These CRAs work for the lenders (the OCs). They accumulate information from lenders, compile it, and sell it back to the lenders. Again, this is a pretty simple business model. Their main concern is to keep their lender clients happy. Remember that the three CRAs all compete with each other. Their incentive is to compile negative information on consumers, and to report lower credit scores, because they know that if the information they report is negative, their client lenders
1. The history of using credit plays a big role in your future.
2. By law, you have the right to dispute negative items, if the item can't be verified then it most be removed from your credit report.
3. The law affords people who are being unfairly labeled as having bad credit with the ability to dispute any of the questionable items in the credit reports in an effort to have them permanently removed.
4. The lower the score is, the riskier the banks and lenders felt you.
You’re looking for inaccuracies and/or information you don’t recognize. The Federal Trade Commission in 2013 said about 1 in 5 Americans had erroneous information on at least one of the three credit reports. Among the surprises people have found on credit reports: 1. Collections accounts or judgments they didn’t know about.
2. Paid accounts showing as open.
3. Incorrect name and/or Social Security number.
4. Open accounts they knew nothing about.
5. Incorrect debt amounts
Each item is equipped with its own level of severity and the power to damage your credit score. - 35% Payment History. - 30% Amounts own. - 15% Length of credit history. - 10% New credit. - 10% Types of credit. Subscribe for more details...
You most have: Minimum two or three revolving accounts. Open account at least from 5+ years old. Minimal inquiries. Personal information 100% accurate. Large credit limits help. lower your revolving debts as much as 30% each. Do not have Negative items.
Don’t New number trick: Some credit repair agencies advise you to start a new credit file by getting a new tax ID number — CPN, credit profile number, or EIN, an IRS-issued Employer Identification Number — to use in lieu of your Social Security number. The new number may resemble a Social Security number. This trick is illegal. The FTC warns that scammers may be selling stolen Social Security numbers, often taken from children. By using a stolen number as your own, the con ar
Each item is equipped with its own level of severity and the power to damage your credit score, we know the right process to challenge or disputing all derogatory items as misleading, inaccurate, untimely, biased, incomplete or unverifiable information.