Category Archives: Credit Bureaus

Do Credit Bureaus Enable Extortion Schemes?

In an article written by Cathy Moran, a California Bankruptcy Lawyer, the term “extortion” is again used. In her article, “Doesn’t this seem like extortion,” she talks about the June 2006 AARP magazine and the touting in that magazine about an AARP sponsored law enacted in Arizona that prevents theft of one’s identity for a fee. Arizonans will now be able to bar credit reporting agencies from releasing their personal financial information to banks and businesses for a fee of $ 5.00 per credit reporting agency. This sounds like the credit agencies are saying “We have personal financial information about you that might harm you. However, if you pay us, we won’t release it to anyone.” Cathy Moran, a lawyer, states that this seems like extortion to her. Cathy exclaims:”Why should that information be available in the first place and why does one have to pay to prevent misuse of the information? What am I missing here?”

Brian Nelson, writer for the Finance Gourmet, in his article, “Credit Monitoring Scam” exclaims:

“One of the biggest financial scams in America comes courtesy of the credit reporting industry and the three major credit reporting bureaus. In class Mafia-style extortion, a tough looking guy visits a local business. He says that bad things might happen to his business. In order to be safe, he should pay for “protection”. Of course, the only protection the business needs is from the crooks offering the protection. Credit reports and credit report monitoring work the same way.”

In his article, Brain goes on to say “The credit bureau’s extortion scheme works exactly the same way. You see, bad things might happen to your credit report. Someone might put false, damaging information on your file. The “smart” thing to do is to check your credit report often. To do that, you have to pay your protection money a credit monitoring service so that you can be informed when negative information goes on your credit report. Of course, the only thing you need “protection” from is the credit bureaus and their lackadaisical efforts to ensure that only accurate information is on your credit report. Not surprisingly, Transunion, Experian, and Equifax all gladly offer high-priced credit monitoring protection.”

There are big questions in the credit reporting industry. Example: If a porn service bills people who never used their services. Is that attempted fraud? If the porn service then turns over the charge to be collected to a collection agency, is the collection agency then an accomplice to attempted fraud? If the porn company phones the people, that supposedly owe for services, and threatens to put the charges on their credit report if they don’t pay, is that extortion? If the credit reporting agency adds this unfavorable item to the people’s credit report and they are denied a home or auto purchase due to this item, is this then extortion. Is it legal for the credit bureau to enable crooks to extort money from consumers? The idea for this example came from rip-off reports currently on the Internet.

John Smalley is owner at an Austin web design company and advocate for consumer rights. If you have had a bad experience with credit bureaus and would like your story published online to expose their dealings, e-mail me at or write to JF Smalley, 12343 Hunters Chase Dr., Apt. 1515, Austin, Texas 78729.

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How To Dispute Credit Bureaus and Correct Your Credit Report

If you have recently checked your credit reports and have found negative items you can file a dispute with the credit bureaus and have them investigate these marks. It is incredibly important to ensure that you have a clean credit record as many lending institutions have instituted new approval requirements as a result of the financial crisis.

There are a number of reasons why you can file a dispute with the credit bureaus and have them remove an item from your credit report, reasons include: the debt is not mine, the dates on the account are incorrect, the balance due is wrong, the account is paid… A common tactic collection agencies use to manipulate individuals into paying a debt is by reporting a the debt on their credit history for longer than the legally allowed seven years.

The Steps Required To File A Dispute

You are going to need to write a credit dispute letter and mail one to each bureau. In this letter you need to include your name, your personal information, the item you are disputing, supporting evidence, and it would also be a good idea to include a reference to the Fair Credit Reporting Act. The Fair Credit Reporting Act is a piece of federal law that requires the credit bureaus to investigate any item on your credit report that you file a dispute on.

What Items Should You Dispute?

The Fair Credit Reporting Act says that every citizen is entitled to dispute any item they believe is inaccurate. As we mentioned earlier there are all types of reasons that an item on your credit report can be wrong.

While it may not be morally correct it would be in your credit scores best interest for you to dispute every negative item on your credit report. You should know that you will never be liable for any legal proceedings for disputing an item that you know is correct. In other words you have nothing to lose if you dispute every item on your credit reports.

What Happens After I File My Dispute

Typically the credit bureaus are going to respond by requesting more information however this is nothing more than a stall tactic on their behalf. The credit bureaus have discovered that it is in their financial interest to avoid consumer credit disputes because there is no profit to be had by correcting information they collected about a consumer.

The reality is the only reason the credit bureaus do investigate consumer disputes is because of the Fair Credit Reporting Act. Even with this piece of federal law the credit bureaus have still been fined multiple times by the FTC for violating federal regulation.

You can dispute items on your credit report yourself or if you have trouble we would encourage you to consider hiring a professional credit repair attorney to assist you. The credit bureaus are required to investigate every consumer dispute according to federal law, you don’t just have to live with bad credit.

