Our credit scores determine so much for us that one slip up and scores drop. But it’s not as simple as that – the fact is that the three major credit-reporting agencies, Experian, Equifax and Trans Union are not reliable. For the most part they are merely databases collecting information that creditors provide. So what if the creditors report incorrectly? Well, tough luck! The bureaus go by what they get from creditors and collection agencies.
But we can report errors, right?
Let me tell you what I found out the hard way. In layman’s terms, this is how the conversation goes:
Tchaka: Hey Bureau, Company X is wrong, I was never late on that account.
Bureau: Ok, we will investigate your claim.
-
Bureau: Company X, was Tchaka ever late on his account?
Company X: Yes, he was 30-days late in November.
Bureau: Thank you.
-
Bureau: Tchaka, we verified the account and you were 30-days late in November.
So what’s my secret? Go to www.creditboards.com and sign up. It’s that simple.
CreditBoards is a bulletin board that has sections including Credit, Mortgage, Automobile Buying/Leasing, Business Credit, Student Loans and so forth. Members share information on how to successfully deal with the bureaus, collection agencies, etc. The days of paying a company $400 to dispute your blemishes are over. The bureaus look out for frivolous disputes so save your money, get on CreditBoards and start reading. I cannot stress this enough. I have sent a number of clients there and will continue to do so. Other loan officers should do the same. Realtors, if you have a credit-challenged buyer, instead of dropping him, refer him to CreditBoards and revisit in 6-months. Chances are you'll be pleasantly surprised.
- Tchaka Owen
http://tchakaowen.blogspot.com/
PS - Right after posting this, I noticed Julia Segovia (ActiveRain member) also posted on improving scores. Her post is http://activerain.com/blogsview/42875/Tips-for-Improving-your
Jeff, what does she "guarantee"? CreditBoards is the best because it self-taught. You do it all yourself, but in the process you learn about the whole credit game. And the success stories are better than anything I've ever heard from anywhere else. Then again, those who join and read are determined to fix their credit and they often don't settle until they're in great standing.
- Tchaka Owen
http://tchakaowen.blogspot.com/
CreditBoards.... scores a 10 on a scale of 1 - 10
all others(including websites, credit repair companies, ect) score an avg. of 2 out of 10
Thanks so much, Tchaka!! I'll definitely check out Creditboards and I appreciate the link. Great way for us to learn from each other!
It's cause you're so excited to find out about CB!!!! Don't worry, I was the same way too. :-)
- Tchaka
Great Post, I will check Credit boards out.
I've been on my high horse for a long time now because of the credit scoring system. My basic premise is how can a number based upon information that over 70% of the time is wrong be counted on to be valid?
If you like, read my post, Why Credit Scoring Should Be Illegal" and tell me what you think?
R.B. "Bob" Mitchell
ValueList Real Estate Services, Inc.
L
Tchaka, I need a blog about how to build better credit. As in canceling duplicate credit cards, paying down X before Y, and how many years it might take to get a score of X00 to Y00. That is what I need. Can you write one or link to one?
So instead of covering ERRORs, what do you tell people that just have bad credit and are facing a Subprime loan?
Frank, I generally give them the same advice your most recent blog does: don't buy.
If someone demonstrates a great need or a superb deal, then I'll support the decision to buy. But if not, I'm very honest and tell them to wait. I spoke with a lady recently looking for a $700k home while putting 5% down. Her scores are in the mid-500s. Since she doesn't have an urgent need to move, I told her to get on CreditBoards and spend the next few months working on her scores. If she can get them up a bit I'm sure I can save her a decent chunk of change each month - well worth the few months of waiting.
In regards to a blog on building better credit, I'm not sure you would do the topic justice because you could write a whole book on it!
- Tchaka