Ashley Effinger Sometimes we throw in those magical affiliate links that can whisk you away to credit utopia. Each time you click on one of these bad boys and decide to snag a deal, a tiny trumpet-playing squirrel delivers a small bag of gold coins to our castle. In other words, we might earn a little something-something.
Get ready to uncover the secrets that credit bureaus don’t want you to know! Your credit report, that little piece of paper that carries so much weight, is in the hands of three major credit bureaus– Experian, Equifax, and TransUnion.
These for-profit organizations are raking in billions of dollars by selling your credit report to anyone with an interest. And boy, does it have an impact on your life! Your credit report affects everything from your ability to get a loan to the interest rates you pay on everything.
But don’t be fooled by their power, my friend. You have the power to fight back! Knowledge is power, after all. Here are a few things those credit bureaus don’t want you to know:
1. Errors are rampant in credit reports
I’m talking about mistake after mistake. Estimates range from 1 out of every 3 reports to a whopping 90% containing errors. So even if you think your credit is golden, it’s worth taking a closer look.
2. The law is on your side!
Congress passed the Fair Credit Reporting Act to give you the right to dispute negative information in your credit report. The credit bureaus have 30 days to verify the disputed info, or it must be deleted. They can’t mess with you!
3. Even accurate data can be deleted
That’s right, even if the info is accurate, if it’s not verified within 30 days, it has to go. The burden of proof is on the credit bureaus.
4. Credit repair isn’t a myth!
Despite all the skeptics out there, credit repair does work. It may not be a magic wand, but it can lead to significant improvement in your credit score. And trust me, the credit bureaus don’t want you to know that.
5. It’s perfectly legal to hire third party help to repair your credit!
Yes, you heard it right. There are credit repair companies out there who can help you get back on track, despite what the credit bureaus might say.
Wait, hold on. Did they actually send you a letter claiming that using such agencies is illegal?
Well, let me tell you something – that’s a load of garbage!
In fact, there are laws that regulate these companies. You see, laws exist to regulate illegal activities, not to ban things that are perfectly legal. I mean, when was the last time you saw laws telling cocaine dealers how to stay within the legal boundaries? Never!
It’s no surprise that repairing a bad credit report doesn’t benefit the major credit bureaus. But hey, the real question here is:
What’s in YOUR best interest?
Let’s focus on that.
But here’s the plot twist – the credit bureaus don’t just make money from selling your reports. They also make a pretty penny by selling the names of people with poor credit to creditors.
Why?
Because those creditors know they can charge sky-high interest rates to desperate people with bad credit.
How to Quick Start Cleaning Up Your Credit
- First things first, get yourself a free copy of your credit reports at http://www.annualcreditreport.com
- Take a good look at them and assess the damage
- Now, let’s talk about improving your credit report. There are two approaches you can take:
Option 1: Hire Third Party Help
If you’re not up for the challenge of repairing your own credit report, there are credit repair agencies that can do it for you. But here’s the deal – they come with a price tag. Expect to shell out anywhere from $2,500 to $5,000 for an attorney or $795 to $2,000 or more for a credit repair agency.
And here’s the kicker – they don’t always do it right!
Some of them might remove the negative data from your report, but in the process, they could end up damaging your precious “credit score” – that magical number used by creditors to assess your creditworthiness.
And let’s not forget about those outright scams out there!
Don’t worry, I’m not saying you should completely dismiss the idea of hiring third party help. If you do your homework, ask for references, and choose a reputable agency, you’ll be in much better hands. However, if you’re willing to put in a little effort, there’s an even better alternative.
Option 2: Repair Your Own Credit Report
Guess what? You have the power to fix your own credit report.
Yes, YOU can do it!
If you can sign into a dashboard, FreedomPath’s DIY credit repair software will give you the ability to:
- Have AI write a few dispute letters based on your individual needs in seconds!
- Opt to have your dispute letters mailed out or print and mail them yourself.
- Use the FreedomPath platform to monitor all three of your credit scores, create a budget, follow up with the credit bureaus and so much more
With FreedomPath to guide you through the process, trust me, it’s simpler than you think.
Having bad credit can cost you a fortune and bring endless stress. Even if you think your credit is just fair, taking steps to repair it could save you thousands in interest payments over the years.
So, take charge of your credit report. Dispute the errors, fight for your rights, and watch your credit score soar. Don’t give the credit bureaus the satisfaction of holding you back. It’s time to take control!
