A. 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 Frequently, credit reports contain outdated information, unverifiable negative items, or totally inaccurate entries. 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 My Credit Team Customer, you can do something to correct the mistakes and have your report corrected.
A. No. Credit reporting companies are just that - 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 to creditors.
A. No. It is not illegal or immoral to eliminate mistakes on your credit report. In fact the federal government, under the 1971 Fair Credit Reporting Act, Section 1681e, protects your right to do so.
A. 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 records, debt collection companies, and even the utility companies.
A. 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.
A. Only the credit reporting agencies have the power to remove items from your credit report. But, as required by law, the credit bureaus must delete inaccurate, unverifiable, or outdated information.
A. Do not apply for credit during the restoration period. Each time you apply for credit, an inquiry is recorded on your record and too many inquiries may be a cause for denial of credit.
A. Paying an old collection or charge off does not erase the fact that at one time you were not paying it as you agreed. As a matter of fact, it updates your payment history which reduces your score.
A. It typically takes 6 to 12 months due to the credit reporting agencies' deliberate noncompliance of the fair credit reporting act and delaying tactics.
A. No, it is best to have My Credit Team communicate with the credit reporting agencies on your behalf. If you do receive a request for communication from the credit reporting agencies, please immediately forward it to My Credit Team.
A. My Credit Team will work on the information in your credit report as long as you are our customer. The results you provide us will have new activity on it therefore we will be alerted to any negative information being added onto your report.
A. You may scan and email them to firstname.lastname@example.org, or take a picture with your phone of the first page only and text it to 412 254-8100.
A. You will be the first to know because the credit reporting agencies will write directly to you. In addition you can track a summary of your results on-line real time by accessing your private portal.
A. Credit reporting agencies are often reinserting items that they have previously removed from a consumer's credit report. According to the FCRA, one of the requirements for reinsertion of items is that a consumer must be notified within five days when an item is reinserted. Most consumers are not made aware when these items are reinserted at all, let alone in five days. That's one of the benefits to our customers when signing up for our service. They find out when items are reinserted, and then we have the credit reporting agencies attempt to provide verification the item is in fact accurate, they followed the FCRA requirements for reinsertion, if they fail to provide this information the item must be permanently removed.
A. Some examples of "improper," or better stated "inaccurate," items on a consumer's credit report are items that either are 1) erroneous - don't belong to the consumer, 2) display inaccurate information about the item, i.e. payment history or dates, or 3) obsolete - have exceeded the reporting timeline for that item.
A. The best analogy that we can offer is, if you have a tax problem, would you call the IRS or would you find and hire a qualified tax accountant? Most people do not have the time or the resources to fully understand the FCRA, nor do they want to. We ensure that our customers have received the proper protection offered them through the FCRA. The credit reporting agencies are advocates for their customers who are financial and lending institutions. These are the same companies who may be reporting inaccurate information about you. We are advocates for our customers, and their consumer rights.