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Fair Credit Reporting

There are 3 primary national Consumer Credit Reporting Agencies: Experian Information Solutions, Inc., Equifax Information Services, LLC, and TransUnion, LLC. These make up what is known as the 'Big Three' Credit Reporting Agencies (CRA's). These agencies compile information from court records, banks, credit card companies, cell phone companies, finance companies, mortgage companies, and even department stores. If a company is offering consumer credit, they're more than likely reporting to at least one of these agencies... if not multiple. In some cases, lenders will report to all three! Since all creditors do not always report this information to every CRA though, the credit reports provided by each agency are not necessarily the same. Each agency can, and often does, show different debts.


Understanding how CRA's operate, how your credit score is calculated, and most importantly, what you can do about it, is critical to finding financial independence. The good news is you're not alone! Snodgrass Law Firm, PLC. specializes in dealing with these CRA's. Our legal professionals can guide you through the process making dramatic impacts on your financial circumstances. Read on to learn more about CRA's, your credit report, and the actions you can take on that front to see positive results. Then, be sure to give us a call to review the legal options available to you.

1-276-676-2660

About Credit Reports

Your credit report is continuously changing, and constantly evolving. These changes are based on new lines of credit, when your creditors report information to CRA's, if you paid on time, & many other variables surrounding what you owe. All CRA's store creditor information reported to them in electronic databases that identify specific consumers via name, date of birth, social security number, etc. This can often contribute to difficulties when trying to remove errors from your credit reports, and that's where our firm can help! We remove the hardships many experience when working their credit, and make credit repair easy!


A few more things to make sure you understand about credit. When you apply for consumer credit, the creditor will request your credit history information. This is known as an 'inquiry' or 'credit pull.' CRA's pull your consumer credit information based on the personal identifying information mentioned above. This search algorithm is supposed to filter out obsolete credit information and/or credit information that does NOT belong to you. The credit report is then generated with this information, and provided back to the lender. A good thing to look for when seeking credit are 'soft credit pulls.' These are inquiries into your credit that do NOT negatively affect your credit score. Any inquiry that is not a soft inquiry, could result in lowering your credit score, and will be shown on your credit report(s).


Consumers are eligible for a FREE Credit Report upon request from TransUnion, Equifax, and/or Experian once every 12-months. These are sent via snail mail. All three CRA's also offer the ability to create an account on their various websites that allow you to view your credit history & information held with that specific CRA. We highly recommend doing this, as it can be a valuable tool as well! Keep in mind, if a lender denies you credit, you are entitled to a free credit report from the CRA that provided your credit information, and this information will be listed on the letter from the creditor that denied your application. If you're ready to start making real headway on your credit score, contact us to set up a Free Consultation discussing the legal options available to you.  We can walk you through the entire process of obtaining your credit report, and help you get your financial freedom back. Call us today!

1-276-676-2660

Understanding Credit Reports

When you receive your credit report, it's important to key in on specific portions. It will usually come with a small pamphlet showing you how to read your report including tips, so we suggest reviewing that as well. For now, here are the primary elements of focus:


Personal Identifying Information

This particular portion of your credit report should include your name, address, social security number, date of birth, former addresses, present/past employers, and phone numbers (including work, home & cell.) Any discrepancies found in this section should throw up a red flag.  If you have a suffix like Jr., Sr., III, or any other suffix, this becomes even more imperative.


Credit History

This section will be made up of two primary types of credit. The first are revolving accounts. Revolving accounts have a definite amount owed, however, the monthly payment may be variable (apt to change from month-to month). There is usually a minimum payment due in these cases. A good example of this is credit card balances. The other type of account are installment accounts. This refers to accounts that have a fixed monthly payment such as mortgages or student loans. Underneath every account, you'll find how & when each payment was made to that specific account. If you have paid on time, then the account should reflect 'paid as agreed.' If late payments were made, there will be a history of that showing 30, 60, 90, and/or 120 past due where applicable, AND the number of times this has occurred. If the account has not been made current for sometimes, the creditor may reflect your account as a "charge off" meaning the account is being considered a loss by the creditor. In some instances, if an account is paid off after the creditor has considered it a loss.. the report may show this as a "paid charge off'. Understanding this terminology is critical to understanding your credit report, assessing credit damages, & in making a plan to rectify those damages.


Collection Accounts

After a creditor charges off your account, and/or if you default on the debt entirely, the debt can actually be sold off to a collection agency. The agencies buy old debt from lenders at a discounted rate, in order to assume liability for the debt and try to secure payment in the full amount. In many cases these debts are purchased in large portfolios full of charged off accounts. Medical bills can also make their way into the hands of these collection agencies too.


Public Records

Public records are usually attained by contractors who work for the Big 3 CRA's. These contractors research public records held by courts, county records offices, & other resources, reporting this information back to the CRA's to include in your credit report. Examples of public records that could be found in this process are: bankruptcies, judgements, satisfactions of judgements, tax liens, releases of tax liens, and foreclosures.


If you're ready to reclaim your life, and get your credit back in good standing... Call us today for your free consultation. Our team of experts will create a solid action plan that provides real, long-lasting relief!

1-276-676-2660

Consumer Attorney Benefits

When you review all of the information on your credit report, the first thing you want to look for are errors & inaccuracies in your credit report data. If you identify any errors whatsoever, it is absolutely vital that you seek professional legal counsel from an experienced Consumer Attorney. That's where Snodgrass Law Firm can help! We have a deep understanding of the Fair Credit Reporting Act (FCRA) which requires us to dispute the inaccurate information on each credit report from each CRA. Each CRA is required to investigate the dispute electronically. CRA's are legally required to do this within 30-days of the dispute, or the disputed information will be taken off of your credit history. Even if there are no discrepancies, it is still important to call us. There may be hidden variables we can address that will help clear up your credit reports.


Experience is key, as this is only a few of the many tactics we deploy here at Snodgrass Law Firm. Call us today for your free consultation, and we'll help you pave the way to financial freedom.

1-276-676-2660
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