Time Limits For Credit Debt Reporting
Creditors love to play dirty, fast and loose. Their bottom line is to make money, even if they take a long walk outside the parameters of federal and state law. They figure what you don’t know won’t hurt them. That is about to change. My intention is to arm my beloved readers with information on how to fight back – and win!
Remember: knowledge is power and information is king.
First, forget about all those ads that ask you to give up your credit card information for free credit reports or credit monitoring. Most of them are scams – just another way to rip off the unsuspecting and uninformed consumer. By law, you are entitled to receive one free credit report every 12 months from the three nationwide consumer credit reporting companies – Equifax, Experian and Trans Union. You can request your copy by phone or by regular (snail) mail. If you plan do make any mail inquiries to the above mentioned credit reporting companies, I strongly suggest doing it by usps certified mail with a return receipt requested. Inquiries have a tendency to get lost in the shuffle. Using certified mail with a return receipt request requires the receiver to sign for the letter. You will receive that sign request back. If your inquiry suddenly disappears, you have proof. Make it a habit of doing this, especially with issues that are time sensitive. Cover all your bases.
Second, if picking a fight with Equifax, Experian and Trans Union seems daunting to you, please hire a credit repair lawyer. There are reputable lawyers in your area that are experienced in disputing negative items on your credit report. This is my personal weapon of choice. Yes, it will cost you some money. Nevertheless, the rewards of obtaining a sterling (and true) credit report outweighs the cost.
Before you go hunting for a credit repair attorney, be forewarned. There are unsavory individual and companies who make fantastic claims of “magically” erasing all your debt. When the rubber meets the road, no results are forthcoming. Some of these companies may try to tempt you to change your Social Security number or get an Employer Identification number (EIN) to create a new credit report. Do not fall for this scam! This is ILLEGAL! You could be prosecuted for mail or wire fraud if you use mail or telephone to provide false information to apply for a credit or a loan. It is serious federal crime to make false statements on a loan or credit application, to give false Social Security Number, and to deceitfully obtain an Employer Identification Number from the Internal Revenue Service.
Now for the fun stuff!
You may find that many of the debts within your credit report are not yours or were not dropped off after the time limit set forth by federal law. We will deal with the latter of the two.
Tags: Credit Debt Reporting