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Visualize this scenario, you are set to purchase a car, you are planning on financing the acquisition and you provide the dealer the authority to run your credit report. He comes back with some upsetting news. He cannot give you the loan because your credit report is showing that you are dead. He even asks you if you are trying to defraud him.
While people who know that they have good credit may sometimes mock at the thought of credit repair the fact is that scenarios just like that one happen every day. Credit reporting errors are extremely ordinary and in view of the colossal sum of information that is constantly changing hands, that is not a revelation.
Every month in just the United States there are about 3.5 billion pieces of credit account information that are exchanged amid lenders and the credit bureaus. With even a "one in a million" risk of something going wrong with that volume it would still happen 3500 times a month!
The credit reporting system also has many of its own flaws. People who share familiar names often find inexact information that belongs to someone else on their reports and using a social security number does not assure truthfulness as numbers can be transposed and sometimes the algorhythms just accept a fractional match. Mistakes are bound to happen in the existing credit reporting system.
There are also situations where information appears to be truthful but upon additional scrutiny it becomes apparent that the total story was not told. It is just a fact that many items showing on a credit report can be incomplete, ambiguous, biased or questionable.
Your credit report may mislead a lender into thinking that you are a inferior credit risk, when you are truly a sensible consumer who has never had a quandary with credit. Mistakes happen every day and it is often unfair to the dependable consumers.
However, the Federal Government enacted the Fair Credit Reporting Act back in the 1970's. It allows consumers the opportunity to dispute any things on a credit report that are misleading, incomplete, ambiguous, unverifiable, biased, unclear or questionable. Any item on a report can be disputed and a creditor will have between 30 and 45 days to authenticate the exactness of the information or it must be removed from the report.
Credit repair and credit disputes can be accomplished on your own and it is not necessary to have professional or expert help. But it does take time and energy and some knowledge so if you are lacking in any of those areas you may want to ponder the support of a specialized credit repair service.
While people who know that they have good credit may sometimes mock at the thought of credit repair the fact is that scenarios just like that one happen every day. Credit reporting errors are extremely ordinary and in view of the colossal sum of information that is constantly changing hands, that is not a revelation.
Every month in just the United States there are about 3.5 billion pieces of credit account information that are exchanged amid lenders and the credit bureaus. With even a "one in a million" risk of something going wrong with that volume it would still happen 3500 times a month!
The credit reporting system also has many of its own flaws. People who share familiar names often find inexact information that belongs to someone else on their reports and using a social security number does not assure truthfulness as numbers can be transposed and sometimes the algorhythms just accept a fractional match. Mistakes are bound to happen in the existing credit reporting system.
There are also situations where information appears to be truthful but upon additional scrutiny it becomes apparent that the total story was not told. It is just a fact that many items showing on a credit report can be incomplete, ambiguous, biased or questionable.
Your credit report may mislead a lender into thinking that you are a inferior credit risk, when you are truly a sensible consumer who has never had a quandary with credit. Mistakes happen every day and it is often unfair to the dependable consumers.
However, the Federal Government enacted the Fair Credit Reporting Act back in the 1970's. It allows consumers the opportunity to dispute any things on a credit report that are misleading, incomplete, ambiguous, unverifiable, biased, unclear or questionable. Any item on a report can be disputed and a creditor will have between 30 and 45 days to authenticate the exactness of the information or it must be removed from the report.
Credit repair and credit disputes can be accomplished on your own and it is not necessary to have professional or expert help. But it does take time and energy and some knowledge so if you are lacking in any of those areas you may want to ponder the support of a specialized credit repair service.
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