Consumers Should Avoid Credit Repair Organizations

Consumers Should Avoid Credit Repair Organizations Consumers are being bombarded with ads by credit repair organizations (CROs). Consumers are well advised to not contract for their services. Consumers who have inaccurate information on their credit reports should send their own disputes by letter or online to the credit bureaus. Consumers’ own disputes are far more likely to induce the bureaus to correct the inaccurate information than dispute letters generated by a CRO. CROs’ dispute letters are typically computer generated and in one-size fits all in form. Some I’ve seen are not comprehensible. Many CROs do not even send the consumer...

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Whether to Dispute Errors Online or by Letters

Whether to Dispute Errors Online or by Letters We and other consumer advocates have long advised consumers to send disputes to the credit reporting agencies by mail rather than using the agencies’ online option. The main reason for using old-fashioned mail was that there was no way to send in documents to the agencies to show the consumer is right and the reports are wrong. Now, however, the bureaus online systems allow consumers the ability to upload documents, such as documents showing proof of payment. Consumers understandably like the online option because it is easier and faster. There is still...

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Consumer Reports on How Your Credit Report May Help or Hurt You

Consumer Reports on How Your Credit Report May Help or Hurt You The January 2015 issue of Consumer Reports has an excellent article on credit reports. It is especially useful for any consumer who discovers a problem with his or her reports, but does not know how to begin to fix the problem. The article has specific advice on how to dispute errors in the reports. It also describes what goes into consumers’ credit scores and ways to rehab your credit score.

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New California Law on Debt Buyers Unfair Practices

New California Law on Debt Buyers Unfair Practices In July, Governor Jerry Brown signed the Fair Debt Buying Practices Act into law effective the 1st of the year. The new law will bar unfair practices of many debt buyers–companies that buy up old debt for pennies on the dollar and then seek to collect from consumers. The debt buyers typically buy old debts from banks–credit card companies–under agreements that the buyers would have very limited access the actual account information for a short period and after that, the debt buyers have to pay the banks to research the accounts. Because...

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How to Remove Unauthorized Inquires from Your Credit Report

How to Remove Unauthorized Inquires from Your Credit Report As a consumer, you have a right to ask the credit reporting agencies to delete unauthorized inquiries. Inquiries may have a negative effect on your credit score especially if there a lot of them. An unrecognized inquiry may also indicate your a victim of identity theft. CreditCards.com has published an article that explains the details. In reviewing your inquiries on your credit report, you should first determine if the inquiry is a result of a prescreened inquiry. Lenders are allowed to view your credit report without your permission so long as...

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