From The Credit Experts
We are in agreement that the credit bureaus have terrible quality control, do not verify your actual documents and statements and simply accept the word of those reporting
information about you. In other words, NO ONE at the credit bureaus ever sees if what they are reporting is accurate or not!!! Therefore, YOU must FORCE the credit bureaus to comply with the law because the won’t do it on their own!
1. Dispute, Dispute, Dispute! THERE have been numerous studies done showing that a large majority on Americans have errors on there credit reports, although a good many simply have bad credit. The first order of business is to write the credit bureaus and dispute the errors and the negatives on your credit. Whether the information is accurate or not, the credit bureaus MUST INVESTIGATE each request with each creditor. If the creditor does not reply or is unable to find the records to back up what they reported, then the negative items MUST be removed from your credit report. Dispute, Dispute, Dispute!
2. Collections can really trash a credit report. If they are old and you pay them or even part of them, your credit report will reflect that payment and the collection becomes new again, lasting for seven more years and damaging your credit scores. If a collection agency verifies your credit bureau investigation, then it’s time to go after the collection company. Under the law they are required to prove that 1- they have proof of the debt you owe, 2-they have the right to collect the debt and a written agreement with the original creditor, 3-they have the right to do business and collect debts in your state, 4-they can document to the penny what you owe. Guess what, most collections cannot provide all four of their legal requirements. If they can’t, they must retract their reporting from your credit report.
Credit Tip - Creditors Are FAR From Perfect…
3. Creditors – The creditors reporting to the credit bureaus are definitely not perfect. One court judge found that over 90% of credit card companies could not prove that consumers (who had sued them) owed the debt in question. The law requires that creditors investigate accounts if you ask them. So ask them. Ask for the proof documents, ones with signatures proving you owe the debt. Again if they cannot prove what they are reporting, it must be removed from your credit report.
For more detailed information on EXACTLY what to do, check out our video series: Steps To Remove Bad Credit
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