A Four Step Removal Process
Step One – Surface Errors
One common statistic that all reports suggest when determining the number of errors that exist on credit reports is…A LOT. The FTC believes that there are up to 40 million errors on credit reports, other government studies show 1 in 20 have errors impacting their scores. Those stats are always the funniest to me, because that’s another way of saying “your report is all jacked up, but we don’t believe its impacting your score.” That’s you like winning a nice new Dodge Viper in Vegas and right before it gets delivered, I buff it with a nice lava rock only to tell you to ignore all the scratches as it performs just the same.
If our opinion means anything, we believe a vast majority of credit reports have errors, especially those reports that contain derogatory activity. The question becomes, what do we define as an error? You need to look no further than the surface of a credit report while upholding a little section of the Fair Credit Reporting Act that states items need to be complete and accurate.
Therefore, whenever you see missing or incomplete dates on, payment history, account numbers, names, or even original creditors that is violating that law. But this is just the beginning of surface errors, how about whenever you see an X, – , /, N/A listed, or the words like unknown. What part of the word “unknown” is complete or accurate? In fact the definition is NOT complete and accurate and yet they have the audacity to place that on credit reports.
Better yet, how about when you get a medical collection or any collection and the name isn’t known so they just call in “Medical” or “Collection” or maybe a combo like “Unknown Medical” like that’s going to suffice. I can see it now, we don’t know who you exactly owe money to we just know you owe someone $100, so please mail that $100 check to “an unknown company” whose address no doubt is “who the hell knows where.”
You know what, I’m getting re-irritated just writing about this. There is much more to say, but for now my blood pressure cannot take it. Correcting reports and increasing scores is the medication I require.
Regional Director and Manager
National Credit Care