How credit bureaus perform

Credit bureaus perform the most difficult task of collecting credit information. There is no perfect way of doing this because of human error, identity theft, or the unalterable nature of the credit reporting system. Due to this, bureaus may store ‘inaccurate, misleading, or biased information about millions of people on their credit reports. But what if credit bureau does not respond in 30 days. Don’t worry, you can solve credit reporting complaints with all CRA’S.

In this regards, I am sharing with you a practical experience. A few months back someone notices that 3-fraud credit account is there in all three-credit report of a different credit agency. Then he contacted all three CRA’S and they inform that if these accounts are not belonging to him then inform the police and make a report. Then he collects the police report from the local station. And then sends one copy of it to all the CRA’S along with the statement that the fraud accounts are not him, they should block the accounts immediately. Because of his request, Experian and Transition removed all fraud accounts, but Equifax started the “dispute” process.

Mastering these tips, solve credit reporting complaints with all CRA’S

If your complaint not solved with Equifax then what can you do? What if the credit bureau does not respond in 30 days. Here is another example of such kind of problem I am going to share with you. Someone from Georgia sent a statement and police report to Equifax one month before. However, what happened to him after one month? Please stick to the context I am describing to you the full incident.

After one month all, the dispute was complete and all 3-fraud accounts came back as belonging to him, which is a lie. The creditors are B.O.A, Capital One and Macy’s. Then he filed a complaint with the Consumer Finance Protection Bureau (CFPB) against Equifax that initiate another dispute. After this, he has to wait for another 15 days for the outcome of his complaint to CFPB according to the CFPB guideline.

solve credit reporting complaints

When CFPB not able to give the result

If the Consumer Finance and Protection Bureau (CFPB) does not give you the result (They usually do in this case). Then sending EQ and ITS (Intent to sue) letter should be your next move is going to be, at this point you need to wait for the CFPB to complete. Normally it had great success going the CFPB route. This is the way you exactly solve credit reporting complaints with all CRA’S.

Erroneous items on credit card reports often go unchallenged. Even though the FTC reports that 79 percent of consumer who disputed credit report errors was successful in removing them. Monitoring your credit score at a regular interval can be a good way to catch identity fraud.

If you invest a little time to overcome the hurdles put in place by creditors. Then you’ll transcend achieve your credit score and get the life of your dreams. More detailed advice is available on the Federal Trade Commission website.

If you’re having trouble mastering these tips, don’t hesitate to contact us. We’re always happy to help people achieve their financial dreams.