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Who Looks at My Credit Report?

October 3, 2013 by  
Filed under Blogs, Credit Report

by: .

Who looks at my credit report?

The importance of your credit report has been recently elevated. No longer are banks and lenders the only ones looking at your credit. Insurance companies, landlords, employers, even the government agencies check consumer’s credit reports. The credit report has infiltrated everyday life and means much more than what interest rate you pay on a loan. It is used to determine things like what insurance premium you pay (auto, life, health), whether you qualify for a certain job, apartment, or government security clearance.

This is why it is so important to have good credit.

Good credit can help you improve your quality of life, help you earn more money, and save you thousands of dollars on your insurance, auto, mortgage, and credit card payments.

Bad credit can substantially hinder your life by making you unemployable and leaving you to pay very high interest rates on everything, costing you thousands of dollars.

How long do negative items stay on a credit report?

Most negative accounts may report on your credit report for a period of 7 years, according to the Fair Credit Reporting Act (FCRA). There are some exceptions, a Chapter 7 Bankruptcy may report for up to 10 years and certain Federal Tax Liens may report indefinitely or 7 years from the date they are satisfied.

Inquiries may be reported on your credit file for up to 2 years.

But, here’s the good news, accounts which are incorrect, erroneous, misleading, unverifiable, incomplete, or do not comply with the FCRA, HIPAA, FCBA, or FDCPA may be removed earlier.

This is what CreditFirm.net does, we leverage the aforementioned laws to help you clean up your credit reports and improve your credit scores.

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review

What Information Appears in My Credit Report?

September 25, 2013 by  
Filed under Blogs, Credit Report

by: .

incorrect credit report info

Here’s what to expect when looking at your credit report.

The contents of a consumer credit report can be broken down into 5 categories:

Personal Information:
This includes your name(s), any aliases, addresses, both current and previous, spouses name, date of birth, telephone number, and both current and previous employers.

Creditor Trade Lines:
This includes all conventional credit lines such as credit cards, student loans, auto loans, mortgages, and personal loans. Each trade-line contains the creditor’s name and account number as well as your payment history, credit limits, balances, dates opened, dates of last activity, and account statuses.

Collection Accounts:
When an account is past due, a creditor has the option to forward your debt to a third party debt collector also known as a collection agency. These collection agencies then pursue the debt on behalf of the original creditor.

Collection accounts will include information such as the name of the collection agency, their account number, as well as when the account was opened, the balance due on the account, the name of the original creditor, and the status.

Public Records:
The public records section of your credit report shows court records such as bankruptcies, judgments, and tax-liens. Public records are some of the most damaging accounts to a consumer credit report and drastically lower the credit score.

Inquiries:
An inquiry is a history of creditors accessing your credit report. This may either be an application for credit (such as applying for an auto loan or credit card), or be an account review inquiry where a creditor accesses your credit report to check your financial standing. The inquiry section reports all inquiries made within the last 2 years and having more than 1 inquiry every 6 months can lower your credit scores.

 

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review

Remove Account in Dispute Comments

by: .
account in disputeYou’ve worked hard to fix your credit but, there’s one last thing that you need to do to complete the credit repair process.

You must delete all of those pesky “Account Disputed by Consumer” and “Dispute settled, consumer disagrees” comments from your credit report.

In fact some lenders wont approve a consumer’s loan application if there are any comments about accounts being disputed, no matter the credit score.

So now what do you do?

Lucky for you, we’re here to show you how to remove those dispute comments from your credit reports.

Step 1

Stop disputing accounts in your credit report. This is very important, the credit bureaus typically do not remove the dispute remarks unless no accounts have been disputed for at least 30 days.

Step 2

Call the credit bureaus and ask them to remove the “account disputed by consumer” comments from your credit report. You must call each of the 3 credit reporting agencies individually and give them a list of the accounts which are displaying the comments.

Here is exactly what you tell them, “I need to dispute the compliance condition remarks code of “AID” (Account In Dispute) because I am no longer disputing the account. Please remove the remark from account <<fill in the blank>>.”

Step 3

Call the creditor reporting the Account In Dispute remark and ask them to immediately remove it from your credit reports.

Credit Bureau Phone numbers

Here is the contact information for the credit reporting agencies:

Experian: 714-830-7000

Ask for the Executive Customer Service Team

Equifax: 404-885-8300

Ask for the Executive Consumer Service department.

TransUnion: 312-985-2000

Ask for the Special Handling Department

If you have any trouble with removing these remarks from your credit reports, contact us today. We have helped thousands of our clients delete “Account in Dispute” comments from their credit reports as well as much, much more.

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review

What’s In Your Employment History?

July 2, 2013 by  
Filed under Blogs, Credit Report, Misc

by: .

There’s a new type of credit report for you to worry about.

Well, technically it’s not a credit report, but it is a report.

A report which contains your employment information.

