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USING THE FAIR CREDIT REPORTING ACT?

The Mortgage industry uses a standard ranking system  "A", " B", "C", and now the FICO scores as a complement with your credit report. Information contained in your credit report is governed by the Fair Credit Reporting Act passed by the Congress, funneled and supported by 
the credit bureau's lobby.

1. One part of the law states: When you dispute any information given or contained on your credit file, the credit bureau must verify the accuracy of the information with the creditor who reported the information within 30 days. If they are unable to verify the information within 30 days, it must be deleted from your report..

 2. This act gives you the right to correct, update, amend your report and you can put your what happened story in there. These laws are passive in nature and unless you invoke them, they are worthless. If the information is corrected you improve your FICO scores and get an upgrade in the credit grid and hence save money.We do this for our clients to a certain extent.

3. If the credit bureaus refuse to remove the legitimate negative items and information and the same negative information shows up repeatedly or they stall you, than you can go to small claims courts and request a preliminary Injunction against them and sue for the maximum amount of damages allowed.You don't need an attorney in the small claims court

All of this brings us to the fascinating task of working on your credit reports.Your credit is a defensive game. Be cautious about it and guard it. Remember that these credit reporting bureaus  are certainly not your friends. You never authorized your creditors to sell your personal information to them, and than they in turn sell it to credit card companies and various other parasites and ghouls.

Typically, the maximum loan available to a credit-impaired borrower is 80% of the value of the property. Despite this unfairness of the game  Alliance Mortgage will push the ceiling for you and get your higher loan to value loans

 

 

 

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