Bad Credit folks helped by New FICOWritten by T.Pikus
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This thought may be very close to real thing... as FICO Corp. states on their web site: "Lenders want to price appropriately, and lend safely, while making more credit available to more people and effectively managing their operations costs." In layman terms, NextGen scores loosen up scoring criteria so more people can get better credit rating and borrow more money. But make no mistake, FICO Corp. claims these new scores are even more predictable - which works for lender advantage. Plus, latest score version NexGen 2.0 allows people with short or dormant credit history to get loans! So, does this all mean that we can now have more unpaid medical bills, have more inquiries on car and mortgage loans, get a car loan at age of 18, get better interest rates after a recent bankruptcy ...? I guess we are to find out ... when we'll see more bankruptcies in years to come. Or will we? Bad Credit Advisor suggests we remain calm and keep our credit score as high as possible. On a serious note, they said, this relaxing in credit scoring presents great opportunity to dispute more items on your credit report than was possible before and improve your credit score more substantially! (this arcticle is an opinion of www.Bad-credit-advisor.com and not of Fair Issac Corporation.)
www.bad-credit-advisor.com is maintained by an experienced Mortgage Broker who deals mainly with bad credit clients.
| | How to Dispute Credit Report ErrorsWritten by Omar M. Omar
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When reinvestigation is complete, CRA must give you written results and a free copy of your report if dispute results in a change. If an item is changed or removed, CRA cannot put disputed information back in your file unless information provider verifies its accuracy and completeness, and CRA gives you a written notice that includes name, address, and phone number of provider. Also, if you request, CRA must send notices of corrections to anyone who received your report in past six months. Job applicants can have a corrected copy of their report sent to anyone who received a copy during past two years for employment purposes. If a reinvestigation does not resolve your dispute, ask CRA to include your statement of dispute in your file and in future reports. Second, in addition to writing to CRA, tell creditor or other information provider in writing that you dispute an item. Again, include copies (NOT originals) of documents that support your position. Many providers specify an address for disputes. If provider then reports item to any CRA, it must include a notice of your dispute. In addition, if you are correct-that is, if disputed information is not accurate-the information provider may not use it again. Accurate Negative Information When negative information in your report is accurate, only passage of time can assure its removal. Accurate negative information can generally stay on your report for 7 years. There are certain exceptions: ·Information about criminal convictions may be reported without any time limitation. ·Bankruptcy information may be reported for 10 years. ·Credit information reported in response to an application for a job with a salary of more than $75,000 has no time limit. ·Credit information reported because of an application for more than $150,000 worth of credit or life insurance has no time limit. ·Information about a lawsuit or an unpaid judgment against you can be reported for seven years or until statute of limitations runs out, whichever is longer. Criminal convictions can be reported without any time limit. Adding Accounts to Your File Your credit file may not reflect all your credit accounts. Although most national department store and all-purpose bank credit card accounts will be included in your file, not all creditors supply information to CRAs: Some travel, entertainment, gasoline card companies, local retailers, and credit unions are among those creditors that don't. If you've been told you were denied credit because of an "insufficient credit file" or "no credit file" and you have accounts with creditors that don't appear in your credit file, ask CRA to add this information to future reports. Although they are not required to do so, many CRAs will add verifiable accounts for a fee. You should, however, understand that if these creditors do not report to CRA on a regular basis, these added items will not be updated in your file. Sample Dispute LetterDate Your Name Your Address Your City, State, Zip Code Complaint Department Name of Credit Reporting Agency Address City, State, Zip Code Dear Sir or Madam: I am writing to dispute following information in my file. The items I dispute are also encircled on attached copy of report I received. (Identify item(s) disputed by name of source, such as creditors or tax court, and identify type of item, such as credit account, judgment, etc.) This item is (inaccurate or incomplete) because (describe what is inaccurate or incomplete and why). I am requesting that item be deleted (or request another specific change) to correct information. Enclosed are copies of (use this sentence if applicable and describe any enclosed documentation, such as payment records, court documents) supporting my position. Please reinvestigate this (these) matter(s) and (delete or correct) disputed item(s) as soon as possible. Sincerely, Your name Enclosures: (List what you are enclosing) © Copyright - www.deleteuglyredit.co
Omar M. Omar is the owner of http://www.deleteuglycredit.com and - Author of "The Credit Repair Bible" book. The website is dedicated to providing credit consumers free advice on how to repair credit. It also provides credit consumers numerous information about their credit report, credit laws, and their rights as a consumer.
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