Six Things Most Consumers Do Not Know about their Credit Rights and Opportunities
1. Do you know what is on your credit report? Do you know how much of it is inaccurate?
a. According to credit and financial guru, Dave Ramsey, in his book "Financial Peace Revisited," cites a U.S. Public Interest Research Group statistic that states that 79 percent of credit reports contain errors! (full report, click here)
i. Further, 25% of the credit reports surveyed by USPIRG contain such serious errors that credit could be denied. Not so uncommon ERRORS included false delinquencies or accounts that did not belong to the consumer.
ii. 54% of the credit reports contained wrong personal information or even belonged to someone else.
iii. 22% of the credit reports surveyed listed the same mortgage loan twice.
iv. 8% of credit reports were missing information that could HELP the consumer’s credit worthiness.
v. 30% contained credit accounts that had been closed by the consumer but remained listed as “open” on the credit report.
2. Did you know that you have the RIGHT to dispute ANYTHING on your credit report?
a. Under the Fair Credit Reporting Act you can dispute any item on your credit report for any reason if you feel that it is even slightly incorrect. The law requires credit reporting to be 100% accurate. When you dispute anything on your credit report directly to the big three reporting agencies, they will investigate your dispute quickly. According to the Federal Trade Commission, the agencies typically respond within 30 days, most often sooner.
3. Did you know that most companies do not have a credit reporting dispute process?
a. Therefore, you are in a strong position because the three major reporting agencies are required to REMOVE from your credit report anything that is not disputed by a creditor?
4. Did you know that not only is it easier to get credit with a higher credit score, higher scores usually receive a lower interest rate?
a. Creditors view credit scores as risk indicators, from literally “not worth the risk” to “worth the risk at a higher than average rate” all the way to “little to no risk, let’s get this person’s business by giving them a very low rate”. Don’t overpay for credit because of disputable items on your credit report!
5. Did you know that a good credit score can also help you land a job?
a. Many companies check credit scores of applicants.
6. Did you know that you can file credit report disputes quickly, cheaply and properly with eCreditDispute.com?
a. So don’t pay a credit repair agency for what you can do very easily on your own in less time than contracting with a credit repair agency.
As a consumer you have broad and powerful rights to manage your credit report which can have a dramatic impact on improving your credit score.
So, why not start the process today with eCreditDispute.com?
