Credit Repair Programs Absolutely Working. Does your credit need some cleaning up? Not sure what to do? We have a solution for you: Process 609 Credit Repair Program
There are millions of people that are looking for and needing credit repair. Many just aren't aware of the credit repair programs absolutely working for others. Some credit repair programs are out to get people's money and some are really there to help others.
The Process 609 Credit Repair Program is one that is here to help because we also want to REALLY educate you.
Credit Repair Programs Absolutely Working
Many believe that once their credit gets into a “negative” position that they have no recourse. They believe that they cannot dispute the credit “bureaus”. Well just to let you know first off, they are not “bureaus. They are credit reporting agencies. All the credit “bureaus” do is collect data about your credit and report it to FICO.
I don't want you to be afraid to dispute your negative accounts. You have rights! You can win!
How Credit Repair Really Works
I am going to share with you why The Process 609 Credit Repair Programs absolutely working.
#1. When you engage in a credit transaction (loan, mortgage, credit card etc.) with a bank or any other creditor the information for each of these accounts will be reported to one or more of these CRAs (credit bureaus) by each creditor and each month each “credit item” will be reported in your “credit file” which is indexed under your social security number, physical address and full name.
The Key To Your Success is the Fact That They Do Everything Electronically!
The Fair Credit Reporting Act (copy included in the “Package”) was put into law prior to the electronic and computer age. Even though the credit industry has been trying to lobby Congress to re‐write the law to meet current technology standards it is important to note that the current version of the Fair Credit Reporting Act (FCRA) requires the CRA’s to have physical copies in their files of documentation to support each account being reported on.
It is also important to understand that the creditors report all of your credit items to the credit bureaus electronically. They don’t send copies of any physical documents whatsoever to the credit bureaus.
IMPORTANT: What that means is that the credit bureaus do not review and or verify any credit applications, signed contracts or any documents whatsoever before they report the item on your credit report. They accept any and all credit items that a creditor sends to them electronically. They accept these credit items as “true” and correct and belonging to you.
#2. Each month your bank or creditor sends an “electronic file” with the details of your account to each of the CRAs (credit bureaus)
o account number
o date opened
o date of last activity
o high credit
o payment term
o status (borrower, co-borrower, joint)
o historical status (as agreed, 30 days delinquent)
o amount past due
o payment amount
o customer information secured from the credit application
and the credit bureaus simply place this information into your credit file with NO VERIFICATION done as to whether the account is valid, the information is correct or whether the creditor even has the right to report the item on your credit report.
Basically the three main credit bureaus give the creditor the benefit of the doubt that they are reporting accurate information. Why would they give the creditors the benefit of the doubt you ask?
The main answer to that question is because the creditor pays the credit bureau to report the item and the creditor also pays the credit bureaus each time they pull your credit report. The credit bureaus earn hundreds of millions of dollars a year reporting anything and everything on your credit report that a creditor provides them with. The credit “bureaus” are FOR PROFIT businesses.
#3. Proper verification according to established case law involves the credit bureau having copies of the original signed credit application in their files. They are required to have a copy of the credit application that you signed when you opened the credit account with the creditor in their files. They are supposed to have it in their files to show that they verified the information and account belongs to you and to show that they verified the information before they placed it on your credit report.
The truth of the matter is … the credit bureaus don’t review any documents let alone keep a copy of your credit application in their files. They NEVER see any documents. They don’t want to see any documents.
#4. How It is Supposed to Work: For example, let's assume you are going to purchase a car and finance that car. When the Credit department of that car dealership fund a deal with a lender, the dealer surrenders the 2 most important funding documents: the contract + the credit application. Once the lender is satisfied with these and the necessary supporting documents, the lender funds the loan. The lender now has the responsibility of reporting this consumer's file to the 3 credit bureaus.
The lender is supposed to send the credit application to the 3 credit bureaus to
properly verify that this is the correct customer. This verification piece is important. It's important because the dealership has to comply with the Patriot Act and other imposed regulations to properly verify, by securing a copy of the consumers Driver License, that the person signing the contract + the credit application is the person that was properly identified.
Also, the lender used this credit application as proof that the consumer gave the creditor the right to pull the consumers credit file and check on the person's job, income, residence, references, and then approve the loan. The credit application is the verification piece.
The problem is ….Even though the law requires the credit reporting agency to verify every account it reports on before reporting on it the fact is the lender never, ever, ever, sends the credit application to the 3 credit bureaus! No lenders ever send the credit application therefore the credit bureau NEVER verifies any of this information. Instead of sending the CRA a copy of the credit application to be verified, the creditor pulls the credit file of the consumer and the creditor verifies the information that the consumer puts on the credit application themselves. The verification process was done backwards.
Send the lender never sends a physical copy of the “credit application”, the accounts on your credit report are UNVERIFIED!!! Unverified accounts must be deleted according to Section 609 of the FCRA. Credit repair programs absolutely working understand this concept and use it to help people repair their credit.
More Value !!!!
Marlon Hurd – The Valuenaire
Consider Coaching – Schedule a 15 Minute Intro Coaching Session
P.S. Is your credit in shambles? Not sure what to do? This Course If For You – Process 609: Repair Your Own Credit
If you liked, Credit Repair Programs Absolutely Working: How Credit Repair Really Works, share it on Facebook, Twitter, Google+ & LinkedIn