Sovereign Credit Repair and Counseling

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Did you know that public records are actually never verified through credit disputes? When an item is disputed with the credit bureaus they send the dispute to the creditor. The creditor then deletes the item when it is not verifiable, they verify the item if it is verifiable, or they update the account with the correct information. When a public record is disputed, such as a bankruptcy or judgment, there is no dispute sent to the creditor or court. Instead the credit burea...us use a third party service to verify the information is accurate. This third party searches public records to verify the information. This is why these accounts are listed as public records on the credit report, because the information comes from public records, not the original creditor. If a dispute is done and the account is verified, this only means the bureaus third party service reviewed public records and verified that the reported information was inaccurate. In the end this really means the bureaus are verifying the information themselves, the creditor and court are not verifying the accuracy. This is just some good information that might help you in disputing these types of accounts.

Why Does Each Credit Report Vary by Credit Bureau? When viewing your client’s credit reports you will notice some accounts differ for each credit bureau. Some accounts will have different information between credit bureaus while others may not even appear on all three reports. The reason reports differ is because each credit agency collects data independently. Some furnishers including smaller banks and debt collection agencies do not report to all three credit bureaus.... Public record information as bankruptcies, tax liens, garnishments, etc., is sometimes gathered by each credit bureau by sending a person down to the courthouses to fish through the records. When the bureaus use different people, they sometimes report the same public record information differently, causing additional variations among credit reports. Yet another reason the credit reports differ is that the bureaus often receive and process information from furnishers at different times. In 2002, a study by Consumer Federation of America estimated that tens of millions of consumers are at risk of being penalized by inaccurate and inconsistent credit reports.

What is the statute of limitations (SOL)? A lot of people get the statute of limitations confused with the FCRA credit reporting time. While they’re both time limits related to debt, they have different effects. The statute of limitations for collecting a debt is the period of time that a creditor or collector can obtain a judgment through the court system to force a person to pay for a debt. The time period starts on the account’s date of last activity (DOLA) and varies by ...state. Even if the statute of limitations has expired, some debt collectors will continue to attempt to collect. They're hoping the person doesn’t know about the statute of limitations and will pay if they threaten enough. Be careful to insure your clients don’t restart their statute of limitations. Any time you take action with an account, the statute of limitations is restarted. Making a payment, making a promise of payment, entering a payment agreement, or making a charge using the account can restart the statute of limitations on an account. When the clock restarts, it restarts at zero, no matter how much time had elapsed before the last activity. Keep in mind that when the statute of limitations expires, it only prevents a collector from winning a judgment against the person. It does not: Erase the debt. If the debt is legitimate, the person will still owe it. Prevent the debt from being reported on your credit report. The debt can be reported as long as the FCRA credit reporting time limit allows

What is your bad credit costing you?Repairing your credit is essential! Call us today! (888) 854-5896 www.sovereigncreditrepair.com

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