Play the game better - The Credit Game!

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.

Visit http://www.robertjrussell.com or http://www.insurancepricedright.com

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Know your credit score.....

.....What your credit rating can say about you!

What is a credit score and a credit report?
Your credit score is simply a snapshot of your credit use. It's a brief
overview of seven years of your borrowing history. Your credit report is
the detailed rundown of your borrowing habits. Credit reports are provided
by three major credit bureaus: Equifax, Experian, and TransUnion.


How is a credit score calculated?
A credit score is a value assigned to several criteria used in making
lending decisions. Criteria include the amount you owe on non-mortgage
related accounts such as credit cards, your payment history, and credit
history. Scorers take this information from your credit report and plug it
into formulas that calculate a value representing the amount of risk you pose
to a lender. That value takes into account the track record of other
consumers with similar credit profiles. By looking at this value, or score,
lenders are able to roughly gage whether it's a good idea to extend you
credit.

What is a good score?
Your credit report score is based on a formula developed by Fair, Isaac &
Co. (FICO) or a handful of other credit reporting agencies on a scale
ranging from 300 - 850. The higher the score the better.

What can I do to improve my credit score?

Check your credit history for errors. It's a good idea to make sure that the data each bureau has on you is consistent and up to date by ordering a copy of your credit report about once a year and disputing any inaccuracies. Pay your bills on time. Late payments will work against you, so it is important to make all loan payments on time even if it means only paying the minimum balance. Apart from extreme circumstances like tax liens or bankruptcy (which can remain on your credit report for as long as 10 years) nothing has as big of an impact on your credit history as late payments. Don't max out your credit cards! You should avoid "maxing out" your credit lines and strive to maintain low balances. If your cards are maxed out, lenders may assume that you have trouble managing your finances. Don't apply for too much credit in a short amount of time. People tend to get nervous when they receive credit card solicitations in the mail. Scorers treat these solicitations as "spot" inquiries, which do not affect your score. Whenever you apply for credit, on the other hand, it's treated as a "hard inquiry" that's factored into your score. Too many inquiries over too short a time can have a negative impact on your credit score.

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