Are you one of those people that believe that they've found credit mistakes and errors on their credit history ?
Is this common ? You bet it is !
I've heard it said that more than 40% of the credit reports on file have errors in them. WOW ! Not good !
Well, the good news is that under the Fair Credit Reporting Stautes (FCRS) you have the right to challenge anything in the report you believe to be wrong, in error, out of sync with reality. In other words, you have a right to dispute the entry.
The credit reporting agencies are bound by law to check out anything you believe is an error in your report, and if your right correct the error within thirty days.Along with the report from the bureaus verifying that your correct, the bureaus must also show you that the information that they've processed is accurate. This is also the law. If the bureau can't prove that the information in the credit history is accurate that information has to be removed and the corrected credit history must then be forwarded to you.
Whenever you find what you believe to be a mistake in your credit history you should send a letter to the bureaus challenging the information in the file. The bureau will investigate the disputed item or items and update the file on the challenge or discard the effort if the bureau believes that the challenge has no merit or is frivolous.
If the bureau is unable to verify anything about the disputed item or items the bureau has to delete it. If the information is incorrect the bureau has to correct it after it's been verified.
As an example, if your credit file currently demonstrates that you're late in making your payments but fails to demonstrate that your now current, the bureaus have to change the information to reflect the curent status of your payment history.
Another example would be if someone with the same name as your showed up on your credit report, but you were able to prove that your not the person mistakenly identified as you in the report.
Challenge the report if you think it contains errors.
Any thoughts from our lenders ?
Please be advised that:
The information and notices contained in this blog are intended to summarize recent developments and news. The posts are presented as general research and information. These posts are not intended, nor should be regarded, as legal advice. Some blog posts concern allegations made in civil lawsuits and in criminal indictments in United States Courts. All persons are presumed innocent until convicted of a crime and proven guilty. Readers who have particular questions or who believe that they need legal counsel should seek the advice of a qualified attorney. It is neither the editor's or author's intention to create a confidential relationship or any broker-client relationship via communication from this site at any time. Please consult with your state real estate board if questions & answers in the education section conflict with the laws of your region or if you need clarification regarding their applicability or how they may govern the services that you provide.
By entering this web site, you understand the following:
When you select a link to an outside Web site, you are subject to the privacy, copyright, security, and information quality policies of that Web site. David Saks:
1.DOES NOT control or guarantee the accuracy, legality, relevance, timeliness, or completeness of information contained on a linked Web site;
2.DOES NOT endorse linked Web sites, the views they express, or the products/services they offer unless linked web sites, the views they express, or the products/services they offer endorse or support David Saks in accordance with the standards of the Tennessee Real Estate Commission and the Federal Government's laws regarding commerce and the application, solicitation and transmission of internet-related concerns, commerce or social networking;
3.CANNOT authorize the use of copyrighted materials contained in linked Web sites;
4.IS NOT responsible for transmissions users receive from linked Web sites;
5. That DavidSaks.Com is biographical & real estate related. Some links within will leave this site.
6. http://activerain.com/profile/davidsaks is internet-compliant & abides by the rules & regulations of the Tennessee Real Estate Commission, Eve Maxwell, Executive Director.
7. Unless indicated otherwise, ActiveRain does offer listings, or IDX and is provided for licensed salespersons, brokers, buyers & sellers of real property as a community & professional service.
8. David Saks is a retired / licensed real estate broker in the State of Tennessee, license #290452, and an independent contractor.
9. Information is believed to be accurate, but not guaranteed, at any realty link or document connected to the World Wide Web & viewable by anyone connected to the internet who has a web browser.
10. Brokers, buyers, sellers, agents & anyone should independently verify any information prior to submitting any offer to purchase goods & services from any link.
11. Please Visit The American Real Estate Alliance or Memphis.8k.Com for additional information regarding property issues for real estate professionals and consumers.
Before you even think about committing a real estate crime
click this red button.
"Information generated by the Department of Justice is in the public domain and may be reproduced, published or otherwise used without the Department’s permission. Citation to the Department of Justice as the source of the information is appreciated, as appropriate."
© All Rights Reserved.
Department of Justice Legal Policies
Click "HERE" For Today's Question
David Saks Show
University of Memphis
Mr.Saks' participation in ActiveRain ended April 13, 2015.
His blog archives will remain online.
May God bless you.