CHECKING THE CREDIT BUREAU REPORTING SYSTEM
Do you know that 80% of credit reports have errors?
This is no surprise when the 3 major credit bureaus (Equifax, Experian and Trans Union) are actually competitors and get paid when a creditor reports to them.
In a business standpoint it costs $ for the credit bureaus to review, investigate and correct credit reports. If they had it their way they could care less to spend the money, time or resources to do the work. However, thank goodness the LAW is on the side of the consumers.
Many times the credit bureaus will send "form letters" to consumers stating that there is a "brisk credit repair business" by companies that charge between $50 and $1,000 to dispute negative items the consumer could do themselves. Also, many times they send letters stating they received a "suspicious request" and will not honor any more disputes received in this manner. "YAWN"...same old tactics playing the same game I say.
Yes, there are irreputable companies that advertise grandiose promises and charge exhorbitant fees, claiming they have the "magic wand" and "insider information" to make all your credit problems go away. Like the old saying goes, if it sounds too good to be true it probably is. Improving one's credit requires TIME, PERSISTENCE, KNOWLEDGE and TACTICS. You have to play the game better than the credit bureaus and creditors.
Remember, just because a negative account is validated or verified does not mean it won't come off in the future. Under the law, the credit bureaus must do an actual investigation and not merely check to see if the information given to them by the creditor matches up with what they typed into their computer screen (what if the original information given was wrong to begin with?). This is clearly not the "investigation" required under the law. This is why knowledge of the credit reporting system, knowing the law and being persistent gets the best results.
3 credit bureaus= 3 different credit scores= 3 different competitors= a lot of confusion, mistakes, inconsistencies
Think of it as a checks and balances system...Nizin Corporation is "checking" the credit bureaus and creditors to make sure they are abiding by the law by putting the burden of proof on them. It is good to even out the playing field when the field has mostly been dominated by a reporting system where the ill-prepared consumer is required to proactively seek that their rights be heard.
Someone has to check the credit bureaus and creditors if they don't check themselves.
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