Credit Report Accuracy Holds Back Housing Recovery

Posted by Joel pate in Uncategorized. Tagged: , , , , , , , , ,

According to Federal Reserve chairman Ben Bernanke in a speech at the National Association of Home Builders International Builders Show in Orlando, “The state of the housing sector has been a key impediment to a faster recovery.”

If the state of the housing market is the problem, what are some of the solutions?

Take into account a few facts:

“Millions of consumers are at risk of being penalized by inaccurate credit report information and inaccurate credit scores,” according to study cited by the U.S. General Accounting Office.

A National Association of State Public Interest Research Groups report concludes “79% of credit reports contain some type of error and that about 25% of all consumer credit reports may contain errors that can result in the denial of access to credit.”

The Federal Reserve Board Bulletin reports, “Key aspects of the (credit report) data were ambiguous, duplicative, or incomplete.” The details of this report outline the following systemic issues:

• Ambiguous status of state of accounts

• Failure to report credit account information

• Unreported credit limits

• Problems with collection agency accounts, public records and credit inquiries-duplications of accounts

• And more.

Bernanke went on to say, “The Federal Reserve, in its supervisory capacity, continues to encourage lenders to find ways to maintain prudent lending standards while serving creditworthy borrowers, but the slow recovery of the housing market and the economy and other factors are keeping lenders cautious.”

So what can or should we do about this problem?

Encourage your customers that have problems on their credit report to contact the credit bureaus directly and if they cannot resolve the problems themselves to immediately seek the assistance of a credit repair professional. While credit problems are not the only problem with the housing recovery it is a substantial impediment to the recovery of our economy.

If you are not familiar with a credit repair professional in your local area, contact me for a referral.

To your Success

Joel S. Pate

PS:    Plan to join Joel for his Jump Start Business Building webinar held each Thursday at 3 PM CST by clicking on this link:https://www3.gotomeeting.com/register/393936198

 

 

About Scoreinc.com

Scoreinc.com, Inc., headquarter in Mayaguez Puerto Rico USA, with offices in Mobile Alabama, is a leading provider of services to the derogatory credit sector of the financial service industry through its Scoreway® Software Solution and credit report accuracy dispute services. The Scoreway® platform provides an end-to-end management solution that helps the companies that we serve manage the credit review and dispute process and to improve controls and profitability. Scoreinc.com services an ever growing list of mortgage company’s, banks, credit unions, Realtors®, builders and credit service organizations through its innovative technology and credit report accuracy service.

Contact Score for more information at 877-876-5921 or by visiting the following pages:
Credit Repair Merchant Service
Fair Debt Collection Practices-learn to earn from FDCPA
Credit Repair Business Training
Credit Repair Software
Credit Repair Solution
For more details please visit Scoreinc.com