Once the credit bureaus get your dispute letter and deem it valid they are going to conduct an investigation. They will contact the debt collector or creditor that has created the negative entry on your credit report and ask them to verify that the account is yours and all the related information such as the balance due.

If the credit bureaus are unable to verify this information then they are required to remove the bad credit items from your credit report. It is estimated by experts that up to 80% of all bureau of investigations result in the removal of an item.

For a free credit analysis call (toll free) 1-800-298-4297 or for more about how to dispute credit history and erasing bad credit items on your record visit us.

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Credit Bureau 30 Day Response Time?? || Why Haven’t I heard From Transunion / Equifax / Experian?

The credit bureaus have 30 days to respond right? Why haven’t you heard from them? What’s going on??





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Why Financial institutions and Debt Bureaus Love Low Credit rating

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by Mississippi Division of Archives and Background Many people know having a reduced credit rating costs even more compared to having a high one. Nonetheless, just what couple of customers ever find out is simply exactly how pricey their low credit report rating truly is. Today … * We WO N’T speak concerning the reality a low credit report could cost you a good work( since over 50% of companies are currently running credit rating look at work applicants ). * We WO N’T discuss the truth you can wind up paying up to 40%more for your vehicle insurance (since most insurance policy business currently examine credit scores when quoting costs ). * We WO N’T discuss the reality most utility business for Electric, Gas, Water or Cable now demand a

deposit prior to services could be activated because of a low credit history. and * We WO N’T discuss the other 5 methods a reduced credit score will certainly cost you cash and also make life a lot more difficult every month.

No … today
we’re going to speak about the one way a reduced credit history will cost you a ton of money as well as why the financial institutions as well as credit history bureaus

love your low credit rating (if you prefer to do absolutely nothing regarding it ). This one aspect of debt if not dealt with will certainly set you back the ordinary American over $100,000. Even worse, it could cost the ordinary home mortgage broker or finance officer over$100,000 … each year. The saddest part of all? The financial institutions and also credit score bureaus win if you prefer to not do anything since its’your loss and also your loss IS their gain. Allow us explain … All of us know the largest acquisition a consumer will make in their lifetime is their residence. Therefore, the biggest amount of rate of interest ever paid in a consumers ‘lifetime will be on the car loan, for that home. Again, most consumers know with a reduced credit history they’re going to pay a greater rates of interest on that particular funding. Nevertheless, couple of customers ever discover the REAL quantity that raised passion ends up costing them over the life of the loan. Besides, the normal American Customer currently stays in a globe where their only focus when funding anything, is about, The MONTHLY Settlement. This kind of thinking feels great in the brief run but becomes expensive in the future. Allow’s look at some accurate numbers regarding why with the story of Expense and also Ted. Bill as well as Ted both purchased residences in the same neighborhood, on the very same road as well as for the very same cost. Bill had a high credit history as well as obtained$180,000 to purchase a 4 bedroom 3 bathroom home. Due to his high credit report he got a Thirty Years dealt with price car loan at 5.5 %interest. Here’s just what Bills lending looked like: His loan quantity was$180,000 His rate of interest was 5.5 %This offered Expense a month-to-month repayment of $1022.02 His payments over Thirty Years amounted to$367,927.00 His interest paid over the term totaled$187,927.00 (Of his $367,927 in overall repayments … $187,927 mosted likely to rate of interest ). Expense spent for his house twice

after passion, yet don’t cringe until we’re done talking about Ted. Ted had a low credit history as well as obtained$180,000 to buy a 4 room 3 bathroom residence on the same street as Bill. He got a Thirty Years dealt with loan also, however since of his reduced credit rating his rate of interest was 8.0 %rather than Expenses 5.5%. Below’s just what Teds financing for the exact same$180,000 car loan resembled: Teds financing amount was$180,000 His rate of interest was 8.0 %This offered Ted a month-to-month settlement of$1320.78(about $ 300 even more monthly than Expenses)Teds settlements over Thirty Years totaled$475,479.00 Teds passion paid over the term completed$ 295,479.00 The issue is NOT that Ted paid over$295,000 in interest on his lending of $ 180,000. The actual problem is that Ted paid $ 108,000 EVEN MORE in rate of interest than Costs even if his debt rating was reduced! Teds amount to residence lending passion paid =$295,479.00 Costs complete mortgage rate of interest paid=$ 187,927.00 Distinction=$107,552.00 The extreme truth is that Ted’s credit rating cost him $107,000 … Yet that’s not the actual misfortune of the tale … The most awful part is Expense as well as Ted were bros and also both had poor debt at the very same time(years before purchasing their houses ). The only difference was Expense took activity to fix his credit rating, while Ted didn’t. Currently, ask on your own “That got Teds’$ 107,000 in extra interest payments?”RESPONSE: The Bank. And that’s why financial institutions like reduced credit history. Consumers like Ted are even more successful compared to clients like his brother Bill. All because a reduced credit report means they need to pay a greater rate of interest price and also lots of people like Ted do not see the large photo, instead they just concentrate on … The MONTHLY Repayment they can pay for. Banks love people like Ted due to the fact that they make millions off them. Will you end up resembling Ted and also tossing away over$100,000 in passion payments on your residence? Ideally not … Since we’ve covered why banks enjoy reduced credit ratings … let’s chat concerning why Credit score Bureaus like them just as much( otherwise even more). “Why Credit rating Bureaus Love Low Credit history …”If you ask 10 Americans on the street …

