In Part 2 of our credit series we review how to correct errors on your credit report! Topics covered include:
-How to access all three credit reports
-When and how to file a dispute with credit bureaus
-Bankruptcies and negative transactions on your credit
For more information please check out Part 1, and also head to our website at www.brentonharrison.com
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Henderson Financial Group, Inc. is independent of Signator Investors, Inc.
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When you dispute false information on your credit reports normally the credit reporting agencies (Equifax, Experian, and Trans Union) do NOT believe you but instead believe the creditors (furnishers of information).
As we have explained in other videos and on our blog and website, when there’s something inaccurate on your credit report, generally you need to go directly to the credit bureaus and dispute that.
The credit bureaus, even though they have an independent obligation to investigate, generally won’t do anything other than go to the furnisher of the information (in other words, the creditor) and say, “So and so disputes this. Should we keep it or not keep it on the credit report?” Then they will do whatever the furnisher or creditor tells them.
That’s puzzling to people. People will ask us, “Why do they do that? Why do they give such deference to the furnisher? I’m telling them this is not my account. Why do they believe the furnisher over me?”
There’s one very simple answer. It’s money. That’s the reason why they do it. You are not their customer. I understand that you may pay them to get your credit report or you may be in some monitoring program with them. They love that money. Don’t get me wrong. But you’re not their customer.
Their real customer is the furnisher and the creditor. That’s the customer that’s paying them a lot of money every month.
What it comes down to is, “Are we going to believe you, or are we going to believe this company that provides us enormous revenue?” It’s not hard to see why they do that.
That doesn’t make it right or change their obligation under federal and state law. When they just defer to these furnishers and keep false information on your report, then you’re entitled to sue the credit bureau and the furnisher.
This is no excuse for why they do it. I’m just telling you the real reason why. It comes down to money.
Here are the frequently asked questions on credit report errors – http://www.alabamaconsumer.com/CM/Custom/FAQs-about-Fair-Credit-Reporting.asp
If you have any questions about what we’ve talked about in this video, feel free to call us at 1-205-879-2447.
Thanks for watching!
John G. Watts
Watts & Herring, LLC
Serving consumers across Alabama
You definitely can fix credit report errors on your own.
The only exception is if you have to sue in court.
In that case, you may need to hire an attorney to sue the credit reporting agencies and/or the furnishers of the false information. This suit is normally brought under the FCRA (Fair Credit Reporting Act).
Hope this is helpful to you.
If you have any questions, give us a call at 1-205-879-2447.
Thanks for watching!
John G. Watts
Watts & Herring, LLC
Serving consumers across Alabama
< item type=" application/x-shockwave-flash" style=" width:425 px; elevation:355 px;" information="// www.youtube.com/v/bLre5s2Yf9o?color2=FBE9EC&version=3&modestbranding=1" >< param name=" film" value="// www.youtube.com/v/bLre5s2Yf9o?color2=FBE9EC&version=3&modestbranding=1"/ > http://www.thebusinessforumshow.com/ See our newest video clip “TOP 10 Tips to obtain the BEST CAR BARGAIN” (10 best auto getting ideas/ advice) at https://www.youtube.com/watch?v=Lik6d0mcNp4 Are you a savvy car buyer that requires a little auto buying advice? Kevin Hunter hosts “The Organisation Forum Program” details the 13 car errors to prevent making at the dealer. See the brand-new video clip on “Getting Pre-Approved on Vehicle loan!” at https://www.youtube.com/watch?v=8KSmB3HE90E Kevin Hunter spent plenty of hrs looking into and compiling the details and information shared on this video clip. We hope you appreciate it!
Individuals in the vehicle business that make money from your errors by benefiting from you will tirade regarding things we share below and also disagree with the content, but don’t be fooled by their rhetoric. An unethical auto sales representative definitely enjoys an oblivious cars and truck buyer. We will certainly attempt to help you prevent the usual blunders, as well as help you in sorting the realities from the hogwash in this business. We benefit absolutely nothing no matter of exactly what you decide to do, as well as we don’t mind if you opt to not use the details. If you do, you’ll discover on your own walking away with a much better cars and truck bargain. If you don’t, you don’t have much space to complain when this things happens.
Exactly how do Vehicle Suppliers tear you off? This video clip presents 13 various cars and truck acquiring blunders that you can’t pay for making when cars and truck shopping. If you’re mosting likely to automobile store and also do not desire to be made the most of, it depends on you to find out about auto salesmen as well as car dealers, and the dirty methods they play to rip individuals off. You likewise should discover the scams and also inappropriate items offered by both new and also secondhand car dealers, and why some points suppliers use must NEVER EVER be purchased. These include things like the theft security scam, VOID insurance coverage that is marketed to consumers who either really did not need it, or could have bought more affordable from their own insurance coverage representative, and also expanded service warranties that are usually sold to purchasers that really did not want them or require them. Making matters worse, there are additionally thousands of automobile suppliers that use money officers that are a few of one of the most unethical individuals you’ll ever satisfy, happy to tell you any kind of lie they can think of to sell you everything I’ve explained, and also extra. The most awful ones will also assert your interest price on your financing is just available if you get all the included items they are suggesting. They claim the ‘bank’ desires the cars and truck secured … which is BS … On the other hand, the bank desires your funding as small as feasible so if they require to retrieve the car, they can obtain their loan out of it.
