Many wonder if it’s unethical to attempt to remove valid bad credit issues from a credit report when you are trying to buy a Home. we say, “Yes, it is,” and here’s why.
The credit reporting and ranking system has been and continues to be unfair to American consumers. We are forced to participate in something we did not volunteer for and are punished for mistakes whether they are ours or not. We cannot opt out of this system and no consideration is made for circumstances that are beyond our control. However, “credit repair” is a term that has gained a negative reputation, and has been connected with credit fraud and credit schemes.
Problems contained in a credit report can lead to feelings of being in credit prison; however, there are solutions. A credit report should not be viewed as proof of bad credit, but rather simply an allegation. Unfortunately, consumers rarely challenge the allegations. When my clients sign on to use our preferred attorney network for their defense, they are basically saying “prove it” to the credit bureaus and entering a plea of not guilty. It’s not as simple as disputing what is wrong on your report. As we wrote in our previous blog about disputing items on your report to obtain a mortgage. Disputing items on your report may land you nowhere if not worse off.
Putting the credit bureaus in the position of having to prove their allegations is one of the functions of our preferred attorneys. If the bureaus say they have already looked into and confirmed the charge then our attorneys will appeal the decision. It is eventually discovered that most credit report allegations are falsely based, and at that point the negative items are removed.
Our society has its roots in capitalism and the credit bureaus feed on this and use consumer information to their advantage. The bureaus are not motivated by the terrible consequences bad credit can have on a consumer. Profit margins – not consumer rights – are what motivate them.
Our legal system takes an oath to truth, equity and the common good; credit bureaus do not take this oath. Why should any citizen be obliged to support any company, let alone massive public corporations, when doing so could ruin his credit and financial standing? The credit bureaus would cling to every bit of credit data, true or false, forever if federal law didn’t force them to delete many items after seven years time. Lucky for us, the government forced the bureaus to correct your credit at the end of seven years. If an item HAS to be removed after seven years, what would be wrong with removing it sooner?
So now you see that the bureaus are reporting negative credit and have little or no incentive to presume your innocence or even help you fix the negative items. In our Next Blog we will cover the Guilty before innocent way that bureaus treat consumers.