“How do Credit history Bureaus generate income?”You will certainly invariable get the exact same answer all 10 times:”By Marketing Debt Information obviously! “While this response holds true, it’s not … the whole reality. The reality is that Credit Bureaus make the bulk of their loan selling individual information, not running credit scores reports. In the example of Bill and also Ted one doesn’t need to be smart to recognize that Ted is a more lucrative consumer to the bank then Expense, due to the fact that Ted has to pay a greater rate of interest as a result of his credit report. This is due to the fact that Ted is what’s understood as … “A SUB-PRIME Consumer “Given that sub-prime customers are much more lucrative clients because they pay greater passion rates, there is a thriving organisation for Debt Bureaus to offer lead data to Home loan Lenders. Keep in mind, Credit scores bureaus make the BULK of their money NOT by marketing credit records yet by selling individual details. As well as, the only thing extra lucrative than selling individual info, is when you could market that exact same individual information, over as well as over to, numerous clients. Let us conclude with simply

one instance …” TRIGGER Leads”A while back the Credit report Bureaus developed an exceptionally rewarding product to offer to home loan brokers called”TRIGGER LEADS.”The very best way we want to clarify a” Trigger Lead”to consumers, is to have them imagine they working from their regional Constables workplace answering the telephone. Then, every time a person calls and provides their name, address and telephone number in order to submit a police report that their house was just burglarized … they after that take that info and turn about and also offer it as a”Lead”to 20 different” Residence Safety Companies” so they can call the recent sufferer concerning acquiring a safety system for their house. Nevertheless, you can not discover a” Hotter Lead”for a residence safety system compared to a person whose just had their residence robbed within the last 1 Day! Activates Leads essentially function similarly other than they’re marketed to home mortgage brokers. It works like this: Joe Consumer mosts likely to his regional bank or home loan broker to get pre-qualified to purchase a home. Because of this, the lending institution draws his credit scores while doing so. The Credit Bureau see that Joe Consumer is buying a funding so they after that offer his name, address and also contact number to other home loan brokers as a” Trigger Lead”within 24 hrs, so they could call him and also pitch him a much better offer. Audio fascinating … It obtains much better. In many cases the” Trigger Lead”will be marketed 20 times in less compared to 24 Hr. Surprised? Don’t be … not up until you learn that”Trigger Leads”can cost around$ 5 each(or even more depending upon the information picks ). So let’s break down the numbers genuine quick. Joe Consumer obtains his debt drew in the procedure of”pre-qualifying “for a residence mortgage. His individual details is after that cost$ 5 as a “Trigger Lead “to as much as 20 various home mortgage brokers within 24 Hr. Just mathematics informs us that if 20 Individuals Each Pay$ 5 for Joe’s Call Info that’s$ 100 produced off Joe’s Name! Now think of exactly how several”Joe’s “are created each day by the Credit score Bureaus? Marketing sales leads for loans and also bank card uses is BIG service for the Credit Bureaus. How many various other organisations have a database of over 200 million names they can earn money off marketing repeatedly? Now, envision THAT is one of the most profitable”LEAD “they can offer? An individual with a HIGH credit rating? Or A person with a LOW credit rating score? The solution is apparent. And also, it also comes to be noticeable why the Credit Bureaus have automated a lot of their customer dispute processes overseas. It’s likewise the reason why the Credit score Bureaus have actually revealed no genuine motivation to reduce the number of destructive errors in non-mortgage consumer debt records with passing more stringent information monitoring. Ultimately”SUB-PRIME Debtors” are a lot more hopeless and also a lot more successful and also that’s the reason that the Credit score Bureaus like your low credit report. Jay Peters is the founder of Credit score Fixing Publishing as well as has been releasing credit history repair info given that 1994. For their free eBook entitled” 28 Debt Keys the Banks, Collections Agencies and also Government Do not Want You to Know!”See their website at:< a rel ="nofollow"href="">

“Just How To Outsmart The Credit Bureaus” by Corey P. Smith

Do you know who controls credit? Exactly why is credit much more important than cash? How do you win in the present community if they’re surviving in impoverishment? Could it be fair for your credit rating to be utilized as a measure of character and suitability for work? What exactly is the actual reason behind merchants’ and food markets’ respect cards? The answers to these so other fascinating questions tend to be uncovered by Corey P. Smith – Credit Repair business insider information. Get the details!
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