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Credit Report- What is a Credit Report - Credit Law Center (1)

CLC and Me: The Credit Repair Process

How Long Is This Going To Take?

Credit repair seems like a long and tedious process, but have you ever wondered why it takes to long to complete? Many people often look to repair their credit with a specific goal in mind (like taking out a car lone or purchasing a house) it’s important to know just how long it takes for the process to be completed.

With this in mind, CLC has put together the information below in the hopes of assisting the average borrower understand the credit repair process. If you would like to get started on repairing your credit, just fill out our quick consultation form here.

How Can I Build My Credit?

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Getting ready for  your first disputes!

To  start your credit repair journey, first we need to review your credit reports to identify any potential discrepancies and mistakes. There are may tools you can use to check your credit report any time you want. You can always call us to get a free consultation and have a credit adviser go over your report with you or check out a reporting tool like Credit Armour to view and monitor your report! Once you have a copy of your report, it is time for start looking for errors! Missing information, wrong information, entry errors and unverifiable items are just a few of the things you can dispute in the hope of removal from your report!

 

The Sendoff! 

Once we have located and verified the discrepancies on your credit report, dispute letters have to be made and documentation needs to be acquired before we contact the bureaus. The time required for this step differs for everyone, depending on the nature of the disputes and how much information is able to be gathered for the disputes. The dispute process can be done as quickly as a few hours if you have all of the proper information gathered to a few days depending on the documentation needed for your situation!

If you have decided to repair your credit on your own, you determine how fast this part of the process goes with the information your have gathered. If you decide to utilize Credit Law Centers program, the company will help you expedite to get the job done as quickly as possible.

Once you have the first disputes sent off, the clock starts ticking. The credit bureaus have 30 days to contact the creditors to attempt to verify the disputed information and respond. It is always a good idea to send your letters by registered mail, so you have an account of the date they were sent!

Playing The Waiting Game

After 30 days, the credit bureau must respond to your inquiry. In some cases, more documentation may be required if the bureau needs specific information to verify or reject a dispute. As a result, there may be some back and forth prior to the disputes resolution. The trials and tribulations brought on by COVID have changed the rules of the game and the 30 day response regulation has been lifted for the time being. With the bureaus being over inundated with 50% more disputes a day, response times may vary depending on the situation.

There are many times that multiple dispute letters may need to be sent. If there are a large number of mistakes that you found, you usually don’t want to submit more than a few disputed items at a time per each letter.

On average, credit repair can take about three to six months to resolve all of the disputes that you have made. If you have very few items to dispute the whole process could be over in about a month and a half! On the other hand, if you have a large amount of disputes and your credit has never been tended to, it could take the better part of a year!

If you’re doing the work by your self,  you will have to keep a diligent eye on your return letters and work until it is complete. If you have obtained  representation through Credit Law Center, we should be able to give you an idea of how long the repair should take based on  your situation.

Build While Repairs Are Being Made

It is important to remember that just because your credit is being repaired doesn’t mean that your score will shoot up and you will be sitting at that 800 credit score. So even thought the credit repair process may only take 3-6 months, building positive credit could take much longer. Depending on how you go about the credit building process, it could take more than a year to achieve the score you have been pushing for.

There are many ways to build credit and a plethora of different tools at your disposal to  increase your score. From seasoned credit advisers, free consultations, teaching tools and general knowledge, Credit Law Center has your back!

 

Author- Joe Peters

Do you have questions about your credit report? If you would like to speak with one of our attorneys or credit advisors  and complete a free consultation please give us a call at 1-800-994-3070 we would be happy to help.

If you are hoping to dispute and work on your credit report on your own, here is a link that provides you with a few ideas on how to go about DIY Credit Repair.

Check out Credit Law Center Reviews:
Google Reviews, Facebook Reviews
This entry was posted in Credit Repair Blogs and tagged credit law, Credit Repair Companies, kansas city, Kansas City Credit Repair, National Credit Repair. Bookmark the permalink. Follow any comments here with the RSS feed for this post. Both comments and trackbacks are currently closed.
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credit reports

Why You Should Hire A Law Firm For Credit Repair

Why Consumers Hire a Law Firm For Credit Repair

There is a major difference between what a credit repair company can do versus what a law firm specializing in credit repair can.  What you may find even more interesting is that a consumer can actually do more than what a credit repair company will. A Law Firm however, trumps all. We have been using the law since 2011 to help consumers every day and this is what makes us far superior to other “repair” companies.

