There are rules that Congress established that the credit bureaus must follow in both gathering and reporting information about you.
They ARE NOT following the rules!
Why do negative marks stay on my credit report for seven years?
These three corporations, Trans Union, Equifax & Experian have basically agreed that bad information will remain on your credit for seven years in most cases and Congress agreed with them. There is no law saying that it must appear at all, only that it will be removed after seven years
If there are laws, how come these companies don’t follow them?
Michael Lewis, a trial lawyer in Clarksdale, Miss. summed it up very well when he stated, “The credit reporting industry operates in a “shadow world” that is almost beyond the reach of the law and is certainly above and beyond the reach of the consumer”. (He won $800,000 in a recent case against Trans Union for his client)
Who is supposed to be policing these companies?
Typically, the federal government assigned the Federal Trade Commission to handle this on a national level. States assign this same duty to their individual Attorney General’s office. With the credit bureaus receiving upwards of 10,000 complaints each month, these government offices are overwhelmed and simply cannot handle that volume. In many cases, our clients have been told by to hire an attorney.
What can I do to fix my own credit?
Learn the law and how it applies to you. Unfortunately, this is a tedious task and most Americans give up when dealing with the credit bureaus. The bureaus use intimidation, threats and scare tactics to make you believe that challenging what they are reporting is not possible, even fraudulent.
I have heard and read that credit repair is ineffective
In many cases, credit repair is ineffective, expensive and temporary. Disputing what is on your credit report can be tricky at best. However, challenging the right of the credit bureau to report information without being in compliance with the Fair Credit Reporting Act is a whole different ballgame!
We do challenge these agencies based on the FCRA and other federal laws. Our innovative dispute tactics and our alignment with Consumer Advocate attorneys throughout the US have garnered both accolades and continued success against credit reporting agencies. You wouldn’t try and operate on yourself, you would hire a surgeon. It is the same with credit restoration, you need someone who has experience, successful tactics and can guide you down a path that we have been down many times before.
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