Credit repair is like a game of cat and mouse. Our job as credit repair experts is to know how, where, and when to set up, and spring the traps.
Credit Reporting Agencies, Collection Agencies, Banks and Credit Card companies get sued 1000's of time per year.
The majority of the lawsuits filed are born out of incompetenace, laziness, and neglect. The collection agencies, banks, credit reporting agencies and credit card companies consistently report inaccurate, unverifiable and outdated data. Reporting of inaccurate, outdated and unverifiable data is a violation of several laws and acts however, as they assume the public is to ignorant to know the law and their rights, and that there's no real agency "watch dogging" their actions, they simply do what they want and / or don't bother.
The FCRA (Fair Credit Reporting Act), FACTA (Fair and Accurate Credit Transactions Act), FCBA (Fair Credit Billing Act), HIPPA (Health Insurance Portability & Accountability Act) all have consumer protections and special provisions that deal specifically with collection agencies, credit reporting agencies, original creditors and / or medical providers.
Credit Reporting Agencies, Collection Agencies, Banks and Credit Card companies get sued 1000's of time per year.
The majority of the lawsuits filed are born out of incompetenace, laziness, and neglect. The collection agencies, banks, credit reporting agencies and credit card companies consistently report inaccurate, unverifiable and outdated data. Reporting of inaccurate, outdated and unverifiable data is a violation of several laws and acts however, as they assume the public is to ignorant to know the law and their rights, and that there's no real agency "watch dogging" their actions, they simply do what they want and / or don't bother.
The FCRA (Fair Credit Reporting Act), FACTA (Fair and Accurate Credit Transactions Act), FCBA (Fair Credit Billing Act), HIPPA (Health Insurance Portability & Accountability Act) all have consumer protections and special provisions that deal specifically with collection agencies, credit reporting agencies, original creditors and / or medical providers.
Understanding which of these numerous, complex laws apply to which situation is EXTREMELY important BUT also very confusing.
For example: If you were to send a letter to a collection agency stating that they have violated the "XYZ" consumer protection act and the must comply within "X" amount days or a formal complaint will be filed using an incorrect statute your dispute will be useless, and a waste of time, energy, and resources. This is a common error made by many so called "credit repair" professionals .. It's a sad reality but many of these credit repair, loan modification, debt consolidation companies hire inexperienced, unqualified sales people (who work for much less than a credentialed professional) to "sell" and work their files ..Like the credit agencies they pursue, they too are often lazy, incompetent, and motivated by profits ..
GCS, Inc., is staffed by only credentialed professionals, and makes it a point to understand the consumer protection sections of each of the aforementioned laws, and apply them effectively to maximize the benefits our clients seek, and need .
Don't misunderstand, mentioning laws and quoting statutes is very effective however, it can also be equally detrimental if not done / presented correctly. Obviously misquoting the law makes you look like an incompetent idiot, and sending form style letters is impersonal / unprofessional. Another major mistake constantly made by self professed credit "experts"..Mistakes that waste their clients time, and money. Both of which are unacceptable.
Another little know fact is that it cost’s the credit reporting bureaus money to have employee’s spend countless hours reviewing / addressing dispute letters ..The “Big 3” DOES NOT like the added expense's dispute letters bring, and do whatever they can to cut corners / minimize the time spent addressing them! The beauty of this is that their weakness now becomes our strentgh!
As professional credit advisors / credit repair experts, we understand the complexities of the credit dispute process and how use the credit reporting agencies incompetence to benefit our clients.
I hope you found information in this article useful. I will be posting more in the future that contain equally helpful information on a variety of topics related to credit repair, loan modification, debt consolidation, debt management.
Thank you
Edward J.Benko, Owner / CEO
GCS, Inc., is staffed by only credentialed professionals, and makes it a point to understand the consumer protection sections of each of the aforementioned laws, and apply them effectively to maximize the benefits our clients seek, and need .
Don't misunderstand, mentioning laws and quoting statutes is very effective however, it can also be equally detrimental if not done / presented correctly. Obviously misquoting the law makes you look like an incompetent idiot, and sending form style letters is impersonal / unprofessional. Another major mistake constantly made by self professed credit "experts"..Mistakes that waste their clients time, and money. Both of which are unacceptable.
Another little know fact is that it cost’s the credit reporting bureaus money to have employee’s spend countless hours reviewing / addressing dispute letters ..The “Big 3” DOES NOT like the added expense's dispute letters bring, and do whatever they can to cut corners / minimize the time spent addressing them! The beauty of this is that their weakness now becomes our strentgh!
As professional credit advisors / credit repair experts, we understand the complexities of the credit dispute process and how use the credit reporting agencies incompetence to benefit our clients.
I hope you found information in this article useful. I will be posting more in the future that contain equally helpful information on a variety of topics related to credit repair, loan modification, debt consolidation, debt management.
Thank you
Edward J.Benko, Owner / CEO
Genesis Credit Solutions, Inc.
License # MB100019240
800-364-1939 Toll Free Voice / Fax
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