Should you take the time for credit card disputes? The bottom line is absolutely! Why? Because your credit and credit score are affected by what is reported on your credit report. According to the Fair Credit Reporting Act (FCRA) of 1970, credit agencies have a responsibility to correct or remove false information from consumer credit reports. In fact, with the advent of the internet, they have made it easy enough now, whereby you can dispute anything on your credit report right on the company’s web site.
The companies we are talking about, again, are the three major credit bureaus, Equifax, Experian, and TransUnion. These companies are notorious for making mistakes on people’s credit reports, as it is easier for them to report incorrect information, than to go through all the hoops to verify whether or not the information they are reporting
is accurate. Since complaints against these three companies have been overwhelming over the past 10 years, the bureaus have now taken a pro-active approach to helping individuals and small businesses with ensuring the information on your report is as accurate as possible. However, it has to start with you. If you are not pro-active, neither will they be.
At Nationwide Debt Reduction, we have seen our clients have items removed from their credit report that they had no idea was being reported about them. On top of that, the FBI has reported that identity theft is now one of the fastest growing crimes in America today. Therefore, we feel it is crucial that you should review your credit reports on a regular basis, report any inaccurate information to the bureau that is reporting it, and let them investigate your claim.
Some clients at our debt relief company have gone so far as to say, well my debt is not showing up on my credit report, does that mean I do not have to pay it any longer? While it is true that “older” debt could have been remove inadvertently from a credit report, that fact alone does not excuse the borrower from paying back on the debt that they owe.
That is why we suggest a debt help company such as Nationwide Debt Reduction, who can help guide you through these questions, and ensure you are doing everything in your power to make sure your credit reports are as accurate as possible.
Finally, documentation is the key, especially with older debt, or debt with smaller businesses, as the bureaus must respond in a timely fashion to your requests for inaccuracies. The good news for you is, if the credit bureaus can no longer find your documentation, that bureau must change the disputed information on your report, or remove it altogether.
For a free no obligation quote, or help with your credit debt problems, call us toll free at 800.890.6658. A trained professional is standing by to help you anytime between the hours of 8:00 am and 5:00 pm PST.