The credit reporting agencies will never produce accurate credit reports. What? You might be even more surprised to know that congress has acknowledged this fact and created legislation that virtually guarantees a continuation of credit reporting errors and the necessity for vigilant credit restoration. That's Right? This legislation is called the Fair Credit Reporting Act (FCRA).
The FCRA Problem
You may understand the FCRA as the wonderful federal law that outlines credit repair procedures and allows you to dispute errors on your report. Or maybe you understand it as the law that imposes responsibility and accountability on the credit reporting agencies, and, oh, where would we be without it? Okay, there is no doubt that the FCRA limits the potentially catastrophic damage that the credit reporting agencies would impose on an unwary public, but it also tolerates major errors, and by doing so guarantees that they will exist for the foreseeable future.
A Big Social Cost
The law is a wonderful thing. It protects the innocent and maintains a semblance of social order. But the scales of justice tip two ways, often insulating the offender in a cozy blanket of due process. In the case of the FCRA the law is designed to impose a reasonable degree of responsibility on the subject industry, without overburdening them with excessive and costly guidelines. And this last point turns out to be the problem, at least as far as the one hundred million consumers who are paying premium interest rates because of errors on their credit reports.
The Credit Repair Balancing Act
So what does this all mean? Understand that lawmakers face tough decisions. The credit reporting agencies are massive business entities, and guess what? We can't exist without them. Well, maybe we could, but the business world is completely dependent, totally addicted to credit data. The credit reporting agencies each manage credit files on sum 200 million Americans along with billions of data updates each day. Errors are inevitable. You can't just tell them to adopt a zero-tolerance policy towards errors. It would cost too much and potentially make it impossible for the credit reporting agencies to stay in business.
What about You?
So what about you and the errors on your reports? Congress is not unsympathetic, and wants you to facilitate your credit restoration efforts and fix the mistakes that might keep you from getting a loan, a job, or insurance. Coming soon utilities rates and health insurance rates will be factored by your credit score. That's right. So they mandated the creation of annualcreditreport.com, the website where you may get your credit reports for free once each twelve months. Have you checked your report lately? And by the way your credit score is not included you will have to pay a fee for them.
The Plot Thickens
The plot thickens. It turns out that those darn credit reports, for most consumers, might as well be written in Greek. And even if you can make sense out of your report do you really know what you are looking at? Credit restoration success requires some reasonable working knowledge of the FCRA and access to FTC Staff Opinion Letters that interpret the law in practical application. You would also be well advised to bone up on the Fair Debt Collection Practices Act. And, oh yeah, make sure you know your state Statutes of Limitation. Credit restoration is tricky.
Credit Restoration is here to Stay. "My 30 second commercial"
So, who is looking out for you? You can't count on Big Brother. He may be watching, but he's not going to make sure that your credit report is okay. It's time to step up to the plate. If you can't manage the job on your own then hire United Credit Education Services to get the job done for you. There are a growing number of excellent credit repair companies that can handle the job for a small fee. United Credit Education Services is not a start up company we have been in business since 2003. Credit restoration is a growth industry so you will have to do a bit of homework to identify a truly professional operation.
Professional Credit Restoration Service
If you are going to hire a credit restoration service company, hire a good one. There are a few things to look out for. You should check their record with the Better Business Bureau. I suggest that you DO NOT do business with a credit restoration company that is not a BBB member in good standing. Also is there a money back guarantee? Be sure that the company will stand behind their service. Check out their success rate and client testimonies. Most importantly be sure that they have a 9-5 live customer support call center to support their customers and 24/7 365 online tracking. Or just hire United Credit Education Services and let us get you into the 700 club!!! WE CAN HELP!
Need additional information? Call me today at 248-830-4832 or e-mail me at tim@tjtfinancialservices.com Attend my weekly Webinar and Live Credit Education Seminars.
"If you or someone you know has less than a 740 credit score
Then come see how United Credit Education Services is helping
Thousands of consumers get into the 700 club!!!"
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