Shawpiro
Member
Cash: $ 3.15
Posts: 13
Joined: 30 Dec 2007
Location: Austin Tx.
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| The "Skinney" on the credit bureaus! |
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This is the "Skinney" on how the credit bureaus work. The credit bureaus are a credit reporting agency that lenders report to regarding how you pay your bills. They report the information furnished to them by the credit card companies, banks, automobile finance agencies, large retaill outlets etc. In turn after all this information is furnished to them they have a formula that nobody can figure out that they use to determine what your score is. You can have the same exact information on one bureau as another bureau and still have 2 different scores. I know this makes no scense at all but it happens all the time. Now all the lending institutions that report to them turn around and pay them a fee to connect back with the bureaus and pay them another fee to look at your bureau when you apply for credit. This is one way they make their money. The fair credit reporting act says that the bureaus when challenged have to furnish proof of the things on your bureau and if they cant provide documentation of what is on your bureau when challenged, they have to delete it from your bureau and its never to go back on ever. So when you challenge something on your bureau they have to provide proof or remove it. Now with the millions of people that they report on in the United States do you think they have any documentation of all the stuff on everyones bureau? Of course not. It is impossible for them to have all of this documentation. When you challenge something on your report you are not challenging whether you owe the money to the creditor you are challenging their right to report it on the bureaus.The bureaus are independent companies and are NOT a government institution like some people think. When you challenge something on your bureau you are challenging a company that makes money off of your information. I want to say this again, when you challenge something on your bureau you are challenging their right to report it on your bureau not the fact that you owe someone the money. If They cant produce the documentation that you owe this money they HAVE to delete it from your bureau and never post it on your bureau again. Now there are ways to challenge things and you probably will have to challenge these things twice before they will be removed but almost anything CAN be removed from your bureau. You can do this yourself if you have the time because it is a time consuming process or you can pay a professional to do it for you and get it removed quickly. Its up to you. When negatives are removed from your bureaus it raises you credit score immensly and is well worth the effort. Dont be intimmidated by the bureaus. There are laws that they have to go by. They dont want to spend the time and money to fight you or take the time to get the documentation needed to keep something on your report. That costs them money and they are in the business to make money not spend it in court or on you. Take time to know your rights and then make the bureaus do what they are compelled by law to do.
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