Here is how we help our consumers and fight for their rights!

Harassing Phone Calls:

If you are constantly receiving phones calls and are tired of trying to dodge collectors, we can get these calls to stop. At Credit Law Center   we notify all your creditors that you are now a client of our law firm. We also send out correspondence to them indicating that all communication to you should go through us. They must comply with this request! If they do not, it is a violation of the Fair Debt Collection Practices Act and they are liable to you and to us. If they continue calling after you’ve informed them you are represented by Credit Law Center, this could mean money in your pocket!

Violations with FCRA
The Fair Credit Reporting Act    mandates that everything on a report must be verifiable, accurate and timely. A recent study indicated that 79% of credit reports contain errors! Many of these errors are easy for us to spot and we can give our consumers a great idea of what to expect on certain items that may in fact fall off due to a FCRA violation. At Credit Law Center we sue for those inaccuracies.
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Debt Negotiation:
As a law firm we have the ability and power to negotiate judgments, repossessions, charge off, or any sort of debt that is still reporting on a report.  We use the power of the law and our attorneys to negotiate these items in a way that’s favorable to you. While not Debt Consolidation or Bankruptcy, we do have significant tools available to us that help negotiate these debts and save you significant amounts of money! We have four attorneys in house that you can lean on for advice and guidance while working on negotiation. Their extensive negotiating experience with banks, collection companies, and collection attorneys has helped our clients save thousands.  Our goal is to negotiate the debt as low as possible out of court and get your case dismissed.

We Win!
At Credit Law Center we use federal statutes to assist our consumers. The first one is the FDCPA or the Fair Debt Collection Practices Act.  This  statute lays out a specific way in which debts can be collected both legal methods and illegal methods. The second is the FCRA or the Fair Credit Reporting Act.   Lastly is TCPA (Telephone Consumer Protection Act)  This act is specifically designed for text message, fax machine violations, pre recorded voicemails.  Three of these federal guidelines provide for attorney’s fees if we are successful. What that means is if we take your case and pursue it and are successful, the other side pays our fees and as our client you would owe us nothing! Please contact us today if you think you might have a case in any of these areas of the law, we would happy to speak with you further 1-800-994-3070!

Credit Repair- Credit Builder

The 5 Easy Steps To Building Credit

I Have No Credit History!

“I’ll just pay cash for everything.”

I have said many things in my life with the best of intention, but this had to be the one that hurt the most when it failed. When I was younger, like most people out there, I saw credit as a trap to get us to pay double the money for something we couldn’t afford in the first place. I didn’t know that having no credit would affect me in almost every aspect of my life and I learned that having no credit would impact me even harder than having a poor credit score. High car insurance payments, poor rates and high monthly payments on my car and home were just the tip of the iceberg and I knew something had to change!

“OK… but how do I build credit” I thought to myself as I scoured the internet, looking for a referable source of information. Well, after much trial and error and the help of Credit Law Center I happily present my 5 Easy Steps To Building Credit!

Step 1- Acquiring A Credit Card and How To Use It Safely!

So,  to start building credit I got 15 credit cards and…. I’m kidding! No lender in their right mind would set me up with anything other than a secure card.  A secure credit card is the perfect way to start establishing credit while with very little risk. A secured credit cards works the same as any other credit card, but it is backed by a cash deposited. This is a great way to get you begin building your credit and get it to a point where you can acquire an unsecured card later down the line! Once you can acquire the sweet unlimited power of the unsecured credit card, you can begin the task of keeping the over all usage to about 30% of the spending cap. A 30% utilization rate is still about a C+ rating and you really would like to get the utilization rate to around 10-15% in the long run to really build a positive trade line. Just be sure to make your payments on time!

Step 2- Find That Special Someone, Your Co-Signer!

Acquiring a trusted Co-Signer can really get you on the right foot to build credit safely. You need to be extremely diligent however because your co-signer is affected by the positives and the NEGATIVES the same as you. So make sure that both you and your co signer are aware of the consequences of delinquency when dealing with credit, lest you both end up with a credit score in the low 400s.  Attempting a co signer can be difficult for many people attempting to build credit, but a co signer is not the only way to passively grow your credit score!

Step 3- “The Buddy System” -Becoming an Authorized User!

If possible, become an authorized user on a family members or significant others card. This adds their payment history for that card onto your credit files…just make sure they are a responsible cardholder. You don’t need to use the card to reap the benefits as an authorized user most of the time, but please, if you end up using the card, be sure to pay your fair share!