This video was published to assist you find how you can conserve time and money on your next new or pre-owned car purchase by doing your homework first, and after that going vehicle buying as a notified customer.
Is it unreasonable to expect a little antique sincerity? We do not believe so, but we are greater than entertained by the many auto salespeople or automobile suppliers who call us as well as state that we are making a ‘tiny issue’ sound much even worse compared to it is. They additionally tell us the whole video is entirely produced baloney. Actually? Are you kidding us? We understand there are straightforward individuals in the auto business, as well as we get favorable comments from a lot of them, but it’s most definitely a buyer beware globe out on the cars and truck whole lot!
For all you vehicle customers who are well soaked actually, if you viewed the video “Admissions of a vehicle dealerships backroom” you should see this video. By understanding just what errors to stay clear of, you’ll not only become a smarter auto customer, however you’ll also much better recognize exactly what not to tell an automobile dealership when getting an auto. It holds true that you could play all your cards in advance with a truthful supplier, yet however, they represent the minority of dealership owners (truly clear as well as sincere dealers make up concerning 40% of all dealers), and you are not likely to understand the difference up until it’s far too late. Be clever, do your homework, and you’ll get back with an auto deal that’s great for you and also the dealership. After all, that’s what justness is all about. We don’t recommend any person being ripped off, which includes some consumers who believe it’s ‘justice’ to turn tables as well as aim to ‘steal’ a cars and truck from a supplier. If you do pack like this, that makes you a scoundrel also, does not it? When an auto dealership loses money on a bargain, they simply take it from the next unsuspecting person. We don’t think your next-door neighbor ought to have to pay for your automobile, so we urge you to be fair and straightforward. Every little thing we speak about concerns justness as well as honesty, and that functions both ways. Regard the suppliers right to make cash in your pursuit to obtain a fair and straightforward auto offer, confirming to them you’re an honest individual as well. It’s this type of perspective by automobile dealers and consumers alike that will certainly change the cars and truck company. We wish you the very best!
Don’t forget to see our brand-new video clip “Obtaining Pre-Approved on Vehicle loan!” at https://www.youtube.com/watch?v=8KSmB3HE90E Video clip Rating:/ 5
You have actually received your debt report from the reporting company Experian as well as it’s riddled with errors. Old accounts, incorrect account information, as well as unreliable payments backgrounds on your record could adversely affect your capacity to open up brand-new accounts or get beneficial interest rates or also affect your opportunities of landing a brand-new task.
If you uncover errors on your document, you have the right to challenge the information and request an adjustment. The most reliable method to contest a product is through their on-line system. If you requested your record online, a dispute button appears alongside each product on the report. Merely click the switch, and follow the triggers to start an examination; pick a reason for your query from the drop-down food selection on the page, and supply a brief description in the comment box if necessary. If you send your improvement request online, you can follow-up on the standing on the site, and also you’ll receive the results of the examination by means of email.
If you have a paper duplicate of your report, you can test products on-line or through mail. Check out the firm website as well as enter your report number, located near your name on the published duplicate, as well as comply with the prompts to challenge individual items.
Disputing a thing by mail may be a much more reliable selection if you have specific proof that sustains your case, such as a letter showing that your account has been cleared up or paid. If you have proof, send a letter (make use of the address on your report) that includes your record number, as well as a description of why you think the product must be fixed. Be as detailed as possible; consisting of a duplicate of the record with the thing in question highlighted is practical. Include duplicates not originals of your sustaining evidence, and also send the letter via qualified mail.
Once you ask for an investigation, the bureau promptly sends out the details to the lending institution on the record. The financial institution compared to has Thirty Day (21 if you reside in Maine) to respond. If they agree that the info is inaccurate, Experian will certainly change your record appropriately. If they do not react within the legal timeframe, the bureau will either get rid of the thing concerned, or update it each your demand. You will always receive a report of the outcomes of an investigation.
If the creditor disagrees with your argument, and also they do not change the details on your report, you have numerous choices. If you filed online, as well as have added evidence to submit, mail the proof with a letter specifying your situation to the coverage agency. You could additionally get in touch with the loan provider directly and also ask to upgrade their documents and correct the record to the bureau. Sometimes, if you have solid supporting evidence for your insurance claim and also the business chooses not to fix the documents, you could require to enlist legal aid.
Keep in mind that Experian will certainly never ever eliminate accurate info. And also while firms you work with on a regular basis send information to all of the coverage agencies, it can take a number of weeks or months for your updated account background to turn up on the report. Routinely keep an eye on the record after getting your examination results to make sure that it is up-to-date and accurate.