Believe it or not we live in an age where much of what goes on in our daily lives is monitored, collected and sold to interested parties. Our driving records, our medical history, our internet traffic and most importantly our credit information. Which can make you vulnerable to identity theft or a mistake on your credit report, that could cost you money. These mistakes can increase the interest you pay on your loans, prevent you from getting a mortgage, buy a car, landing a job or getting a security clearance. A government study indicates as many as 40 million Americans have a mistake on their credit report. Twenty million Americans have significant mistakes and the credit reporting industry shows that those mistakes can be nearly impossible to get removed from your record.
Consumer Credit Reporting
Consumer credit reporting is a four billion dollar a year industry dominated by three large companies Experian, TransUnion, Equifax. They keep files on 200 million Americans in traffic and our financial reputations. They make their money gathering information from people we do business with and sells it to banks, merchants, insurance companies and employers. These businesses use it to make judgments about our credit worthiness and reliability.
But now the reliability of the industry is being questioned by the Federal Trade Commission. John Liebowitz served as FTC chairman says “One out of five Americans has an error on their credit report and one out of ten has an error on their credit report and because of these mistakes Americans credit scores might be lower as a result”.
Close your eyes for a minute and trying to think of another industry where a 20 percent error rate would be acceptable. Maybe weather men and woman are the only ones that you were more than likely able to come up with. Even then, you want to make sure you remind them that they were wrong because they ruined your plans. The same applies to your credit report.
Errors On Your Credit Report
These errors are clear violations of the Fair Credit Reporting Act which performance based credit repair companies can take care of for you, that monthly credit repair companies just can’t. Performance based credit repair companies like Credit Law Center uses those mistakes as leverage to get their clients results faster, without dragging out the process to simply collect as much money as they can get.
These banks, merchants and debt collectors have a legal responsibility to make sure that the information is accurate. The federal law says that if you believe that there is a mistake you can go to them and they have an obligation to do a reasonable investigation. Let’s face it, they are not doing a reasonable investigation.
Disputing Your Credit Report
Eight million people a year file disputes about their credit report, which usually requires a visit to the