Step 4- You Work for the Bills, Make the Bills Work for You!

Rent- Reporting services like RentTrack take a bill you are already paying and put it on your credit report, showing off how responsible you have been with those on time payments. Not every credit score takes these payments into account, but those that do could be the deciding factor for a car loan! This will be a slower way to build up your credit, but it is a steady

Step 5- Establish Positive Trade Lines and Keep Them Positive!

Paying your accounts on time, low credit utilization, keeping your accounts open and keeping positive credit history is paramount in establishing perfect credit. I say this as one of my steps to building credit because it is important to acquire these habits early! Your credit is an investment, the more that you put into it early, the better off you will be in the long run!

 

Slow And Steady Wins The Race

Though your credit score will not sky rocket from 400- 800 over night, these 5 steps will help you climb! If you can make your payments on time, establish positive trade lines, establish a positive credit history and keep your card usage below 30% then you will notice your score climb. After that, it is only a matter of time until you are sitting high at the fabled 800 credit score! Your credit is like a garden, you need to give it plenty of attention, take care of it and occasionally pick out the weeds for it to flourish!

 

Author- Joe Peters

Do you have questions about your credit report? If you would like to speak with one of our attorneys or credit advisors  and complete a free consultation please give us a call at 1-800-994-3070 we would be happy to help.

If you are hoping to dispute and work on your credit report on your own, here is a link that provides you with a few ideas on how to go about DIY Credit Repair.

Check out Credit Law Center Reviews:
Google Reviews, Facebook Reviews
This entry was posted in Credit Repair Blogs and tagged credit law, Credit Repair Companies, kansas city, Kansas City Credit Repair, National Credit Repair. Bookmark the permalink. Follow any comments here with the RSS feed for this post. Both comments and trackbacks are currently closed.
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errors on credit reports

Millions of people in America with mistakes on their credit report- Credit Law Center

 

 

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 Experian, TransUnion or Equifax websites. Those sites are primarily designed to sell you premium products, not resolve a dispute. There’s a toll free number you can call which is likely to connect you to someone on a faraway continent.

Besides the toll free number, they also give you a post office box address where you can send a letter and documents supporting your claim in each case. It’s extremely unlikely that anyone with the authority to resolve your dispute will ever actually see it. Usually if you challenge your credit report and mail your information to a post office box in the United States, the dispute will likely be investigated in India, Philippines or South America.

Then your dispute will be sent with a two or three line summary and no documentation back to the bank,merchant, or debt collector that furnished the original information. If there was a difference of opinion between the creditor and the person who was filing the complaint. The bureaus usually resolve it in favor of the creditor. You heard correctly, the creditor was always right.

The difference between monthly and performance based credit repair

Much of what’s known about the inner workings of the consumer credit agencies come out of lawsuits filed by performance based credit repair companies like Credit Law Center who have subpoenaed company records, deposed employees and executives and say under the current system there is no way for people to get these issues resolve.

Performance based companies like Credit Law Center can get a jury verdict for hundreds if not thousands of dollars for their clients.That’s chump change for these bureaus! They would rather pay a verdict in a hundreds to thousands of dollars, than to actually go in and change the policies and procedures that they have.

What most people don’t understand is that monthly credit repair companies are limited by what they can do. Basically you are paying $65 to $100 a month to send dispute letters that are going to India, Philippines, South America or filling out the dispute on the 3 big credit bureau sites on your behalf and keeping their fingers crossed. Very little if any fighting for consumers rights are going on.or people to get their problems solved. So clients who take the time to meticulously document their case that the bill isn’t theirs or the bill has been paid, have sometimes not only got the items deleted but also has received a check from the bank, merchant or collector for damages.

 

 

CREDIT REPAIR

TOP 10 BLOGS 2018

CREDIT REPAIR2018 Top 10 Credit Repair Blogs


Thank you to all of our 2018 clients for giving us a fantastic year for Credit Law Center.  From our new facility to the thousands of lives we have made an impact on, we wanted to share what we learned last year in the same order that you liked the most.  So whether it be learning how to handle credit after the death of a loved one, handling collectors, understanding the myths that surround credit, or just understanding the mortgage process - we have you covered with our 2018’s most popular blogs written by our very own award-winning Credit Repair experts.  Be sure to check in with our Live Chat specialists to schedule your free credit repair consultation to see how quick, easy, and affordable credit repair can be with Credit Law Center!


