Your credit scores depend on the information in your credit report.
Each account reported to your credit reflects many details; ensuring that these details are reported in a fair and accurate manner is essential to guarantee you the highest credit scores possible.
A successful credit repair campaign focuses on removing any negative information on your credit reports that you do not recognize.
More importantly, however, a credit repair program should help you to recognize and correct the less obvious inaccurate details on each account, which can yield the largest improvements in your credit scores.
First, it is important to realize that many laws have been enacted in your favor, to protect what information large companies are using about you.
The Federal Fair Credit Reporting Act (FCRA) mandates that the Credit Reporting Agencies (or credit bureaus) must ensure the accuracy and completeness of the credit information reported on you.
A part of this legislation gives you the right to dispute any information on your credit report as inaccurate or in some way misleading, and to have the credit bureaus investigate the disputed information.
The Credit Bureaus have between 30-45 days after receiving your notice to complete these investigations.
If, during the course of these investigations, they discover that they have been reporting inaccurate information, or they are unable to verify the information that they are reporting, they must either correct or entirely remove the account item in question.
They must then supply you with updated account information, to reflect the changes that have occurred.
So how do you use these powerful laws to your advantage?
Any obvious, highly negative accounts that you do not recognize on your credit reports should be removed.
This can help substantially in your credit scores.
But much more frequently, the information that should be challenged is not so obvious.
Each account item on a credit report consists of many different details… these details mean the difference between sub-par credit and a truly accurate, optimized credit profile and the scores that go with it.
Perhaps an account is showing late payments far more recently than they actually occurred.
Maybe a limit isn't being reported on one of your revolving accounts.
Is the same account being reported more than once, with different information?
Is an account that was paid off showing that zero balance?
Is the status of an old collection account constantly being updated to reset the "Date of Last Activity?"
The list of inaccuracies that appear on every credit report goes on and on, but the overall point remains:
each of these inconspicuous details is hurting your credit scores.
It's your right to have the most accurate and complete credit reports possible.
Much of the time, the details reported about credit accounts are misleading and go unnoticed, except when they are used to calculate your credit scores and yield much lower scores than you deserve.
So know how the details are affecting your scores!
A successful credit repair campaign is not only about 'deletions.' Make sure your credit repair campaign is focused on the right things, and that it has the tenacity to beat the imperfect systems of the credit bureaus.
Knowing what the important elements of each credit account are, and how they should be accurately reported to benefit your credit scores, is essential to achieving an optimized credit profile and the best credit scores possible.
Posted by Ceracycredit 
on 12/11/05 1:09 PM
Twitter
Facebook
More
REPLY to topic or start a
NEW Topic
< Previous Topic | Topic List | Recent Posts | Archives | Next Topic >
