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Press Release-Credit Repair, FICO Credit Score, Credit Rating |

Press Release


FTC Charged with Deception on Credit Score Repair.


The booming billion dollar a year credit repair industry is challenging the Federal Trade Commission, charging them with deception and incompetence in their interpretation of law according to new research published in “The Credit Robbers, It’s not just the Identity Thieves you should be worried about”.

 

With millions of Americans falling victim to the mortgage crisis, the national credit reporting and FICO® credit scoring system appears to have sprung leaks with fraudulent implications. “False claims by the Federal Trade Commission such as stated on their website that accurate negative information cannot legally be removed from your credit profile are a profound public deception.” says Robert Miller the investigations analyst and author of  The Credit Robbers”.

The Law specifically requires deletion of information from the consumer’s credit profile that is incomplete or can no longer be verified. Furthermore, there is a critical time deadline of 30 days from the date of the dispute in which to obtain the verification according to the consumer rights law.


Any number of circumstances can arise to challenge the legitimacy of negative information. Judgments can be satisfied or modified, liens can be reversed through successful appeals. But overwhelmingly the process itself can be the impediment to validation, especially in the case of items like bankruptcy where the courts simply do not have the staff or resources to verify such information requests from the agency bureaus.


Fair and Accurate Credit Transactions Act (”FACTA”) of 2003 has allowed easier access to consumers wishing to view their reports and dispute items. The Fair Credit Reporting Act (FCRA) is an American federal law that regulates the collection, dissemination, and use of consumer credit information. Along with the Fair Debt Collection Practices Act (FDCPA), it forms the base of consumer credit rights in the United States. http://www.ftc.gov/os/statutes/031224fcra.pdf

Some fraction of consumer credit reports contain errors. A study released by the U.S. Public Interest Research Group in June 2004 found that 79% of the consumer credit reports surveyed contained some kind of error or mistake. As a result, many consumers frequently invoke their rights under the FCRA to review and correct their credit reports.


If a consumer notifies a credit bureau of an error in their credit report, the FCRA requires the bureau to investigate the allegations within 30 days, review all information provided, remove inaccurate and unverified information and adopt procedures to keep the information from reappearing. In addition, the law requires that creditors refrain from reporting incorrect information to credit bureaus.


Another alarming trend shows up in the investigation reported in “The Credit Robbers” regarding questionable accounting practices in health insurance claims, resulting in negative items being reported on consumers credit profiles. Insurance providers typically drag their feet in paying covered claims for common procedures that result in systemic late pays on consumer credit profiles. In some cases they can extend beyond the 365 day limit resulting in direct liability to the consumer on covered claims.


“Our National Credit Reporting System is Broken. It’s amazing to me that the media hasn’t discovered and reported this outright fleecing of the American consumer.” states Investigations Analyst Robert Miller.

 

For more information on “The Credit Robbers” and a companion book titled, “Identity Theft Protection & Recovery” visit The Credit Robbers

 

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