CREDIT REPAIR CONSULTATION


 

  1. The Mortage Process

Our most popular blog of 2018 was this blog that addresses what to do to be “Mortgage Ready”.  Short and simple to the point, but however a few checklists here to make sure the largest purchase of our lives has us ready to take on the big decisions that go along with it.

   2. Debt Negotiation

Don’t worry, debt collectors fear Credit Law Center!  However, knowing your options when a debt collector comes after you.  This debt negotiation will walk you through your options.

   3. Credit Rating Matter?

Here is a very powerful piece of writing that will walk you through not only how important Credit Law Center’s clients are to us, but how credit ratings are different than character ratings.  This is important information to know as to when you are applying for credit, these credit ratings are important and the better you understand the better you can navigate through your next purchase.  Better credit, better life!

   4. After The Death Of A Loved One…

This being the most difficult credit issue to face, however important to know what to do after the death of a loved one.  Knowing what to do to make sure thieves are at bay, debt is reported accurately, and understanding the laws behind it all is what makes this blog one of our most popular sources of learning for our clients.

   5. Harassment From Debt Collectors

Even though you may have debt that you have agreed to pay at one time, but that does not mean the debt collectors get to abuse and ignore the laws that they are required to follow.  So before you hang up or avoid that next collection call, read the information here so you know your rights. Credit Law Center is on your side.


CREDIT REPAIR CONSULTATION


 

   6. Credit Myth On Divorce

Making the decision to end a marriage can profoundly affect lives and credit.  This article will walk you through the myths associated with credit and how the aftermaths divorces leave behind.  

   7. Credit Law Center Is Superior To All Other Credit Repair  Companies.

Yes, you read correctly.  This is probably our boldest claim, yet we have not found any evidence to other credit repair companies that have REAL attorneys that get REAL results, in as soon as 39 days, and with nothing to pay upfront.  Be sure to check out the graph on this blog that compares everything you need to know up front when deciding to sign up for credit repair.

8.  Credit Repair │ The Elephant In The Room

Throughout the years, there have been so many credit repair companies that took advantage of their clients, leaving a bad taste in their mouth the next time a real law firm that uses the law to delete negative items off credit reports.  Not to mention the personal anguish we go through when our credit scores are low and sometimes not everybody like to discuss openly about credit repair. Here is a great article that helps ease the conversation no matter who you want to share with.

9.  Credit Myth On Paying Collections

Our very own Jana Fox puts it perfectly on what happens when you pay a collection.  We all have a responsibility to pay our debt, however, we do what we have to do when things get tough - paying that collection isn't doing what you think it is doing to your credit report.

10.  Credit Myth On “It’s On The Credit Report, It Must Be True”

It is a fact that 80% of all credit reports contain errors.  Here is Jana Fox again setting the record straight on another myth of credit.  Great job Jana!


CREDIT REPAIR CONSULTATION


 

KC Royals Blog

Ballparks On A Budget

Ballparks On A Budget

Salvy

For once, feeling blue is good! (Royal blue that is) and dare I say it, but baseball season is finally here again! If you have looked at the ticket prices at Kauffman Stadium lately you’ll notice they have not gone down. In 2018, the average ticket price for a Cubs game at the highest end of the spectrum is nearly $60 while the KC Royals average about $34 a ticket. If you were hoping to spend a day at the K, you may be looking at a few hundred dollars between parking, tickets, and those fan food favorites. I fully believe that once in a while an experience at the stadium is worth it (wherever you call home) but there are a few other options in Kansas City that may have slid passed you.

Here are a few (alternate ways) to enjoy my favorite pastime, without striking out on all the fun:

Watch the game at one of the local bars

Power and Light, Chicken N Pickle, Westport or your local Johnny’s Tavern are just a few favorite spots of mine to enjoy a good game. With a great patio, some fun outdoor games, and a cold beer you’ll still be able to enjoy time out in the sun with your friends.

Buy tickets in the top section

Chances are, you will end up wandering around the stadium in-between innings and can hang out in the bar out in left or right field. At some point you may ask yourself “Why did I come to this game, and pay for those seats?” It was for the Dippin’ Dots or maybe that is just me! But, if you are adamant about going into the game, purchasing a ticket for $19.99 in the nosebleeds won’t break the bank.