This report includes:equifax telx

  • Names and addresses
  • Current and previous employers
  • Job titles
  • Weekly Income
  • Termination records
  • Health insurance information
  • Dental insurance information
  • 401K information
  • Whether you’ve ever filed for unemployment
  • Whether you’ve ever collected welfare or social security
  • And much, much more

Why is this relevant to you?

This isn’t just about a company verifying your previous employment anymore.
Telx has been selling your employment info to Debt collectors, Collection agencies, mortgage companies, banks, credit card companies.
Shouldn’t you have the right to know what is being said about you?

A little background on Telx

The Employment Report was created by The Telx Corporation, which was founded in 1971. Talx’s primary business involved contesting unemployment claims on behalf of employers. (So you know which side of the fence they’re on.) here’s a little article the New York Times wrote about them. (NY Times Article)

During the late 1990s, one of Talx’s clients requested a system which would handle employment and salary verification, The Work Number was born. This system allowed companies to outsource a large portion of their Human Resources Departments into an automated system which would gather employment information on a weekly basis.

The system became so successful that Talx sold it’s employee benefit unit and decided to focus solely on employment data gathering and distribution.

In 2007, Telx was bought by the Equifax credit reporting agency.

Some Interesting Numbers

To date, over 50,000 organizations use The Work Number (www.theworknumber.com) to verify employment data.
As of today, The Work number has over 192 million employment records.

This seems like a big number, but let’s put it in perspective. According to the latest census data; (census data)

  • The Population of the US is 313 million
  • The Population of the US above the age of 18 is 238 million
  • That means that 81% of the people working in America are in the Work Number’s database and have an employment report.

(And we’re not even counting the 40 million adults over the age of 65 which would get the population of the actual US work force down to 198 million.)

Lets just hope that Telx is reporting accurate information.

Oh wait, too late, thousands of complaints of incorrect employment information have already been flooding the Privacy Rights Clearinghouse (PRC), a California nonprofit corporation which helps protect consumer privacy and rights.

Unfortunately, this system is far from accurate and it doesn’t seem like the government is even aware of its’ issues. To date, there have been no laws about consumers being able to get a free copy of their employment records to verify accuracy. And even if you pay the $25 to get your report, there is no system in place to challenge the inaccurate information. There is no FCRA protecting your rights, there’s no FACTA to put pressure on Telx to keep their records accurate.

So what can you do?

Call your congressman, and tell him or her that you want legislature protecting your consumer rights from the Telx Corporation’s employment database. And tell others!

Tell your friends, your relatives, and your co-workers. Share this story with them, spread the word because odds are, you’re name is in their database.

And you have the right to know what is being said about you!

Bad Credit Employment Discrimination

June 20, 2013 by  
Filed under Blogs, Credit Report

by: .
credit employmentA story far too common.

Daniel Stone was a successful accountant at a major firm where he had worked for the last 6 years. He just bought a house when something completely unexpected happened, he lost his job.

Like many others, Daniel was let go due to the economic recession.

Without a steady paycheck, Daniel was forced to live off his credit cards for as long as he could. His health insurance lapsed which brought on a pile of medical expenses due to a minor illness. As the job market dried up, the medical bills began to accrue and the credit cards began to compound with interest charges. Mr. Stone could no longer afford to pay any of his bills and his credit score took a tumble.

As the job market got better and the newspapers were publishing stories of an economic recovery Daniel was still being turned down for jobs left and right. Daniel didn’t know what to think, he had plenty of experience working for a major accounting firm for over 6 years and a great education at a prestigious university. But here he was, no job, living in a home on the fast track to foreclosure, constantly hounded by bill collectors, and living off government assistance.

Daniel just couldn’t understand why he wasn’t able to find a job, until one day he received a letter. A letter from an employer which turned him down for a job, explaining that he was not hired due to the adverse information in his credit report.

Consumers tend to think that credit reports are only used in the lending industry by banks and credit card companies. But the reality is, according to a recent SHRM study, over 47% of employers use credit reports to screen job applicants.

If a consumer loses their job, they can’t pay their bills, and now they can’t get a job because they couldn’t pay their bills, because they lost their job.

Daniel Stone, the accountant, can relate to that. Standing in his kitchen, he holds up his credit report. “This is the cause of all my problems, if it wasn’t for this, I could have had any job.”

“I tell my story to anyone who’ll listen”, said Mr. Smith. “Even the clerks at the unemployment office, and they tell me, ‘We hear that story all the time, about the credit, if you’ve got bad credit, you’re not getting a job.’ ”

Tough economic times are difficult for everyone, especially for those with low credit scores. Just remember one thing, bad credit is not a permanent problem. Become proactive, fix your credit, and take back your life.

And Mr Stone, he was able to get a job with a credit repair company who knew that a bad credit score was not a character issue, it was a financial issue, an issue which since has been resolved.

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review

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