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LH Credit Repair Service - NewsLatest News!Press Releases Septmeber 26, 2007: What The Credit Bureaus Don't Want You To Know The credit bureaus don't want you to know the difference between accurate files and inaccurate files nor do they want you to know the laws concerning credit reporting. The law states that it doesn't make a difference if the account belongs to you or not, it has to be presented accurately. The only person I know that is completely accurate is Jesus. The law also states that the credit bureau must give you contact information including the name, address, and phone numbers of the person or company reporting bad debt on your credit report and the debt must be reported accurately or it must be removed from the report. This means that a bad file can belong to you and be inaccurate at the same time. Let's use a bankruptcy as an example: you filed bankruptcy, your credit report reflects the bankruptcy and the bankruptcy court's address right below the listing. Well, the bankruptcy court does not report to the credit bureaus. So who did? Now the bankruptcy is an inaccurate file and must come off. This is an example of how a file can be accurate and inaccurate at the same time. The address being wrong makes the file inaccurate. The court did not report the bankruptcy to the credit bureau. That alone could mean 100 favorable points on a credit score. Now let's look at collections: The law states that the collection agency can only discuss your bad debt with your spouse or your attorney, the credit bureau is neither. The law also states that money cannot be collected for monetary gain without giving something in return. Since you never signed a contract with the collection agency to pay them for anything you owe them nothing. No one owes a collection agency. A collection agency makes their money by factoring or buying bad debt. They pay about two cents on a dollar for your bad debt. At the time they purchase your debt/information detailing your debt, the debt is satisfied. If a collection agency should call, ask them to send you a copy of a contract stating you owe them money with your signature. They can't do it. You don't owe them, so don't pay them. If you pay a collection agency it will cost you points and it turns an inaccurate file into an accurate file. The statute of limitations of collecting a debt is four years except for a collection agency, this date starts over or renews the moment you call them. That is why they always leave an 800 number for you to call them. Call it and you will renew it. Here's something to think about; approximately 78% of what the credit bureaus report is inaccurate. Lee Harrison Contact:
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