The credit dispute myth!!!

Greetings Red Phoenix World!!! Hope everyone is great and ready for some myth busting factoids about disputing items on your credit!

Have you ever talked to your work buddy, friend, neighbor or whoever about how to get things removed off your credit? Maybe you were embarrassed so you thought Google will tell me, Google knows everything!!! I applaud you for searching and looking for answers and working towards improving your credit. Most times, you will be told to "dispute" mistakes, even the bureaus tell you to do that! My friends, that's all fine and dandy however here is how that breaks down on your credit in simple terms.

A. If you're disputing items on your credit that actually belong to you that's no good. It is called perjury. You don't need to lie about anything when it comes to the bureaus. If you dispute and an item gets deleted odds are it can go back on.

B. When you dispute something without having supporting documents it does you no good. The bureaus will simply add a "consumer statement" underneath that account and say the have met FCRA Guidelines.

What does that mean to you? It means if you have any accounts in dispute with the bureaus you will not close your loan, PERIOD!! I will say that again, if you have any accounts that are in dispute you can NOT CLOSE YOUR HOME LOAN!!!!

It also means if you get items deleted using the dispute method, then they go back on, then Fannie Mae or Freddie Mac audits your loan and uh oh!?!?! Could make some trouble for you, just saying...

So what the H E double hockey sticks to do!?!?!? It would be a book to break it all down, (book coming soon, shameless plug) We have something called the Fair Credit Reporting Act, or what I call the FCRA. It protects us and allows us to make certain requests to the bureaus. www.ftc.gov is your best place to find it. Simply put, you need to know or at least part of it to make anything happen on your credit.

The point of all this dispute talk is to WARN my Red Phoenix Nation about the potential pit falls of trying to fix your own credit. Not saying you shouldn't try on your own if you want to, but don't make the dispute mistake. Its common that people try and do it online as well, you have to wright directly to the bureaus. Online "disputes" are just that, DISPUTES!!!

There are ways to fix your credit, but it has to be done the correct way. I can't give you all my insights, but I can tell you its not easy, you have to be persistent and patient. If you do check out the FCRA on www.ftc.gov you might also want to check out the Fair Debt Collections Practices Act and Fair Credit Billing Act. Those are helpful in this arena as well. However if you feel overwhelmed and can't get it done or just don't want to, you can always reach out to me. I'm always around...

john@redphoenixco.com

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