Free Credit Report Repair Guide

This is really good information. You guys should check out this blog http://www.brokencredit.com. It’s really good.

Despite this prohibition, Consumer Data Industry Association (CDIA) stated in their May 22, 2006 comments to the FTC that “one of our members testified that more than 30 percent of all consumer disputes were generated by credit repair agencies, which commonly dispute accurate, derogatory information with the sole intention of having that information deleted from the file”. The Credit Reporting Agencies (CRA’s) response is the creation of an Automated Consumer Dispute Verification (ACDV) system that is designed to speedily handle a tremendous volume of disputes. Any letter that appears to have been sent from a credit repair agency (apparently more than 30% of all disputes appear so) may be labeled “frivolous” under a provision of the Fair Credit Reporting Act (FCRA). This labeling effectively ends the investigation process by the CRA’s on your behalf. Is it any wonder why the majority of credit repair companies have a bad reputation? Their form letters do not work. There is no magic form letter that will make bad credit go away. Imagine working in the dispute resolution department for a furnisher or a CRA. According to court testimony in Carol Fleischer v. Trans Union, et al. US District Court for the Eastern District of Michigan (Southern Div); Case No. CV 02-71301, Capital One employees processed approximately 4,000 disputes daily and each employee was responsible for processing thirty disputes per hour. With such a high volume of disputes viewed by these employees, do you believe that the repeated use of a credit repair companies form letter would go unnoticed? Of course it wouldn’t. Please note the following excerpt from the Fair Credit Reporting Act:

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technorati tags:Credit Report Dispute Letter, credit repair

I am sure you have seen on TV several commercials for free credit reports. If you type in free credit reports on Google you will get back several companies offering the service.

I have done some research and to my knowledge there is only one website that is sanctioned by the Federal Government to offer free credit reports. The website is: AnnualCreditReport.com.

You are entitled to one free credit report a year. Also pulling this report should not hurt your credit. Check the details on the website.

Should you pull your credit every year? Yes! Why? Because it has been shown time and time again that most people’s credit reports have errors which will hurt your credit score and will cost you money when you try and purchase something with credit.

Also in this day of Identity theft it is a must. So go check your scores and start to work on improving your credit score.

The website:AnnualCreditReport.com.

Technorati Tags: credit report, AnnualCreditReport.com

Credit Reports – Why Your Credit Score is Important

If you have never heard of a FICO score before, you should become familiar with the term. Named for the firm that invented it, Fair Isaac Corp., the FICO score is the three-digit credit summary that, in essence, reduces your entire financial life to a simple set of numerals.

The score represents a distillation of information gleaned from the three main credit-reporting bureaus – Equifax, Trans Union, and Experian, regarding your loan and payment history, as well as any bankruptcy filings you may have made. Andy liens or payment defaults will be incorporated into the score as well. The score, which can vary from a low of 300 to a high of 850, represents an attempt to quantify a lifetime of financial dealings into a single number. It has been quite successful. In fact, most people would be surprised to see just how important that score has become and how many businesses use it for reasons that aren’t entirely obvious.

Most people would assume, correctly, that lenders would check the score of a potential borrower who was applying for a car loan or a home equity line of credit. Many would be surprised, however, to see that the score is often accessed by potential employers, landlords, or even insurance companies. While some states have strictly forbidden the use of FICO scores as a guideline for setting insurance prices, some insurance companies still access the scores in order to assess risk for potential customers. Employers access the scores to see if a possible employee might be a security or theft risk, and landlords may use the score to determine whether or not a tenant should post a high security deposit prior to moving into a rental property.

A substantial argument can be made that there is no way to accurately reduce someone’s financial status to a single three-digit number. That said, it is simply a whole lot easier for most companies that need a financial “snapshot” of a customer to look over their credit report, look at the score, and offer a “yes or no” response based on the score alone. Fair or not, this is the way things work today, and it is probably unreasonable to expect lenders, employers and landlords to start looking deeper into their customers’ and employees’ finances.

The best solution for anyone who is concerned about his or her credit score is to examine their own credit report, which can be obtained for free at annualcreditreport.com. Report any errors to the appropriate credit bureau, and try to check your report once or twice a year. Fair or not, we are our credit score. Making sure that the number is accurate is an important step towards a solid financial future.

©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a site devoted to debt consolidation and credit counseling, and HomeEquityHelp.com, a site devoted to information regarding home equity lending.

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Free Credit Report Program Expands to the South
June 1, 2005
As part of the updated Fair Credit Reporting Act (FACTA) passed in January 2004, U.S. citizens have the right to annual free credit reports from all three major reporting agencies. The program expands to cover people living in the South today. See a map of the rollout below.

This central site, www.annualcreditreport.com, allows you to request a free credit file disclosure, commonly called a credit report, once every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian and TransUnion. (FAQ).

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