If you're like most Consumers, your problem right now is that you DON'T know "HOW" the system works. For example...Are you aware that the credit report that banks and businesses get to see has about TWICE the financial information compared to the credit report you receive from the credit bureaus?
That's right. In most cases, the credit bureaus send a much more detailed report to businesses than they send to you. A bit deceiving, isn't it?
This is why banks and businesses (except mortgage lenders) will NEVER give you a copy of "your" credit report. Nope. They'll look you in the face and tell you to request your own copy from the credit bureau (If you don't believe me, next time you get turned down for credit, ask them for a copy of your credit report and see what they say).
I provide “No Cost or Obligation” preapprovals for purchase money financing & refinances and will review your credit report(s) with you (CLICK HERE)
The credit system is full of "little secrets" like this. Most people find them frustrating. However, “Knowledge is Power” and I pride myself in helping, educating and serving my clients as the core of my professional career.
Credit bureaus want you to believe that once your credit report is scarred with bad credit marks there is NOTHING you can do about it. They will tell you THE ONLY THING that can repair a bad credit report is time.
Nothing could be further from the truth!
That's right. In most cases, the credit bureaus send a much more detailed report to businesses than they send to you. A bit deceiving, isn't it?
This is why banks and businesses (except mortgage lenders) will NEVER give you a copy of "your" credit report. Nope. They'll look you in the face and tell you to request your own copy from the credit bureau (If you don't believe me, next time you get turned down for credit, ask them for a copy of your credit report and see what they say).
I provide “No Cost or Obligation” preapprovals for purchase money financing & refinances and will review your credit report(s) with you (CLICK HERE)
The credit system is full of "little secrets" like this. Most people find them frustrating. However, “Knowledge is Power” and I pride myself in helping, educating and serving my clients as the core of my professional career.
Credit bureaus want you to believe that once your credit report is scarred with bad credit marks there is NOTHING you can do about it. They will tell you THE ONLY THING that can repair a bad credit report is time.
Nothing could be further from the truth!
3 Little Secrets Credit Reporting Agencies DON'T Want You To Know...
Credit reporting agencies have 3 little secrets. First, when it comes to ANY negative marks on your credit, the big secret they don't want you to know is this...
THE ONLY NEGATIVE INFORMATION that CAN REMAIN on your credit report is NOT what is accurate, but what the Credit Bureaus CAN PROVE TO BE ACCURATE under the Fair Credit Reporting Act. (you may want to read that again)
Second, they know that the "burden of proof" falls on your Creditors and the Credit Bureaus and NOT you.
And, anything your creditors and the Credit Bureaus CAN'T PROVE must be permanently REMOVED from your credit reports-it's the law!
Third (this is the real key), they understand that to comply with the “Fair Credit Reporting Act” they must investigate any disputed information on your credit report and verify it’s accuracy within 30 days then report back to you the findings of their investigation. This costs the 3 big credit reporting agencies millions of dollars annually to comply with the law.
So for the uneducated consumer they regular send out a threatening letter to you after they receive your dispute letter(s) “disputing accurate information can result in fines etc.” Ignore any of those letters. Just think if they are able to scare off 20% of consumer’s dispute cases, how much money that saves them annually.
The Fair Credit Reporting Act (FCRA) is a consumer protection law that makes this all possible. Fortunately (for you), it was written in your favor and NOT that of your creditors or the Credit Bureaus.
The problem is that almost nobody ever learns how easy it is to take advantage of it. So, why am I sharing this with you? Simple; I want to earn your business and referral business, by providing education and information that has value to improve your life. That is how I am able to earn your business and referral business.
FREE 15 PAGE E-BOOK on “Fast Credit Repair” which includes “4 Tips on getting that loan approved” and “24 Tips to a Great Credit Rating” Just send me a e-mail asking for it and I will send it out to you ASAP (Click Here)
Another very important area of credit scores is Collection Agencies. This is a complete topic in itself and requires another blog post on my part, which I plan on addressing in my next post.
PLEASE do not pay any collection agency or discuss anything with them on the phone until you learn “WHAT TO DO” One short letter that's guaranteed to STOP all harassing collection agency calls forever and in most cases you will never hear from the collection agency again (special Federal law bill collectors hope you never discover!). If you have this situation then give me a call ASAP !
THE ONLY NEGATIVE INFORMATION that CAN REMAIN on your credit report is NOT what is accurate, but what the Credit Bureaus CAN PROVE TO BE ACCURATE under the Fair Credit Reporting Act. (you may want to read that again)
Second, they know that the "burden of proof" falls on your Creditors and the Credit Bureaus and NOT you.
And, anything your creditors and the Credit Bureaus CAN'T PROVE must be permanently REMOVED from your credit reports-it's the law!
Third (this is the real key), they understand that to comply with the “Fair Credit Reporting Act” they must investigate any disputed information on your credit report and verify it’s accuracy within 30 days then report back to you the findings of their investigation. This costs the 3 big credit reporting agencies millions of dollars annually to comply with the law.
So for the uneducated consumer they regular send out a threatening letter to you after they receive your dispute letter(s) “disputing accurate information can result in fines etc.” Ignore any of those letters. Just think if they are able to scare off 20% of consumer’s dispute cases, how much money that saves them annually.
The Fair Credit Reporting Act (FCRA) is a consumer protection law that makes this all possible. Fortunately (for you), it was written in your favor and NOT that of your creditors or the Credit Bureaus.
The problem is that almost nobody ever learns how easy it is to take advantage of it. So, why am I sharing this with you? Simple; I want to earn your business and referral business, by providing education and information that has value to improve your life. That is how I am able to earn your business and referral business.
FREE 15 PAGE E-BOOK on “Fast Credit Repair” which includes “4 Tips on getting that loan approved” and “24 Tips to a Great Credit Rating” Just send me a e-mail asking for it and I will send it out to you ASAP (Click Here)
Another very important area of credit scores is Collection Agencies. This is a complete topic in itself and requires another blog post on my part, which I plan on addressing in my next post.
PLEASE do not pay any collection agency or discuss anything with them on the phone until you learn “WHAT TO DO” One short letter that's guaranteed to STOP all harassing collection agency calls forever and in most cases you will never hear from the collection agency again (special Federal law bill collectors hope you never discover!). If you have this situation then give me a call ASAP !
a bank will do this when you apply for a credit card If you have too many inquiries then you should hold off on applying until some time has passed. visit my website
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