Credit Reporting Agency (CRAs)

The CRAs (Credit Reporting Agency) are required by law to protect your rights while you are in the process of clearing credit.This process is tedious and frustrating . They must remove undocumented information on your report.

A negative credit report hinders your quest for financing a house. You will have to do a lot of tedious work to clear up any mistakes in your credit report.

Once you receive your reports, you will be given a phone number to discuss your report with a real person. Your gentle manners and pleasant conversations with the credit bureau employees will motivate them to help you more than angry words. Remember, these people are just doing their job and they get yelled at day after day by frustrated consumers.

Complete the dispute form provided with your credit report if something wrong in your credit report and write a letter for all discrepancies to both the creditor and the credit bureaus listing the item. Identify each credit report error by their corresponding account number and state why it's wrong. Include a photocopy of your credit report with the errors circled with your dispute form and letters. Send copies of your supporting documents.
Keep a copy of these documents with you for future reference.
This is important because in extreme cases they are required when some disputes are setteled with the help of Attorney.

Credit bureaus must investigate disputes within 30 days of receiving your complaints. Any item that is not verified as accurate by a creditor is supposed to be removed. However, the supposed creditors do not have to provide any supporting documentation. All they have to do is state that the account is reported accurately.

For this reason, after receiving your updated credit reports, check to see what actions were taken.
What the Credit reporting agency do with your information.They sell it to data marketing companies.It is usually done when you apply for a mortgage loan .

These data marketing companies then resell the information to lenders who are interested in trying to entice you to use their lending services. The information the data marketing companies provide is valuable, because it tells lenders everything about your creditworthiness before lenders pitch you their offers.

Just what other sort of information is being sold?

Mortgage Inquiry Data also sells:

credit scores

open mortgage balances

monthly payments

loan-to-value rations

revolving credit card balances

personal credit information besides just marketing application information.

Of the three major Credit reporting Agencies, Equifax and Experian have publicly confirmed that they sell trigger lists within twenty-four hours. If you are against it in your case

then you can personally express your disapproval by contacting the Federal Trade Commission.