Credit Restoration Tip #2 - Report Accuracy

There is a lot of bad information on the web from supposed "credit experts" who are nothing of the sort, but are posting advice on the Internet, where credentials can't be checked. Beware of what you read. I'm going to tell you the Top 5 misconceptions of credit restoration (and credit in general).

Misconception #2 - The items reported by your lender are checked by the credit bureaus for accuracy.

Wrong. The credit bureaus never check a thing for accuracy, unless you ask them to and they deem it worthy of an investigation. In fact, while the Fair Credit Reporting Act requires the bureaus the open investigations upon request by consumers, there is a loophole: they can deem a request frivolous for a number of reasons and stall investigations by asking for endless information or repeatedly accusing the consumer of hiring a third party service (which is 100% legal) and reminding them that they can do it themselves.

In a 2004 study ("Mistakes Do Happen"), the U.S. P.I.R.G. revealed a startling study that showed that 79% of credit reports contained errors, 25% of those serious enough to deny credit. Remember, the credit reporting agencies (bureaus) are billion dollar, for-profit companies that put their shareholders first. Don’t think they care one bit about accuracy of your information, unless you hound them.

Please check out our next credit restoration tip (#3).

Credit Restoration by Lexington Law
Lexington Law has helped over 1/2 million clients restore their credit legally and effectively.