60 Minutes Report Reveals The Broken Credit Report System In America
60 Minutes had an excellent expose of the credit reporting industry and how Equifax, Experian, and TransUnion are not concerned with fixing credit report errors.
The journalist on the story was Steve Kroft who really captured the frustration felt by so many consumers who cannot get the attention of the credit bureaus to fix a credit report with errors.
40 million Americans have errors — there are about 200… (Read more)
If I have a vacated judgment, what happens with my credit report?
This is a great question, especially when we’re dealing with credit reporting agencies.
Here are a few words of advice when you’re dealing with a vacated judgment.
Check your credit reports.
More than likely, the judgment is on your credit report.
If it isn’t, then that’s good. It should not be on your reports.
There’s nothing that needs to be done.
But if the judgment is still on… (Read more)
How do I know if I have any errors on my credit reports?
This is a great question.
The answer requires some work on your part. But it is definitely worth the effort!
Print your credit reports and check everything.
You literally need to print your reports off, we recommend getting them for free at AnnualCreditReport.com, and look at them line by line.
Check the names, addresses, public listings, etc.
Look for things such as bankruptcies, judgments, tax liens.
The… (Read more)
My judgment has been satisfied, what happens with my credit reports?
When we’re dealing with credit reports, questions about how to deal with judgments arise.
Specifically, what it means to have a satisfied judgment.
First of all, check your credit reports.
When a judgment has been satisfied, the debt is no longer owed.
This means that if it is on your credit reports, it should show a zero balance.
If there’s no judgment on your report, then you should leave… (Read more)
What damages can I get if I sue under the FCRA for false credit reporting?
Let’s look at the four types of damages you can get under the FCRA (Fair Credit Reporting Act) related to false information on your credit reports.
1. Actual or compensatory damages.
This is where we evaluate what actual damages need to be compensated.
Let’s say that, if you had no false credit reporting, your interest rate would be 4% instead of 8%.
That’s a damage… (Read more)
Should I keep a signed copy of any letter I send to a debt collector?
This is a question that comes up when we’re dealing with debt collectors.
Yes, you should keep a signed copy.
We want to have proof of what we’ve sent to them.
In this article, we’re just talking about whether or not to keep a signed copy, not how to send it to the collector.
Let’s look at a few reasons to keep a signed copy.… (Read more)