Are the bureaus governed by law?

Yes they are.  The Fair Credit Reporting Act (FCRA) & the Fair and Accurate Credit Transactions Act (FACT Act)  is the federal law that governs how credit information is collected, distributed, reported and corrected in case of errors. You are entitled to a free copy of the law from any Federal Trade Commission office and entitled to dispute anything inaccurate on your credit report.  Fortunately, Congress has passed laws within the Fair Credit Reporting Act (FCRA), and the Fair and Accurate Credit Transactions Act (FACT Act) which regulates the actions of the credit reporting agencies.  Before anything may be added onto your credit report, the credit reporting agencies must ensure that:

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Who are the bureaus and what do they do?

            Millions of Americans believe that the credit reporting agencies are government organizations.  The fact is that the credit reporting agencies are NOT government related. Credit reporting agencies are privately owned companies that make money by collecting information about you and selling the information.  There may be many small credit reporting businesses in your area, but the ones that all report to are the main largest three, which are:

• Equifax
  

• Experian
  

• Transunion
  

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The Simple Process

• the information meets all legal reporting requirements,
  

• the information was properly verified as accurate and complete, and
  

• the information does not violate any FCRA or FACT Act laws,   
  

There are more than 320 federal credit reporting laws, and it is highly common that unsubstantiated information is added to credit reports without proper verification.  A recent study from the United States Public Interest Research Group (USPIRG)has documented that  a staggering 79% of all credit reports do not meet full legal compliance.

Just how accurate are the bureaus?

There are 3 credit reporting agencies, with thousands of data entry employees, entering billions of items of credit data. This includes personal data as well as credit and public record information.  There is definitely room for errors.  [According to recent government surveys: 80-85% of ALL credit reports are INCORRECT!]

WHAT DO WE DO & HOW WE DO IT?

• One of our experienced and highly trained professionals will contact you for the initial consultation and how the process works.
  

• We then order your credit reports for you so you don't have to, in most cases saving you $29.95 or more for the cost of obtaining your reports.
  

• The reports will be sent directly to you from all three of the major credit bureaus and in turn needs to be given to us in order to start the disputation process.  At which point we will go over your credit reports with you including explanation of derogatories and how it affected your credit and what can be done.
  

• We then prepare your case by searching for the most common FCRA and FACT Act violations associated with each negative and invalid item on your credit report.
  

• We press for investigation and re-investigation by disputing and challenging items on your credit reports which you believe to be inaccurate, misleading, or unverifiable, invalid and negative entries with the three major credit reporting agencies, and ensure they meet full legal compliance. 
  

• We then monitor the credit report entries.  Updates from the credit reporting agencies are sent directly to you and need to be forwarded immediately to us and are then reviewed for compliance and any further processing needed for up to six (6) full months. 
  

• It doesn't stop there. We also challenge the original creditors who reported the derogatory credit to all 3 major bureaus.  We do this by sending correspondence via certified mail demanding proof of contract(s), which is needed from the creditors and required by law, to be able  to report any negative information to the credit bureaus.
  

• If you want your credit and personal information protected from fraud and identity theft, we also have services available to ensure your protection. (may be included in other services offered)
  

More Common Questions

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*Estimates based on industry averages subject to change. For example only.                                              © 2006 My Credit Medic, LLC.

Credit Restoration Process / FAQ's    

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How Can I Improve My Credit Score

Your credit score lets lenders know what kind of a credit risk you are. They know whether to trust you and give you better loan rates. Landlords can determine whether you are likely to pay your rent on time. Employers can use your credit score to determine whether to trust you with a high-responsibility job that requires you to handle money.

So if you are wondering “How Can I Improve my Credit Score” here are some tips:

1. Pay Down Your Debts – Lenders like to see that you are using less than 50% of your available credit. So if you limit on a particular card is $5,000 try to keep the balance below $2500 on that particular card.

2. Be careful of inquiries on your credit report – Every time you apply for credit you get an inquiry on your credit report. Lender don’t like to see a lot of inquires at once because it looks like you are applying for a lot of credit and trying to overextend yourself.

3. Dispute errors on your credit report – Credit agencies aren’t perfect and make mistakes. You should make it a habit of getting a copy of all 3 credit reports and disputing any inaccurate information.

You can get a Free Copy of your Credit Report by contacting the 3 Major Agencies

Experian ………. 888-397-3742 ….  www.Experian.com

Equifax …………   800-685-1111 ….   www.Equifax.com

TransUnion …..    800-888-4213 ….  www.TransUnion.com

4. Pay your bills on time - 35% of your Credit Score is determined by how you pay your bills. This easy step is one of the best ways to boost your credit score.

5. Avoid excessive credit cards – Having a lot of credit cards, even if you aren’t using them, can lower your credit score. Don’t apply for lots of credit cards “just in case” you need them. Try to keep to only one or two credit cards

By taking these small but powerful steps you can have a dramatic impact on your financial life!

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