 

free creidt repair consultation

 

Pack a snack

Unopened plastic water bottles (limited to 1 per person) are acceptable as well as small bags (16×16) of snacks. These can be taken into the stadium with no trouble. For more information on what you are allowed to take into the stadium, check out the Royals website here. Tailgating is another great option to feed your friends and kids before going in and to avoid the high cost of the concession snacks.

 

Catch a T-Bones game

With free parking and fireworks every Saturday, this is a great alternative option for families that are wanting to take their kids out for a fun baseball experience. Select seats are $11 and there is entertainment just about every inning.

What I didn’t talk about is the one way I prefer to catch all of my baseball games-by radio. Although it may be old school (millennial’s cant be old school, or so I’ve heard) there is something fun about relaxing on the patio at home and listening to the announcer describe the scene. If you are a true fan of the game, it’s fun to imagine what the field looks like and the sound of my favorite guy walking through the isles of Kauffman Stadium yelling “Lemony, Lemony, Lemonade!” That is what this time of year is all about.

Whether you choose to enjoy the sights and sounds of Kauffman this year or decide to do something totally different, Kansas City offers many outdoor activities  for families on all budgets!

A note from the Author: The opinions you read here come from our editorial team. Our content is accurate to the best of our knowledge when we initially post it.

Article by Breana Washington

Credit, Tax time

Tax Procrastinator? Deadlines Approaching-Here’s What To Do Next

Are you a tax procrastinator?

For many, tax time is an inconvenience and quite frankly, a nuisance. Day to day life can be hectic. When you walk into your kitchen there is probably a corner stacked with bills, right? You know the one. Somewhere in there is some information about a very important day coming up.

April 17th, 2018

It is here once again and if you’ve been procrastinating up to this point, this is your ‘last call’ so, round up those documents and find a trusted resource to file for you. Haven’t even thought of it yet? No worries, you’ve got about one week left!

Here’s what you need in order to file:

1. Personal Info-social for yourself, spouse, and dependents
2. W2’s for 2017
3. Childcare expenses
4. Charitable contributions
5. Medical expenses

Additional:
1. Self employment info
2. Retirement info
3. Rental income
4. State and local taxes or sales tax
5. Educational expenses
6. Job expenses

credit consultation

What happens if I don’t file my taxes? Well, I am glad you asked!

The serious consequences that can happen are as follows:

  • The IRS will penalize you (seizing money from your bank)
  • Late filing penalties
  • Put a lien on your property
  • Garnish wages
  • Take more money as well as wages

Not to mention the unnecessary stress all this can cause you or your family. For some, filing could mean a tax refund! For others, having to pay may be what is keeping them from filing. Should you be worried about the ability to pay the money or not, the IRS still wants you to file. In an effort to help with this, they conveniently have an option for a payment installment plan.  

If you have questions about reliable resources or could use help with tax liens or judgments, please reach out to an attorney at Credit Law Center, they would be happy to assist you!

 

 

A note from the author:The opinions you read here come from our editorial team. Our content is accurate to the best of our knowledge when we initially post it.

Article by Breana Washington

Credit Terms

6 Common Credit Terms – Credit Law Center

We recently asked the question on social media, “What is one thing that should be taught in school?”, several came back with the answer “credit.” Unless you are a financial guru at understanding complex financial terms, the world of credit can be slightly confusing. Understanding the most common credit terms and credit score terms could help you save money.

 

6 Common Credit Terms

 

1.Credit Mix

The different types of credit that make up your credit report. Your credit mix makes up 10% of your credit score and can be a mixture of credit cards, a mortgage to student loans and auto loans. Having a good mixture of positive credit can impact your credit score.

2.Credit utilization

This is the amount of available credit you are using. To calculate your credit utilization, you would divide your total credit card balances by your total credit limits. Then multiply that number by 100 for the percentage. Keeping your credit utilization under 30 percentage is best, by keeping it under shows lenders that you are capable of managing debt.

3.Installment loan vs. Revolving credit

An installment loan is a cash loan that requires a fixed number of regular payments that are equal in amount. Payments on an installment loan are calculated over a set duration, home loan and a car loans are examples of installment loans.

Revolving credit is credit that can repeatedly be used and paid off without having to reapply each time. Credit cards and lines of credit are two forms of revolving credit. Revolving credit does not require a set payment plan, and you can borrow up to your limit. Revolving credit is riskier for lenders. Therefore the interest rates are higher.

4.Hard Inquiry

A hard inquiry happens when you have applied for credit, and a business or lender “pulls” your credit report to determine your creditworthiness. This type of inquiry can affect your credit score.

