape the behavior of the credit bureaus. The first major force is the need to maximize and protect profits which may result in decisions about operating policy that are not in the best interest of the public. The second force that conspires with the profit motive is the sheer bulk of data that the credit bureaus are trying to manage and maintain. The result has been widespread and serious errors on consumer reports combined with a horrible corporate bureaucratic resistance to fixing the problem. So check your credit reports regularly.

Copyright © 2007 James W. Kemish. All Content. All Rights Reserved.

Jim Kemish is the president and founder of Power Mortgage, a Florida mortgage company based in Delray Beach, Florida. Jim is also the President of Sky Blue Credit, a national credit repair business.

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Negative Credit – How To Force Credit Bureaus to Remove Negative Credit From Your Credit Report

http://NegativeCredit.org/negative-credit.htm | Free Report Reveals How Negative Credit Items Can Be Removed From Your Credit Report even if they are accurate negative credit items. There are a lot of credit repair companies who claim they know how to remove negative credit but the fact is they can’t even get inaccurate negative credit removed let alone remove negative credit items that are accurate.

Find out how you can force the credit bureaus to remove negative credit items from your credit report. If you have Collections, Late Payments, Charge offs, Liens,
Bankruptcies, Repossessions, Foreclosures even Judgments then Go to: http://RemoveNegativeCredit.net/negative-credit.htm Learn how to remove all negative credit items and restore your credit score to 740+.
Subscribe to our Credit Dispute Tools channel for more helpful tools.
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What is a Credit Bureau? Who Are The 3 Major Credit Reporting Agencies?

Most of us know that you can find 3 significant credit rating agencies. But the majority people don’t know just who those companies tend to be or just what information they gather. Here’s a brief summary of this topic.

Find out more about the 3 Major Credit Reporting Agencies right here: http://www.credit.com/credit-reports/credit-reporting-agencies/

This video features the song “Zero” by Steve Combs:
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