Consumers have the right to request the method of verification when credit bureaus do not properly investigate credit disputes or if you simply disagree with the credit bureaus decision. Method of verification forces credit bureaus to prove how they verified your dispute.
The Fair Credit Reporting Act Compliance Date determines how long a negative item remains on your credit reports by calculating the original date an account became delinquent – it’s also referred to as the original delinquency date. Make sure outdated information is removed.
Creditors may write-off seriously delinquent accounts in the form of a charge-off but that does not mean you are free and clear from paying the debt.
Depending on the credit bureaus to automatically remove outdated information from credit reports is a mistake. The credit bureaus deal with billions of pieces of information daily and sometimes items get left on credit reports that should have been removed years ago. Removing outdated information from credit files is the simplest way to improve your…
Foreclosure can be a traumatic event and unfortunately, too many Wells Fargo borrowers have experienced foreclosure. But foreclosure can be an opportunity for a fresh start and here is how to rebuild credit after foreclosure.
The time period when a negative account should be removed from reports is 7 years and cannot be restarted by a creditor or collection agency. If the time period is restarted then re-aging has taken place, which is illegal.
Credit inquiries can remain on a credit report for 2 years. There are two types of credit inquiries – one impacts your credit score and one does not. The two types of credit inquiries are a hard inquiry and a soft inquiry. A soft inquiry occurs when you pull your own credit report or a creditor pulls your report…