Q.I have been refused credit.Can I do something about it?
A.Absolutely!Nearly 90% of Americans, just like you, have some "blemish" on
their credit reports.Due to the nature of the credit reporting industry, those blemishes can
be mistakenly included on your record.Frequently, credit reports contain outdated information, unverifiable
negative items, or totally inaccurate entries.Under the law the credit reporting companies must remove such information.You should check your credit report and see why you were, or may be,
denied credit.Then, as a National Credit Repair Customer, you can do something to
correct the mistakes and have your report corrected.
A.No. Credit reporting companies are just that - companies.They are in business to make a buck, just like the mega-billion-dollar
banks that run the credit card businesses, VISA, and MasterCard.The credit reporting business is a multi-billion dollar industry.They generate their income by selling credit reports to creditors.
Q.Is it illegal or immoral to have your credit profile cleared?
A.No. It is not illegal or immoral to eliminate mistakes on your credit
report.In
fact the federal government, under the 1970 Fair Credit Reporting Act, Section
168 le, protects your right to do so.
A.Today, the credit reporting system is literally millions of computer
files about individual consumers which are maintained by the three credit
reporting companies.The files contain personal information about you - how much you owe, how
you have paid your debts, your employer, your social security number, public
records, etc.
Q.How does information about me get into my credit report?
A.When you agree to accept credit from a bank, most retail stores, etc., or
fill out an employment application - if a credit report is used as a background
check - you give the creditor the right to provide information to any credit
reporting company.Additional information about you comes from public records, such as court
records, debt collection companies, and even the utility companies.
A.The banks, retail stores, utility companies, etc. report your payment
record to the credit reporting companies each month.The credit reporting companies then give that information to a second
tier of regional reporting companies who sell it to retailers, banks - anyone
who legitimately requests information about you.
A.You'd better care.It is your credit report that creditors use to determine if they will
extend credit to you.If you have inaccurate information on your report, you may be turned
down for the loan you need or pay unnecessary high interest rates.
Q.Why do the credit bureaus have separate reports for husband and wife?
A.The credit bureaus collect information based on individual social
security numbers.Only by checking both the wife's and husband's credit reports can we
ensure accuracy.
Q.How often are mistakes entered into my credit file?
A.Frequently!Some experts say that as many as 90% of credit reports contain errors!That is inaccurate, incomplete, or misleading information that can cost
you the credit you deserve.
A.Only the credit bureaus have the power to remove items from your credit
report.But,
as required by law, the credit bureaus must delete inaccurate, unverifiable, or
outdated information.
Q.How can I add positive data to my credit report?
A.Since the Fair Credit Reporting Act does not require creditors to report
information about you, many do not.That means positive information may not be reported.As long as the positive information is verified, it can be added to your
credit report.
A.No. Each of the three reporting companies' reports look different and may
not contain the same information.The companies maintain their own databases and do not often share
information.