5.Soft Inquiry

A soft inquiry occurs when a consumer checks their credit file or when a lender sends you a pre-approval letter. This type of inquiry does not affect your FICO credit score.

6.Payment History

35 percent of your credit score is made up by your payment history. Therefore it is a crucial element in your credit score. Payment history is calculated on how well you pay your bills and if you pay them on time. With payment history being such a big portion of your credit score being late on a payment or defaulting on a loan could cause you to be denied credit or have high-interest rates.

Fake Debt Collectors

Are You Getting Calls From Fake Debt Collectors? – Credit Law Center

Have you received a call from a debt collector and you don’t recognize the debt or loan that they are trying to collect? Consumers all over the U.S. are reporting that they are receiving calls like this. Fake debt collectors pretend to be lawyers, debt collectors and do anything to scare you into paying them, and occasionally, the imposters may have some of your personal information, and they are incredibly slick and will do anything to scam you into paying.

The FTC recently stopped imposters who pretended to be lawyers. These imposters threatened people with lawsuits and jail time to collect debts that didn’t exist.

Common Characteristics of Fake Debt Collectors

  • They use names of real small businesses or names that are similar to existing businesses.
  • Trying to collect on a debt you are not familiar with or do not owe.
  • High pressure to try and scare you into to paying, such as threatening jail time or calling and reporting you to the local law enforcement agency.
  • Fake debt collectors may threaten to sue you or tell you that they are suing you
  • Refusing to give you an address or telephone number
  • Asks you personal financial or sensitive information.

What to do if you think you are speaking to a fake debt collector

  • Ask the caller for his name, company, street address and telephone number. Advise the caller that you refuse to discuss the debt, asks them to provide you with a “validation notice.” A validation notice must include the amount of the debt, the name of the creditor, and your rights under the FDCPA. If they refuse to provide this information, DO NOT PAY!
  • Do not provide the caller with any financial or sensitive information. Never give out personal information or confirm personal information like bank account, credit card or social security number unless you are sure you are dealing with a legitimate debt collector. These imposters can use your information to commit identity theft, charging your credit cards, or open new credit.
  • Contact the creditor. It may be possible that they are calling on a legitimate debt that they have somehow accessed information on. If you believe the debt is legitimate, but you do not believe the caller is a real debt collector, contact the original creditor directly, be sure to share the information with them so they can keep track of the behavior.
  • Report the Call to the FTC. Contacting the FTC and your state Attorney General’s Office with the documented information about the suspicious callers, and most States have their own laws in addition to the FDCPA.
My Credit Card Statment Now Has a Credit Score

My Credit Card Statement Now Has a Credit Score – Credit Law Center

You may have recently noticed that your credit card statement has provided you with a credit score for free. Having this credit score on your credit card statement could potentially help you spot an error on your credit report. For example, if the score is lower than you expected, it may be a perfect time to request your credit reports, dispute any errors that you may find.

Things to consider about the scores provided on the credit card statement

Each credit card company uses a different formula for assessing your credit profile. The credit score you get from one credit card company may be slightly different from the credit score you receive from another credit card company. The score you receive on the credit card statements may also be different than the score you receive from a lender or a finance company. FICO scores are the credit scores used by 90% of the top lenders to determine your credit risk.

FICO Scores

You will have three FICO scores, one for each of the three major credit reporting agencies, Experian, Equifax, and Transunion. As well as the three different scores from each bureau, FICO has a total of 56 versions of FICO scoring. Just think of it like Microsoft word, every year a new version comes out updating the software. Each of the 56 versions old or new are tailored for different types of lending. One version may be used for mortgage lenders, while another may be used for a credit card company. With so many versions being the major reason the score on your credit card statement may differ from one a lender pulls.

 

Top 5 Credit Myths (1)_Page_03

No matter what version of FICO is being used your score is calculated by the information on your credit report. Therefore your credit score could differ from bureau to bureau as well. For example, you may have a loan from a small community bank; this bank may only report your activity to Transunion, and not report to Experian or Equifax, leaving your credit file with the other two bureaus thin.

Things to keep in mind

Each month when you receive your score on your credit card statement use it as a tool to help identify any possible errors. Focus on paying your bills on time, and not overextending your credit. If you notice your score has gone down, review your credit, and look for any errors in your credit report. Each bureau allows one free credit report per year and you can request at www.annualcreditreport.com