Personal Information
Name, address, social security number, date of birth, the list
goes on. Credit bureaus will collect any information they can.
Some of it they are not required to but they will deliver it
until somebody speaks up. We make sure your phone number, Drivers
License number, etc. is not on your report.
Trade Lines
These are past and current lines of information that include
but are not limited to: Loans, Collections, Charge-offs and
sometimes Child Support.
They are also known as your LIABILITIES.
*Charge Off:
When you do not repay credit that has been extended to you
for a long period of time, a creditor must “clear”
the debt off their books for tax purposes. They issue you
a Charge Off on your credit report and write off the expense
in their taxes. Once they have finished this, they sell your
bad debt to a Collector for pennies on the dollar.
*Collections:
Considered about the worst item, this trade line is an active
account that has been sent to an agency or department that
is engaged in recovering what has not been paid.
Public Records
Public records can include things such as bankruptcies, liens,
judgments, satisfied judgments and satisfied liens. These
records are considered negative by all credit grantors.
Inquiries
When a creditor looks at your credit, it creates an inquiry
on your credit file. Each time, your credit score drops. Inquiries
will remain on your report for up to two years. Premier will
remove these too!
How Long Will Negative Items
remain?
Federal Law requires creditors report accurately and correctly.
This means that negative items can remain for up to 7 years
and Public Records can remain for up to 10 years.
How Can I get a Copy Of My
Credit Report?
If you are denied credit, by law you can receive a free copy
of the credit report the creditor used to make its determination.
You may also purchase a credit report online from numerous
web sites. Last, you are entitled to 1 free consumer report
every 12 months from each of the 3 major credit bureaus. Go
to www.annualcreditreport.com
to download these reports.
It Does not Matter If Negative
Information Is Yours Or Not!
Premier doesn’t dispute the ownership of the account,
they dispute the manor in which it is reported. Federal law
says that a creditor must be able to provide certain information
to the bureau if an item is disputed. If they cannot produce
all that is required by law, the bureau must delete! Just
because you have made mistakes doesn’t mean that the
creditors and credit bureaus do not have to follow the law.
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