More and more credit reports are found to have erroneous, inaccurate, or unverifiable information on them. Most estimates show that between 76-100% of reports contain errors. Under the Fair Credit Reporting Act (FCRA), it is the creditor’s OBLIGATION to validate hundreds of points upon your request by LAW. Even if the item is being reported accurately on your credit report, if the creditor can’t validate compliance with hundreds of laws then you might have the necessary leverage to have those items permanently removed.
Your creditors use the credit bureau as leverage to force you to pay them. You have the power to leverage the Fair Credit Reporting Act (FCRA) and hundreds of consumer laws.
Creditors prey on you not knowing your rights or the laws put in place to protect you. When all three credit bureaus and your creditors start receiving your compliance requests, in most cases they simply delete the item versus deal with hours of debt validation and threats of legal action and FTC complaints. Since they voluntarily remove the item, you won’t see it ever come back on your report.
Get your mind ready for the “game” when you begin the process of healing your credit. You will have to be ready to strategize and be relentless. When I started my credit repair process, I got fearless. I wrapped myself in the laws and the thought process behind the laws. With that knowledge, I refused to take NO for an answer.
So here’s what I call The What’s Good for the Goose Credit Repair strategy…
The Fair Credit Reporting Act (FCRA) states that all information on your credit report has to be 100% accurate, VERIFIABLE and timely OR it can not be legally reported. BAM! Let that marinate.
When you send a dispute to the credit bureaus, you are required to provide a copy of your drivers license, social security card and a utility bill or they will not process the dispute. They want you to VERIFY that it is you. What’s good for the goose is good for the gander. We want to see proof, too.
I mentioned you will need to be relentless. It usually takes several rounds of strategic disputing to get exceptional results clearing the derogatory items on your credit profile. Round 1 is where you request verification of all the negative marks on your credit. A few may fall off but you will most likely get notice from the bureaus stating that your accounts were verified. Ummmm…proof, please. They usually send no documentation to support this verification. Why is it that you have to provide physical proof that you are who you say you are but they don’t have to provide proof that they verified the account? So we’re just supposed to take their word for it? Nope. The credit bureaus are FOR PROFIT organizations. They sell your information to lenders and subprime credit score lists are more profitable for them. They do not have our best interest at heart.
Let that give you the strength to send your Round 2 dispute for the negative items still on your report. The Fair Credit Reporting Act (FCRA) states that you have the right to know the method of verification the credit bureau used and they have to get back to you in a timely manner. This is the LAW. They must provide hard evidence that goes all the way back to the original creditor. Are you feeling empowered yet? I’m sitting taller just typing this information. I remember when I started healing my credit. I got sassy. I included the following sentence in my 2nd letter to Experian…”I as a consumer am required to provide documentation including my license, social security card and a bill to confirm my identity. I deserve the same amount of physical proof to show how you verified my account.” Assuming my letter was actually seen by a person and not the automated validation system, I knew that statement would help me. Here’s why: I was mailing off my Round 1 disputes and the lady at the post office store disclosed that she used to work for one of the credit bureaus. She was very sweet. She confirmed that the credit bureaus do not typically have the documentation they need to support the Fair Credit Reporting Act (FCRA). They will call the creditor or collection agency to get proof but get feedback on how to stall instead. Guys! If they had the verifiable proof, they would send it immediately! Long story short, she shared that it was so hard for her to not side with “us”, the consumer, that she left the company and is so much happier working at the post office.
Stay relentless. You are fighting for your financial health and you are well within your rights.
You can do it…[activecampaign]