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Rampant Myths About Credit Reporting
By www.menhealthonline.biz
Rampant Myths About Credit Reporting
Whether you realize it or not, there is a tremendous battle going on aimed at shaping your opinion. On one side, you have the credit bureaus with a massive public relations campaign to discourage consumers from attempting to restore their credit by telling them it is impossible. They do this by limiting their acknowledgment to those methods strictly outlined in the Fair Credit Reporting Act, such as the dispute method and the consumer statement. The Credit Bureaus, have succumbed to the pressure from Washington and now include a generic dispute form in your credit report, when it is mailed to you. Do these forms work? Sometimes but you have to put your imagination to work here for a minute. Just place yourself in a building somewhere in Atlanta, Georgia and you along with another (100) workers are required to do nothing but respond to credit disputes. Now this is not the highest paid job in the company, hence the working conditions are not as plush as the executives that sit up high and have a view of the Atlanta skyline. So, somewhere in a large room are these tiny cubicles equipped with a telephone (speed dialer) and a place to put your purse. That’s it. You report for work at 8:00 AM and wait for the mailman to come to your work area. He drops off (100) dispute letters from irate consumers that are chastising you for their bad credit. Most of these letters are generic in nature. After all, a lot of folks bought the “credit repair kit†at one of the leading discount stores and for $19.95 they are going to repair their own credit. You see many of these, so when you start to open the envelopes, most dispute letters fall into the same category. “You are the reason for my bad credit†“I am going to let the air out of your tires, unless you fix my credit†“My brother-in-law says you must help me by lawâ€. Well, what if you were this little girl and everyday you came into work only to do the same mundane task? The pay is not the greatest, so the turn over of help is always an issue. You tell me how your going to get your dispute letter acted upon in a professional manner with this scenario. Here is what happens The little girl, already has the company phone number in her automatic dialer and she just calls the company/creditor/collection agency. “Do you have so and so as a customerâ€? “Why, yes we do and they owe us $ 1,543.20†The little girl simply puts a notation on your credit report that the account has been verified. I’ll just bet she never checked the details. How could
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she when she just wants to get out of there and go to the movies or beach with her boyfriend. This is how errors end up on credit reports. The Credit Bureaus simply cannot guarantee 100% accuracy even though, they are mandated by law. On the other side, you have consumer rights groups pushing for more reform. And sometimes in the middle, but most often leaning toward the side of the bureaus, you have the Federal Trade Commission. If that weren't enough, you still have outside influence (attorneys and credit repair services) whose motives are purely financial and at times, such motives and ignorance add more fog to an already cloudy landscape. The result is a lot of conflicting and confusing information. It is very easy to get bogged down in this information glut. But you don't have to muddle in the mire. This resource strives to shine a bright beam of truth to dissipate this fog of misinformation-so that you can begin pursuing a clear path, able to discern the good and the bad offered you from both sides. As evidence of this ongoing credit war, consider these great myths about the credit reporting industry. Each of these statements below is false. Nonetheless, almost every Consumer still believes that one or more may be true…. Myth: The Information on A Credit Report Cannot Be Changed Fact: Exactly the opposite is true. The Fair Credit Reporting Act requires that items be
removed if they are not 100% accurate or cannot be verified within 30 days. Myth: When I Pay Off A Delinquent Account Such As A Charge-Off or Collection Account, It Will Stop Hurting My Credit, Because It Will Then Be Shown As ‘Paid. Fact: As hard as it might be to believe, sometimes paying off a debt can actually hurt you. This is one of those occasions. These types of collection accounts are allowed to stay on your credit for a "maximum" of seven years. Myth: Medical bills are accurate and cannot be disputed Fact: Medical bills rarely are generated from the medical records. Proof is when the Doctor orders 200,000 CCs of Sodium Phenatol and the pharmacy only has it in 600,000 containers, you will most probably get charged for the container. However, if you compare the medical records with the billing statement you will find that error. Regis Sauger Regis Sauger is a licensed Mortgage Broker in Florida, an author, lecturer on credit awareness. He have conducted seminars for underwriters, attorneys, mortgage lenders, realtors and the general public. http://www.yurcredit.com
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