Three Big Credit Bureaus Grilled By Congress For 6 Hours

This week the big three reporting agencies TransUnion, Equifax and

Mark Begor/Equifax, James M Peck/TransUnion, Craig Boundy/Experian

Experian spent six hours giving testimony to Congress. They were asked questions regarding every aspect of their companies ranging from dispute resolution practices, cyber-security and the fact they have no other competition in their space.

With Maxine Waters, a long time consumer advocate at the helm of the financial services committee, you can bet the farm that this is not going to be a comfortable year for the bureaus.

Waters has already introduced a bill that would require yet another overhaul of the credit reporting system as well as amendments to the Fair Credit Reporting Act. Subscribe for updated information as it becomes available.

Many thanks to Chad Kusner, Credit Repair Resources LLC, for this information. CCCR offers a credit report analysis and consultation service for people who need credit advice without a full credit repair. More info here.

Build and Protect Your Credit Like the Pros guides you to achieving A+ credit in the shortest time possible.

Having a top tier credit score saves you money on insurance premiums, interest rates, and gains you respect in the community.

“Must have” for every American. Available on Amazon here.

Credit News for U.S. Veterans!

New credit leniency and protections for our highly respected U.S. Veterans have been signed into law. Here are the important points to know:

  • Medical debts/collections incurred cannot be reported to a veteran’s credit report for one full year from the time the medical service was provided.
  • If any medical debt has been reported as delinquent, a collection, or a charge-off, it must be removed from the veterans credit report once it has been satisfied.
  • If a medical debt is in the process of being paid by the VA, and the Veteran provides the proper documentation to the credit bureaus, it must be removed from their credit report.
  • Veterans on active duty are to receive free credit monitoring that will alert them to any material changes on their credit reports.

Thanks to the Economic Growth, Regulatory Relief and Consumer Protection Act initiated by Senator Mike Crapo (R-ID) and signed into law May 2018.

Thanks to Credit Repair Resources, LLC, for this information.

Thanks to every United States Veteran and Service Member for protecting our great nation.

Please pass on this important information to every U.S. Veteran, because many have medical accounts and are unaware of this law. Thank you.

My Podcast with Emmy Winner Elisabeth Leamy

I was a guest on the podcast Easy Money with 13-time Emmy winner,
Elisabeth Leamy!

Elisabeth is best known for her work on Good Morning America, The Washington Post and Dr. Oz.

Easy Money is full of surprising ways to MAKE more, SAVE more and find YOUR unclaimed money.

I shared my story about the benefits of improving your credit score .  Let me know what you think of my episode!

 

And, if you like it, you can help the show succeed by subscribing/reviewing here: http://apple.co/2tpUY6v

Land of the Free: Don’t let bad credit stop you

As we celebrate living in the Land of the Free and Home of the Brave, it occurred to me that being strapped with bad credit is the opposite of freedom. When you can’t enjoy life because you’ve got creditors hounding you to pay bills, that is not freedom. When you can’t get a decent interest rate on a car loan or decent insurance premiums because of a low credit score, that is not fun.

I urge you to take control of your credit and finances. No matter where you are today, you can make a plan for your future. It might not happen overnight, it might take some self-discipline, and some work — but that is what our legacy is all about.

Our forefathers and foremothers — all of them, not matter where they came from, whether rich or poor — wanted to be free. Let’s grab hold of that spirit of determination and pursue whatever it is that we need to do in order to make tomorrow better.

Credit repair is legal and ethical, when it is done properly. Others are repairing their credit and restoring their good name, and you can, too.

Harold from Indiana wrote this is an email (and gave permission to share it):

My score has gone up 89 points in a 2 month period. After mailing the letters it didn’t take long for them to respond, maybe 2 weeks. I will continue to work at improving my credit. Once again your book is amazing and it truly works.

He is talking about Repair Your Credit Like the Pros: How credit attorneys and certified consultants legally delete bad credit and restore your good name. You can get more details here.

Have a happy and safe Fourth of July! God bless America!

 

 

 

How Many Items Can You Dispute at One Time on Your Credit Report?

“My credit report shows several negative accounts that I need to dispute. Can I include them all in one letter?”

This is a common question, and I go into detail about how the professional credit repair specialists handle it in Repair Your Credit Like the Pros. But let’s talk about common sense.

If your credit is mixed up with another person’s credit, such as your name is Charles Moon, Jr. and Charles Moon Sr.’s credit is showing up on your report, then you should include all of Sr.’s credit accounts that do not belong to you in one letter. Also include two pieces of ID showing you are Jr.

If you were in the hospital getting an appendectomy and some of the bills went into collections because your insurance company messed up, then include all of those collection accounts in one letter, because they are all related to one event.

So, if the erroneous negative accounts are all related, include them in one letter — and if possible, send verification along with it.

On the other hand, if your report shows a collection account from Comcast dated 2013, and a collection account from Sears dated 2016, then it’s clear that those two accounts are not related to one another. Therefore, you must dispute them separately. For each, explain why it is incorrect and request that it be removed from your credit report. You can use a handy Credit Investigation Request Form that goes with the book if you like. It’s a good idea to hand write a short explanation in the white space. Or, if more appropriate, you can use a letter.

Some people have asked me what I think about the 609 template letters. I know a lot of people use them, and that’s one problem. They are over-used. Another problem is that they sound like legalese, not like something an honest citizen would write about his/her situation.

What’s more, the top credit repair experts that I interviewed and have worked with do not use those letters. The book is called Repair Your Credit Like the Pros.

Credit repair is a big topic and it is both simple and complex. It’s too much for a blog post, but I hope that using common sense will make sense to you for your situation. For more detailed instruction, please see the book.

For the record, I do not do credit repair, nor do I give credit advice by email. I am a licensed mortgage loan officer in California and Washington; and as all mortgage professionals do, I have helped my clients get approved for a home loan.

“This could be a valuable email to you or someone you know.” ~ F. McGehee Woolf

Written by Mr. F. McGehee Woolf, mortgage loan manager, licensed in Louisiana and North Carolina (NMLS 89625):

As a client of ours over the years you may recall the importance of having acceptable credit as a primary consideration in the home buying process.  Many fall below the acceptable ranges to be approved.  This can be very demoralizing, and they typically consider some unattractive options, such as:

  1. Listen to a friend and dispute all the negative credit information.
  2. Pay a company or an attorney to rehabilitate the credit which often delivers mixed results.
  3. Do nothing and keep renting.

Since people look to me for guidance I wanted to learn more about how someone could help himself or herself in this frustrating circumstance.  I recently read the book by Carolyn Warren titled Repair Your Credit Like the Pros.  It’s an easy read loaded with excellent direction on what to do in almost every conceivable circumstance.  Ms. Warren will even provide you with the letter templates you need to be successful.

I contacted Ms. Warren asking for her permission for me to notify you of the availability of her book, and she

Rated best DIY credit repair resource.

graciously granted it.  I wholeheartedly endorse it.  You can click on the link below and it will take you to the Amazon page where you can purchase her book for $13.49.  With her book and some focused effort, most people will be able to get their credit in order.

Best of luck and let me know if I can help you in any way.
F McGehee Woolf, Loan Production Manager NMLS No. 89625
For loans in North Carolina and Louisiana, visit website here. Office: 225.767.5355
Email: mwoolf@rsmc.net