Dear Sir or Madam, 

     Please forgive my satire in the answers to the questions below. It is not intended to make light of any individuals credit problems. After being in this industry so long, I have learned that we must all bear much patience and a good sense of humor when attempting to resolve matters related to credit information. It is far too easy to get angry and frustrated when you don't understand why something has gone wrong on your file. Unfortunately, getting angry and yelling usually won't accomplish much. Educating yourself is your best defense to resolving your credit issues. 

     To better assist you, I have compiled answers to the most commonly asked questions in our business. Please feel free to e-mail us if your question is not covered.

Gerard's answers to the most commonly asked credit report related questions.
By Gerard Abreu

     By law, if you've been denied credit in the last six months, the credit bureaus must provide you with a copy of your credit report upon your request, free of charge. Refer to our links page to reach them.

     Unfortunately, unlike our judicial system, in the credit world you are guilty until you prove yourself innocent. Only you can dispute your file with the bureaus. Stay away from any company or person who claims they can magically make your bad credit go away. They're all frauds. But if you have a legitimate dispute or error, you can typically have your report corrected by simply mailing (certified letter recommended) your dispute in writing to the bureaus. By law they are suppose to respond to your dispute within 30days. If the disputed item cannot be verified, the bureaus will remove it from your records. All results of the investigation are mailed to you in writing , along with a copy of your credit report. (see links page to contact bureaus).

     Don't worry there is an end to the nightmare.  7 years is when that bad old student visa card you failed to pay back in college will erase itself from your past. But look on the bright side, if you had filed a chapter 7 bankruptcy your looking at 10 years of agony. The seven year countdown starts from the "date of last activity" (last pymt or transaction that occurred on the account before it became inactive.)  All accounts except for a publicly recorded chapter 7 bankruptcy will be automatically removed on their seventh year of inactivity. (see links page to contact bureaus)

     Primarily the difference is service. Think of it as five-star service as opposed to motel six. When you order an RMCR your getting "the works". Employment verification, data from all 3 bureaus compiled, compared and recreated to ensure the highest level of accuracy, all 3 credit risk scores, residence history information and full service throughout the loan process for up to 90days on changes, additions or corrections to the report free of charge. 

     A credit bureau is a company that compiles credit data obtained from subscribing financial institutions, collection services and public records such as judgements, tax liens, and bankruptcy filings. In the old days, credit bureaus were spread out all over, usually divided up by county. Creditors would provide their local bureaus with their credit records and they would maintain all your records right there in the county you lived. Like many smaller business in today's marketplace, they were gobbled up by what I call the "Big3". The "Big 3", with good reason, saw the need to consolidate records to a nationwide database. One by one they began buying out or purchasing rights to the data in each county bureau. Most local bureaus have consequently closed down or affiliated themselves with one of the larger national bureaus. Now any person wanting to evaluate your credit report or provide data on your file must go through one or more of the 3 national bureaus the "Big3"..The subscriber normally provides data to the bureaus by data tape and the data is uploaded to their mainframe. The data is sent on a regular basis usually every 30 or 60 days depending on the company. The more credit activity you have the more likely your file will increase in size. Credit records are matched to your file by two of the following: name, address, and social security number. Although more and more financial services are signing on with a bureau every year, many companies that extend credit, do not subscribe to any credit bureau and their data will not appear on any credit report. (to reach the big 3 refer to our links)