Bad Entries on your Credit Will Eventually Fall Off

Your credit report or more so, your credit score can define who you are – more so than your career, your partner in life, and even your physical attributes.  Seriously, think about it.  You cannot obtain a car, a house, a credit card, a loan, or even sometimes a job without a good credit score.  In today’s society without any of those things where would you be?  Up the creek without a paddle, that’s where.

And, if you do get financed for credit with a low score or a bad score, your interest rate will be through the roof. 

Today’s economy has caused debt collectors to become more aggressive and relentless as to their collection tactics.  Thus causing consumers to get so upset, one might even contemplate bankruptcy.  Some may have to file bankruptcy.  But there are some things you might want to think about.  One thing could be the timeline wherein a bad entry must be taken off your report.

Luckily the Fair Credit Reporting Act or (FCRA) has established guidelines so bad credit cannot stay with your forever (unlike that birthmark you’ve always hated). 

Here are a few of those Time Guidelines set forth in the FCRA that you need to know:

Late Payment information and collection accounts will remain on your report for seven years from the date of delinquency.

Foreclosures will remain on your credit report for seven years from the date of delinquency.

Lawsuits or Judgments will remain on your credit report for seven years from the date of judgment.

Bankruptcy will remain with your credit report for 10 years from the date of filing; and

Paid tax liens will remain with your credit report for 7 years from the date paid.

A consumer does not have to do anything or write anything to the credit bureaus (Experian, Equifax, and TransUnion), to have the entry removed when the time is up.  The negative account should be automatically taken off when the appropriate time has expired.  If this does not happen automatically, then contact Jeff to dispute these accounts immediately! 

Jeff Suher to Host Workshop about the Fair Credit Reporting Act

Obtaining credit can be fairly simple for most Pennsylvania consumers.  If you have a steady job, and no history of serious credit delinquency, you can obtain more credit than you'll probably ever need.  But many in Pennsylvania face the flip side of this equation, and often through no fault of their own.

As fair and impartial as financial institutions purport the credit system to be, the fact is that mistakes in reporting credit information still occurs at alarming rates. These mistakes leave affected consumers financially disenfranchised from the rest of us, exposed to long-term financial problems that can limit life's possibilities and close them off from their shot at the American Dream.

Jeff will discuss identity theft prevention, fraud alerts, and security freezes, and help you to take steps to prevent yourself from identity theft and what to do if it happens to you.

Jeff will discuss the responsibilities of debt collectors other furnishers to the consumer reporting agencies.  Jeff can help you become aware of what debt collectors can and cannot report to the credit bureaus.  Jeff will also help you better understand your credit report so you can spot inaccurate information.You will also learn the proper procedure to dispute inaccurate information.

Date:  Tuesday, September 30th  Time:  6:30 p.m.

Place:  Single Step Strategies, 1738 N. Highland Road, Suite G103

 Pittsburgh, PA 15241

Members  $10         Non-members:  $15.

To register EMAIL  http://info@singlestepsstrategies.com

or Call 412-831-0183

On the Web:  www.singlestepsstrategies.com

SEATING IS LIMITED!

The only website to obtain all 3 credit reports for free every year

Remember, there is only one true website to obtain your yearly 3 free credit reports! You can request your reports online here, or you can download and print this form if you feel more comfortable mailing your request form to receive your free reports.

Here is the address where you send the form to obtain ALL reports, including:
Experian, TransUnion and Equifax:

Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281

If after receiving your credit reports, if you find a re-aged debt or an account that doesn't belong to you, please contact Jeff for a free evaluation of your rights.  Jeff can help answer your questions on how to send out a dispute letter, how long credit reporting agencies have to investigate, and what steps to take after the results.