As a Home Loan Expert for the last 30 plus years, I have some inside information that may assist you with inaccurate or derogatory items listed on your credit profile. Our affiliation with a National Credit Repair Company has allowed us to help hundreds of clients who thought they would not be able to purchase their dream home.
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Please read on for inside information!
*Do you ever take a minute to think about how exactly these errors or accounts that don’t even belong to me wind up on my credit report to begin with? Shouldn’t the derogatory items be proven and verified before giving me a world of grief? You would think so, but it’s actually the opposite. The reality is that a creditor needs very little information to crap all over someone’s credit report. The creditors actually run a joke of a concept that we call "best efforts." Then they run a risk analysis to determine if the damage they are potentially causing and liability that comes along with that outweighs the revenue streams they hope to gain. This is complicated but also very important for you to understand, so let me offer this analogy. Automobile manufactures hire recall risk assessors when their vehicles blow up alongside the highway to determine if the money spent recalling their million automobiles is cheaper than the inevitable lawsuits of the victims. If it is cheaper, then the recall process starts, if it’s not then you get to ride around in a ticking time bomb. Edward Norton had this job in the movie Fight Club.
Going back to the credit report world, there is amazingly little to no amount of consequences for the creditors when misreporting information to the bureaus. Somehow society has deemed it to be acceptable that creditors make mistakes and that suing them over it is distant thought. This is for good reason though, even after helping an enormous amount of clients over the years, we’ve only seen a few successful cases where the victims received financial compensation for their headache. See, you have to end up proving whose fault it really was and of course both the bureaus and creditors blame each other and provide zero cooperation. If by some miracle you pass through those obstacles you then have to provide evidence of the specific financial loss you received due to each specific error. As you can imagine your lawyer fees will completely surpass everything you may ever hope to receive. So the final conclusion is; you get to ride around in a ticking time bomb...
The only ticking time bomb that’s greater than this is my temper when it comes to dealing with these scam artists on your behalf, and think, as unpopular the bureaus and creditors are to you is how they see us
*credit information provided by Sean with Home Loan Assist