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Borrowers May Have Faulty Information on Credit Reports says

(, October 06, 2012 ) San Francisco, CA- While shortsales and foreclosures certainly hurt one’s credit report, certified credit specialist Julie Macc says it is possible to remove both from a credit report.

Many people assume that the foreclosure or shortsale is the death nail in one’s credit report, but apparently that is not the case.

According to the Federal Fair Credit Reporting Act, all items on a credit report must be 100% accurate and verifiable. Around 93% of consumers have inaccurate information on their credit reports, this according to Macc at a meeting of members of the Silicon Valley Association of Realtors. Any supposedly false information can be challenged on the report.

"Are the dates and amounts reported correct? Is it being reported as 'charged off' when payment was accepted for release of the lien? Does the credit report reflect the account as being closed? Often the account is being reported as open," says Macc.

If the person believes a mortgage loan servicer or lender was mistaken regarding a mortgage, the borrower can file a Qualified Written Request about all questioned documents and documentation. The lender then has five days to acknowledge the receipt and 21 days to provide the documentation.

Complaints may be filed with lenders as well. If the lender fails to respond or refuses to comply, the borrower can take the matter to small claims and sue the lender.

"Keep in mind that your credit score is used for obtaining credit and some important services, so it's important to have a good credit score," says Macc.

Credit checks can be run on management candidates in California. Insurance agencies in certain states are also allowed to run credit checks.

There are a great many companies that pretty on desperate and struggling homeowners, and so people should be aware of credit repair, cautions Macc. She adds that homeowners are at risk if their loan was “state income” loan as opposed to a “full doc” loan.

The latter requires full proof of all income that is verifiable, what stated income allows the borrower to state a monthly income on a mortgage application.

About ( gives people the ability to get 3 credit reports, 3 credit scores and free credit reports from all 3 bureaus. People can get free credit reports and scores, use any of the three trusted credit check websites and be on their way to having their credit score at their disposal at Free online credit report and online credit check has never been easier.


Matthew Lucas Petralis


Source: EmailWire.Com

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