Truths About Credit Reporting Agencies

I’ve had some history with credit reporting agencies, that hasn’t always been good.  With this in mind, here are some things I’ve learned.

Once a negative form of credit is put on your report, a clock starts ticking for how long it will stay there.  With exception to bankruptcy, which is ten years for chapter seven, and seven years for chapter 13, all issues have different time lengths, most up to seven years.

Keep in mind, however, that even one payment to the negative balance starts your time over.  So, as the collection agencies call, if you pay off a debt, it will sit, negatively on you report with a zero balance due, for the same respective time as if you paid nothing towards it.

You can put a 100 word statement on each of the reporting agencies, if needed.  Remember, however, that they do not speak or communicate with each other, so get a copy of each of them, to see which has the negative information, before submitting your note.

Most creditors only look at FICA scores and do not look at your credit reports, therefore they will not see your note, at all.  With the current economy, more lenders may start reading reports, so its worth consideration.  Remember, thought, that this note will also start the time over that the negative credit will remain on the report, too.


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Real Free Credit Reports

Your are allowed to receive a free credit report from Equifax, TransUnion, and Experian, every 12 months.  Don’t go for the gimicks to sign up for crap you don’t need. Use the right service of Annual Credit

You need to know how to protect yourself against identity theft.

You may also request a report from each service, independently if you are seeking employment.

Trans Union
P.O. Box 1000
Chester, PA 19022

1-800-888-4213      website

P.O. Box 740241
Atlanta, GA 30374-0241

1-800-997-2493 website

P.O. Box 2104
Allen, TX 75013-2104

1-888-397-3742 website

It is better to request the reports in writing.  You will be asked for a current credit information to prove your identity.  If you do not know anything that may be on the report, your report will be delayed to prove that its you.  That’s for your own personal protection, so don’t get upset that you have to wait.

You may, also, request a free copy of the credit report used to deny credit you apply for, so you can see why you were denied the credit you requested.  You have a limited time to request this, so do it right away.


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Is the Collection Agency Real or not

I know a lot about credit reporting agencies as many friends and family work for these types of companies. Its actually very easy to get into this business.  Its a business of buying paper (debt) at usually 50% of its face value and then using your employees or independent contractors to do the calling for collecting.  This is how a real collection agency works.

So, when they call, ask them if they are associated with “xyz company” or if they are a separate credit collection agency.  If they say they are a separate collection agency, then proceed to tell them “you bought bad paper.”  This is credit agency talk and let’s them know you know how the system works.  What they say back to you, is the key to your own knowledge.

If they say back, Only “xyz company” can say if its bad paper, then you know they did not buy your paper, they are actually working for the company trying to collect.

This just recently happened to me for a medical bill.

I called them back a couple weeks later to tell them that my results of my own research show that my insurance company requires a contesting mailed letter of all actions involved in what I am contesting.

They lady said, “I’ll contact “xyz company” to update them, but this is going to your credit report shortly and I need you to call me back in two weeks.

THERE you go.  They are not a real collection agency that bought your paper or they would try to negotiate with you and not keep mentioning “xyz company.”


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