Do you live in North Texas and ever ask, Is my Credit Report Accurate?
Have you been denied credit? Paying too much in interest and fees?
Have you looked at your credit report lately?
There are a number of reasons why you may not have the credit report you think you should have.
ADVERSE ACTION LETTER
First of all, any credit denial should result in the sending of an adverse action letter. The letter will give general guidelines as to why the loan was declined. It will also tell you which of the 3 bureaus reports they looked at when they made their decision. It will also tell you how to geta copy of that credit bureaus report, ABSOLUTELY FREE! Now you know exactly what the creditor was looking at when they made their decision.
Now that you see what the potential creditor was looking at, IS IT ACCURATE?
There are a number of inaccurate things that could be on your credit report. Are you the victim of identity theft? If so please call me. Maybe you have what is called a MERGED FILE. This is where otherwise accurate information is showing up on your credit report. It is otherwise correct, it’s just not yours. This happens a lot with common names, fathers and sons, spouses, or room mates. If you see this call me at 817-738-1633
Also be on the look out for STALE or REAGED DEBT! The limit for reporting old debts is 7 ½ years from date of the first delinquency that led to the default. Sometimes you can tell the information is stale on it’s face. Other times the creditor may intentionally be changing dates to make a debt look younger than it is. This is known as reaging. Both of these are violations and should be disputed. Call me at 817-738-1633.
Another issue is outdated or inaccurate public records. Public records are reported to the bureaus by independent third parties. This means that there is there is lagtime between the even and the reporting. It also means that the information has been transmitted by a middle man which increases the possibility of something getting transmitted inaccurately. A common example of this which is a judgment that has since been settled or released. Maybe the case was appealed and was successful at the next level.
CHECK YOUR CREDIT REPORT!!!!!
-Free to access up to three times per year at www.annualcreditreport.com.
-A detailed look at your complete financial information.
-Visible to potential creditors, lenders, and employers.
1. Your Credit Report may be Broken
Credit Reporting Agencies (CRA’s) like Equifax, TransUnion, and Experian manage the data and identities of borrowers all across this country. As large and powerful as these companies may be, they are susceptible to criminal attacks.
No one is going to double or triple check your report for accuracy besides YOU. So don’t be afraid to log in and do just that. Your credit score will thank you, should you find something erroneous.
What kind of inaccuracy do I mean? An inaccuracy could be anything from an overinflated
balance. A public record that needs to be updated (like a judgment that has since been settled). Stale, outdated, or reaged information. The statute of limitations for reporting is 7 ½ years from date of first delinquency leading to the default. A merged file is where someone else’s otherwise correct information shows up on your report. It’s also possible that you are the victim of identity theft.
Inaccuracies take many forms, and could look like an overinflated balance or a public record that requires updating. Additionally, look for stale, reaged, and outdated information, or you could even have someone else’s info merged with your account due to clerical errors. And of course there’s always the potential for identity theft, so be on the lookout as you review your accounts.
If your account has errors, there may be monetary damages available to you, and that’s where I come in! Call me at James Foley PLLC, and we’ll discuss your case for free, and initiate the process for as little as the cost of postage. The statute of limitations for reporting gives you a little over 7 years since the date of first delinquency.
You’re no longer on your own.
2. Improve Your Score
An erroneous 30-day bank card delinquency on your credit report could lead to a 100 point drop to your credit score. -ConsumersUnion
Because you can only check your report every four months at most, it’s crucial that you keep a watchful eye for erroneous and incorrect account information. No matter whether your identity has been stolen, there was a clerical error, or a bad actor decides to check your credit illegally during a transaction, any of these reasons can lead to years of consequences for you, as well as your credit score.
THE DISPUTE PROCESS
When you discover that something is wrong with your credit report, the next step is to initiate the dispute. I
Whatever you choose to do, mail all disputes certified, keep receipts, and be prepared to fight for your rights.
When you file your dispute, make sure to include information about the consumer and the account in question. Spell out why the information is of issue, and why the issue should be corrected. Be sure to include all documentation you have that supports the argument for your dispute. My first dispute letter included 22 pages of documents. By law the bureaus and creditors are required to review and consider these documents as they do their investigations. It should be clear on the face of the narrative and your included documents why the disputed information is wrong.
The dispute letters must be sent to the bureaus!!!! Not the furnisher. The bureaus will then communicate the dispute to the furnisher. The manner, method, and quality of the bureaus and furnishers conversation back and forth is an important factor in determining their liability.
I additionally prefer to draft your disputes myself, and on the PLLC letterhead. There are other methods to dispute, but this approach gives you a paper trail. Sometimes it solves the problems, other times it sets up a lawsuit.
JAMES FOLEY PLLC | NORTH TEXAS CREDIT SCORE BOOST
Whether you live or do business in Arlington, Grand Prairie, Carroll, HEB, Prestonwood, Burleson, Grapevine, or near the Parks at Arlington, those of us at James Foley PLLC are here to help.
You can give me a call any time during the work day, and we can get started as soon as now, even in a time of national crisis. I’m here to serve you and make sure that you get what you’re earned: an accurate credit report, and a better credit score as a result!