Articles about credit scores, credit reports and how to nurse your credit rating back to health are becoming standard fare in metropolitan newspaper columns and on TV network news websites. You can usually find them in the weekly real estate section of your newspaper along with lots of stories about the financial crisis of the day - sub prime mortgage foreclosures. Despite the seemingly obvious connection between these phenomena the professional journalists seem to leave it alone. Click here to learn more about Star Citizen UEC.
These so called credit repair articles have a common thread if not a striking similarity. Here is a quote from a recent CNBC article: According to the Better Business Bureau "everything a credit repair clinic can do for you legally, you can do for yourself at little or no cost. "
That is true so far as it goes - but that statement, which originated with the FTC and is standard fare in the mainstream media, is equally true for writing a bestselling novel, defending yourself in a murder trial, repairing your own transmission, or revealing the mathematical formula for the theory of everything. In other words that statement is both true and devoid of any meaning. How does the mere ability to write and speak English imbue you with any knowledge of federal laws, or substitute for years of experience dealing with credit bureaus, credit card companies, or cretin collection agencies?
What you never see in these good citizen credit repair articles is any reference to the Public Interest Group study that revealed that 79% of all credit reports contain errors, or the study that revealed that at least 10% of all credit scores are wildly incorrect, or the Federal Reserve Board study that disclosed that credit card companies intentionally do not report their customer accounts credit limits to keep their customers' credit scores lower than they should be, and less likely the target of competitor's solicitations.
Not seen is any reference to sworn testimony before Congressional Committees where we learned that although credit reporting bureaus are required by law to conduct an investigation of consumer credit report disputes that they march in lock step to the commands of the creditors and report whatever they are told to report.
If you want to be a good citizen then pay your bills on time, and don't question why 79% of consumer credit reports contains errors but less than 5% of consumer disputes get resolved in favor of the consumer. Like that bad driver's license photo you apparently should wait 7 years or more for your credit report to straighten itself out.
If you are a bit more inquisitive you could ask why one law firm that specializes in consumer credit repair disputes successfully removed from its clients credit reports in one three month period: 70, 817 collections items; 39, 833 late payment items; 28, 030 charge-offs; 11, 017 unpaid debts included in bankruptcy, and 2, 221 bankruptcies, among others. In all, customers reported back to the firm that this law firm had successfully removed 171, 939 negative items from its client's credit reports trades. This is just in Q2 2008!
The price you ultimately pay for almost everything you buy in installments - from auto insurance to the plasma TV you bought on plastic - is determined by your three digit FICO credit score. The official line is that you can't do anything to improve your credit score other than pay your bills, shut up, and wait. Now you know better. For more info visit Star Citizen UEC.
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