Credit Bureaus Aren’t on Your Side

Find Out What the Credit Bureaus Don’t Want You to Know!

Today we’re going to talk about some important information that the credit bureaus would prefer I didn’t talk about. The credit bureaus don’t keep very accurate records. That being the case, it’s not surprising if a few mistakes creep into those reports. But unfortunately, the mistakes are astronomical.

So just how many reports contain errors? Well, there’s some general disagreement on that point. The Attorney General of New York State has estimated that there are errors in at least one-third of all reports. The United States Congress and a Consumers Union places the estimate a little higher, at about 50%.

The Charles Givens organization offers financial advice and education through publications and seminars. The organization conducted a study in which a shocking 90% of the credit reports that were reviewed contained errors!

So regardless of which figures you take, there’s at minimum a 1 out of 3 chance that there are mistakes in your report. I know I wouldn’t want to stake my financial future on those odds, would you?

Credit Reports Have Errors Because the Bureaus Keep Poor Records

A study done by the United States Public Interest Research Group showed that 79% of credit reports have errors. That’s a huge percentage

Did you know that errors on your credit report can be used as leverage to remove negative accounts? Even if you didn’t pay.

The credit bureaus keep records on millions of people, but the information they have isn’t precise. It’s largely debatable.

Do they do a poor job because it requires an enormous amount of work? Or do you think they make huge profits from the mistakes? That’s a serious topic that I don’t have time to cover now, but I’ll dive deep into it in one of my upcoming videos.

The credit bureaus have a responsibility to report information that’s verified and accurate. Unfortunately, they haven’t made it their top priority to resolve the issue of reporting inaccurate information.

All it takes is just one mistake to be denied for credit. That could equal no job, no house, no car, no credit cards.

“Almost every opportunity for financial security, success, and status is connected to your credit report.”
Aazim Sharp

Numerous mistakes occur during the credit reporting process. Check out the list below and review your credit report for similar mistakes.

Details of an account that are not reporting accurately…

– Incorrect loan amount
– Wrong date of last activity
– Inaccurate account number
– Accounts reporting that aren’t yours
– Accounts you paid, reporting as not paid
– Wrong date of last activity
– Inaccurate account number
– Accounts reporting that aren’t yours
– Accounts you paid, reporting as not paid
– Accounts showing as paid late and they weren’t
– Applied for account, didn’t open it, account reporting as open
– Payments you made not credited to your account
– Incorrect employment information
– Incorrect home address
– Wrong social security number
– Incorrect loan limit reporting on credit account 
– Bankruptcy reporting and you didn’t file
– Loan paid in full but still reporting a balance

Credit Bureaus Make Money Selling Your Credit Report

Another topic the credit bureaus would rather we didn’t mention is how they profit from low credit scores. Credit bureaus make more selling the credit information of people with poor and mediocre credit. Do you know why? Lenders purchase credit profiles from the credit bureaus so they can solicit consumers for loans. Lenders prefer to loan to consumers with less than perfect credit to charge high fees and interest rates.

Credit Bureaus Don’t Want You to Get Help 

Credit bureaus have made it a priority to discourage people from seeking help from third-party sources to improve credit. They have no interest in helping, it’s just to protect their profits. The information distributed by the credit agencies about getting help from credit repair companies is quite misleading. Let me explain further.

When disputing credit mistakes and negative accounts, the credit bureaus suspect that a credit repair company is working on your behalf. If they assume that to be true, they’ll send you an intimidating letter telling you it’s a waste of money and time. They classify credit repair companies as scammers (some are – more on that later). Sometimes the bureaus refuse to investigate your dispute and even claim the dispute is frivolous.

The credit reporting agencies also go as far as saying it’s illegal to get help from credit repair companies. That’s a complete lie. There are laws to regulate the credit repair industry. How would laws exist to regulate the operations of an illegal industry? The credit repair organizations act governs the actions of credit repair companies. That act was passed to control the actions of credit repair companies. I rest my case. 

Are you getting the picture that fixing your credit is something the credit reporting agencies would try to secretly prevent you from accomplishing?

The credit agencies have decided that they intend on doing what is in their best interest. You should do the same. 

Weapons You Can Use Against Credit Bureaus

There are weapons you can use to fight against credit reporting agencies. Naturally, they’d rather you not know about these powerful weapons, but I intend to expose the truth as often as I can. We’ll cover this topic in the upcoming installment of this series.


Aazim Sharp is the Founder and CEO of Leaf Credit Solutions, a national credit restoration company. He has invested the last twelve years of his life learning everything that he could about the American credit system – from how to remove negative accounts from credit reports to credit score optimization.
Aazim is the author of The Ultimate Credit Repair Guide and teaches continuing education classes on credit. 
When he is not busy helping clients resolve credit issues, Aazim enjoys weekend getaways with his wife and kids.

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