Fast, Real Credit Repair: Important Facts| Birmingham AL

It is important to realize that credit reporting agencies (i.e., TransUnion, Equifax, and Experian) are not government agencies and they are therefore governed by the federal government in the form of the FCRA, or Fair Credit Reporting Act. This act gives the consumer many rights that most are not aware of.

One of the most important rights afforded to the consumer is the ability to dispute any information reported by the reporting agencies. This can be done several different ways: online, by mail, and even by phone. I have found through personal experience that there is a combination of things you can do to get better results, or to get more negative information removed from all 3 credit reports.

It is also important to note that the credit reporting agencies have a time limit in responding to the disputes the consumer files. This time frame is 30 days from receipt of dispute by the reporting agencies. All disputes go directly to the reporting agencies first, and it is then the responsibility of the agencies to forward the dispute to the original creditor, i.e., Credit card company, Auto loan company, Mortgage company, etc. If the original creditor does not get back to the reporting agency within the allotted time frame then it is the responsibility of the reporting agency to remove the information in question. This is mandated by the FCRA and is law; the reporting agency can be sued in the event they do not comply.

The combination I have found to be most successful in removing negative credit from all reporting agency files is to submit multiple disputes different ways. First, I will file a dispute via regular mail, then a day later I will file a dispute via FedEx, this way the 2 disputes will show up the same day. Then I will file an online dispute on the same day the FedEx dispute arrives. It is also important to note the reporting agency and the original creditor must respond to all 3 disputes, as they are all separate disputes, or the reporting agency must remove the information in question.

After the 30 days has expired, the reporting agency is responsible for sending you an updated credit report with the results of investigation detailing the results of the disputes that you filed. This does not mean the fight is over, this just lets you know what was removed and what was not. If the information still remains on the reports, you have the right to submit another dispute; usually, detailing a different reason for dispute is more desireable but not necessary. Disputing information is just as much looking for information and proving information to be accurate, as to force the credit agencies and the original creditor to go through the proper protocol in responding to these disputes as mandated by the FCRA.

Also, inquiries are a big issue when they appear on your credit report; they can be seen in a negative way by the bank you are seeking a loan from. Inquiries can often be looked at as a negative thing, because if you have an inquiry, and don’t show an account from the source of the inquiry, then the bank can assume that they denied you based on info they found and not grant you the loan.

Removing inquiries is a simple process as well. This only requires you send a letter to each of the establishments that report on the consumer’s credit. The report is required to have the name of the business, the address, and the date the inquiry was made, so it will be easy to get this info.

Then, simply send a letter detailing how you do not recall applying for credit, or authorizing the inquiry, and usually this does the trick, as they can be sued for false inquiries.

As you can see, there are many important facts that you must consider before allowing these agencies to report info about your credit worthiness, especially in the modern world, where credit is everything, and just a few points can make a huge difference in the interest rates at the banks you get your loans with.

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