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Lloyd Said:

What if the credit reporting companies have the wrong prior addresses?

We Answered:

You should always dispute incorrect information on your credit file. This may be due to another person's address added to your file by mistake. I always dispute any wrong info on my credit report.

Arthur Said:

How do I clean up my business' credit? (Pls exclude answers involving calling the credit reporting companies)

We Answered:

Call Dun and Bradstreet. They are the ones who report buisness credit. If you have legitimate disputes they can remove them. If you don't, pay the creditors a settlement if they will take it.

Sonia Said:

Is it legal for there to be 2 companies reporting on my credit for the same derogatory collection?

We Answered:

crazyjester is correct - the original creditor and the collector that currently has the debt can report at the same time and the original creditor must report a zero balance.

I just wanted to add:

If two collectors are reporting the same debt then one of the collectors would be in violation.

The collector has the same time limit to report as the orginal creditor has, which is 7 years from the first time you became 30 days late and never brought the account current leading to the charge off.

Teresa Said:

Any risk in contacting the 3 credit reporting companies, asking for mine?

We Answered:

The first answer is right on the money This is the GOVERNMENT sponsored free credit report that you are entitled to once a year. DO NOT apply for credit and then ask for a copy of your report once you are denied. That will give you a "hard inquiry" which will hurt your credit score and stay on your credit for a year.

Believe it or not there are actually 4 credit bureaus. I know, I know. Banks, Realtors, Car Dealers are only interested in the big three (TU, EQ, EX) but there is a fourth, it's Innovas Data Solutions. Innovas provides ALL credit card companies with a list of people who meet there "pre screened" offers. Innovas stores credit information on everybody just like the other three bureaus. They make plenty of mistakes, just like the other three bureaus, and you can dispute their information just like the other three bureaus. Good Luck.

Pauline Said:

How can I make the credit reporting companies post my totally paid off loan?

We Answered:

?redit repair work?d fine to fix my credit. They disputed and removed lots of bad items from my credit report. I used this service -

Ruby Said:

Why are the 3 credit reporting companies allowed to ruin our credit yet we have to pay to fix our credit?

We Answered:

The credit reporting agencies do simply that - report. They don't "ruin" people's credit - the people themselves, those who stole their identity, or creditors do that.

Andrea Said:

Why havent credit reporting companies been outlawed?

We Answered:

The simple answer to your question is the First Amendment of the Constitution.

Credit reporting agencies have the right under the First Amendment to collect public information about you and sell it to anyone who wants that information.

The bureaus have a long history of abusing this right which is why Congress passed the Fair Credit Reporting Act in 1971. It has been followed up with amendments to that law most recently with the FACT Act. These laws, however, do not prevent the bureaus from abusing their power. The Congress is reluctant to do anything about it because the credit bureaus have so much power and they pay large sums of money in taxes each year. The bureaus make, collectively, about 4.5 Billion dollars a year by selling your information.

Additionally, they hire workers at minimum wage to process complaints and update your file. These people have no incentive to work with you or ensure the accuracy of the data they input into their computers. The bureaus each process information on about 210 Million people in the United States. As a result, errors are going to be made. According to a government report, approximately 80% of Americans have innacurate information on their reports that affect their lives, whether that be applying for credit, applying for jobs or purchasing a home. In fact, in todays world, you can't even obtain a gym membership unless you have good credit.

These and other reasons are why credit restoration companies exist. They are the ones on the front lines of the battle to keep the credit bureaus in check. To be sure, there are not many good companies out there, in fact there are only a handful of reputable companies. And, due to the complexities of the FCRA many companies have made credit restoration a bad word for many people. That said, one should not shy away from using one of these companies when necessary.

In my opinion, take it for what it is worth, everyone should be signed up with a credit restoration service and/or an identity theft protection service these days to help combat the abuses of the credit bureaus.

However, if this is not a practical option, there are a few things people can do to help protect themselves.

First, make sure you order your credit reports at least yearly. I personally recommend every three months, but since this can cost up to $30 or more each time, at least get the free one that the bureaus are required to make available to you.

Check the report for accuracy. Make sure all the information on the report is your information and not someone else's who may have a similar name or SSN. If there is ANY information you do not recognize, make a note of it and dispute that information with the bureaus. NOTE: the dispute process can be lengthy and difficult. It is deliberately designed to frustrate you so you will give up. The bureaus don't want you disputing information as they have to spend money investigating that dispute.

As a minimum, protect your identity by placing a fraud alert with the bureaus. You only have to place the alert with one bureau. Once you have done that, the bureau will contact the other two bureaus and have them place alerts on your reports also.

I hope this information has been helpful to you. If you have any further questions regarding this or any other credit issue, you may feel free to contact me at Your Ad Here

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