DEALING WITH CREDIT BUREAUS

 

It is essential to understand that credit bureaus are nothing more than record keepers.

Simply put, they keep a record of who has given you credit, when they gave you credit, how much credit you were given, and whether or not you paid it back on time.

Credit bureaus are paid by the people who request your credit file. Credit bureaus have no legal power over you. Neither government, police, nor banks run them, so you do not need to be intimidated. They are THE credit bureaus only because they own large computer systems capable of storing credit information about everyone in the United States. However, due to the overwhelming amount of information in their computers, their method of information-collecting is very basic, and riddled with many errors. Since the bureaus have made so many errors in the past, all federal laws regarding credit information are very much in your favor.


Crucial Strategies

The only things you legally need to supply the credit bureaus for a copy of your report are your name, your social security number, and a legal mailing address (P.O. Box is a legal address). Did you know that many of the collection agencies are owned by credit bureaus?

NEVER give credit bureaus more information than they need.

The bureaus also have a right to request a copy of your social security card, but only give a copy of the FRONT. They may also request a copy of something showing your address if it is different than what is showing on the report. Send them a billing statement that has your address. DO NOT send them a copy of your driver's license as they request. Remember, these bureaus are information-gathering companies who sell your information, not only for credit, but also for promotional reasons.