Chances are that your credit report contains one or more errors, and those errors are negatively impacting your life, and these bureaus don’t want you to know. What the credit bureaus don’t want you to know? if the credit bureaus have their way, you would believe exactly what they tell you, no questions asked. But please don’t fall into their trap. Check out these statistics revealed by a study conducted by National Association of State Public Interest Research Group. https://nationalcreditfederation.com/
79 percent of all credit reports contain some type of error.
54 percent contains inaccurate personal information, such as a misspelled name, incorrect birthday, wrong social security number, or out-date-address.
30 percent listed paid off and closed accounts as being open.
22 percent has some loan listed twice.
8 percent omitted a major credit card, loan or mortgage that would have provided positive credit and boosted the person’s score if it had been included.
So why are the credit bureaus making so many errors on our credit file?
WHAT THE CREDIT BUREAUS DON’T WANT YOU TO KNOW
It is about 30,000 data entry clerks process 4.5 billion pieces of credit information each and every month if that is one percent error factor, that would be 45 million errors, per month. The reason why is important for you to have knowledge of this information is so that you can have the confidence to challenge the accuracy of your own credit report. You need to understand that you are not doing anything weird, wrong, or illegal when you challenge their accuracy
THE LAW STEP IN
Due to so many errors penalizing the citizens, the U.S. government was obligated to step in and enact laws to protect its innocent people. If that is an error, it cannot be proven or verify, the negative information must be deleted. If ta grace or pardon is extended by the creditor the negative information must be deleted.
Justifiably, the credit bureaus don’t like people to disputing their records. It costs them money to hire employees to handle all these disputes. According to their own published information, they seem to want you to believe all negative accounts must be reported on your credit report for seven years. But this is not true. The truth is that; late payments “can” or “may” be reported for seven years, not “must” be reported. The truth is that accounts don’t have to be reported at all!
KNOWN FOR A FACT
What the credit bureaus don’t want you to know is that: those already with low score have their credit pulled on average 17 times compared with just one time for the people with a good credit score. For every credit pull, the bureaus make money.
Another frustrating fact is that some credit disputes are outsourced to third world countries where labor is cheaper. Nothing against to it, if those in charge of its information and knowledge about American credit system or about our personal information to decide on our fate.
As if is not enough, if you look for the mailing address on the official website https://www.annualcreditreport.com/ owned by the credit bureaus you will never find it, only a three different PO box number – which also changes it from time to time. This surely not for the consumer convenience, and what does is to delays people’s attempts at disputing.
The reason it is important for you to know this information so that you can feel confident in challenging the accuracy of your credit report.