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I have been refused credit. Can I do anything about it?
Absolutely! Nearly 90% of Americans, just like you, have some "blemish" on their credit reports. Due to the nature of the credit reporting industry, those blemishes can be mistakenly included on your record. Frequently, credit reports contain inaccurate, erroneous, and obsolete information. Under the law the credit reporting companies must remove such information. You should check your credit report and see why you were, or may be, denied credit. Then, as a Credit Repair Customer, you can do something to correct the mistakes and have your report corrected.
Are "credit reporting agencies" a part of the government?
No. Credit reporting agencies are just companies. They are in business to make a buck, just like the mega-billion dollar banks that run the credit card businesses, VISA, and MasterCard. The credit reporting business is a multi-billion dollar industry. They generate their income by selling credit reports and client profiles to creditors.
Is it illegal or immoral to have your credit profile cleared?
No. It is not illegal or immoral to eliminate mistakes on your credit report. In fact, the federal government under the 1970 Fair Credit Reporting Act, Section 1681e, protects your right to do so.
How does the credit reporting system work?
Today, the credit reporting system is literally millions of computer files about individual consumers that are maintained by the three major credit-reporting companies. The files contain personal information about you- how much you owe, how you have paid your debts, your employer, your social security number, public records, etc.
How does information about me get into my credit report?
When you agree to accept credit from a bank, most retail stores, etc., or fill out an employment application- if a credit report is used as a background check- you give the creditor the right to provide information to any credit reporting company. Additional information about you comes from public records, such as court record, debt collection companies, and even the utility companies.
How do the credit companies work?
The banks, retail stores, utility companies, etc. report your payment record to the credit reporting companies each month. The credit reporting companies then give that information to a second tier of regional reporting companies who sell it to retailers, banks- anyone who legitimately requests information about you.
Why should I care what is in my credit file?
You'd better care. It is your credit report that creditors use to determine if they will extend credit to you. If you have inaccurate information on your report, you may be turned down for the loan you need, or pay unnecessarily high interest rates.
Who can request information about my credit file?
Under the Fair Credit Reporting Act, a credit reporting company may only disclose your credit report if someone is:
Granting credit, reviewing your account, or collecting on your account.
b. Reviewing you for employment purposes.
c. Reviewing your application for insurance.
d. Reviewing your eligibility for a license or government-related benefits.
e. Providing information for a business transaction, such as renting an apartment.
f. A court order.
g. An IRS subpoena.
h. Someone to whom you have given written permission.
How often are mistakes entered into my credit file?
Frequently! Some experts say that as many as 90% of credit reports contain errors! That is inaccurate, incomplete, or misleading information that can cost you the credit you deserve.
Who will remove items from my credit reports?
Only the creditors have the power to remove items from your credit report. But, as required by law, the credit agencies must delete inaccurate, erroneous, and obsolete information.
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