Stamatakis & Thalji, P.L., Florida's Credit Repair Attorneys
myCREDITatty: "First Master the Fundamentals." Credit Repair starts with the Basics
Credit Report Information
Specific information regarding your identification and financial history are contained in your credit report.
Your credit report is often referred to as a 'credit file' or a 'credit history.' One of the underlying purposes
of maintaining a credit report of your financial behavior is efficiency for the lenders when reviewing your
credit history. This allows lenders to efficiently make decisions regarding whether or not to lend you
money or extend you a credit account. Your credit report typically contains four specific pieces of
Federal Law, including HIPPA, prevent disclosure of certain medical information typically related to
mental, physical, or behavioral health conditions. Even though the credit bureaus do not collect this
specific information, they will report the names of data furnishers which report your payment history, i.e.,
"Regional Hospital." The data displayed on the report regulated to medical payment information. Your
report will also include any consumer statements made at your request.
Bankruptcy filings usually appear on your credit report for up to 10 years; unpaid tax liens remain up to
15 years; other public records may appear for up to 7 years. Information found on the public records,
such as overdue child support, may be included on your report depending on the laws of your particular
Credit reports include specific account information, such as the credit limit, loan amount, balance,
monthly payment pattern and history, as well date the credit line was opened. Additional information
such as the names of joint account holders and co-signors may also appear on your report.
Positive, Active credit reporting information may appear on your report indefinitely, while negative items
and information tend to appear for up to 7 years.
Inquiries by creditors who have viewed your credit report information will also appear on your credit
history. Please be aware, that often times creditors pull your credit report without sufficient
authorization, which does penalize your credit score. The Fair Credit Reporting Act, allows your active
creditors to view your information without prior approval so long as they have a permissible purpose. The
definition of permissible purpose is not clear and this often leads to numerous abuses.
The major credit bureaus, Experian in particular, do provide your information to creditors inquiring for the
purposes of extending a pre-approved credit offers. They claim this does not impair your ability to obtain
credit. However, these 'policy makers' at the credit bureaus have never had to pay more money for a car
loan based on small problems with credit.
The personal information found on your credit report includes your name, current and former addresses,
phone numbers, social security number, date of birth, and employment information.
When you formally dispute the items found on your credit report, or file what is called, a "Statemens of
dispute," this should be placed on your record by the bureaus. Disputes should also be reported by your
creditors and will drop off your report only once the dispute is settled.
Any disputes between you and the creditor regarding the acocount status shoul d appear on your credit
report. The Fair Credit Reporting Act (FCRA) requires that these statements are added at your request.
Be careful regarding the language in any statement submitted as they will be posted to your account and
will not exclude any confidential information you put in the statement.
Data regarding race, religion, medical history, political views, personal lifestyle choices, friends, family,
criminal hisotrym and other unrelated and irrelavant information should also not be included. Information
about your checking and savings accounts should not appear on your credit report.
Review Your Credit Report
Potential lenders always review your credit prior to approving your new credit card, car loan, or extension
of credit. In many instances, particularly at car dealerships, they review your credit without your
permission. Any review of your credit by a lender or creditor will have a negative impact on your credit
score. Regularly checking your credit prior to and after applying for credit is the first step to maintaining
a healthy credit score.
For an easy to read credit report, summary of all accounts, existing balances, available limits, and total
debt check out www.GoExperian.com. ORDER NOW!
Regularly reviewing your credit report will help you budget and plan for the future, assure the accuracy of
the information in the report, and ultimately save you money through lower interest rates on loans based
on improved credit scores.
Consumers are entitled to 1 free credit pull from the three major bureaus every 12 months. There are
numerous free credit report sites on the internet to help you pull your credit. However, your free credit
report limits you to a small window when viewing and monitoring your credit report and score. We highly
recommend purchasing a credit report plan and consistantly viewing your credit on a regular basis for
Correcting errors on your report
Consumers can challenge any inaccuracies that appear on their credit reports. Federal law requires that
the three major credit bureaus, as well as your creditors, comply with your requests to check and
challeneg potentially inaccurate information.
Create a Positive Credit History
Essentially, the purpose of your credit report is top show potential lenders and creditors how responsible
you have been managing your financial affairs over a specified period of time. Positive information can
remain visible indefinitely, while negative information usually drops off after a certain period of time. The
good news is that it is never too late to begin building and fixing your credit. There is no credit that
cannot be saved given enough time, timely payments,and effort.Tips for creating a positive credit report
and history include:
Print clearly when applying for credit
Providing your complete name on every application, along with complete, consistent, and accurate
identification on your credit applications ensures a correct credit history from day 1. This type of accurate
disclosure helps prevent inaccuracies, incomplete information, and the mixing of your credit report with
other similarly named people.
Obviously, paying your bills on time, over time is the best strategy for improving your credit. Most
lenders look at the most recent information on a report. Lenders may wiegh a recent history of on time
payments (last 2-4 years) more heavily then older late payments. Paying on time is always the best
option and strategy for healthy credit.
Living within your means is a sound philosophy that has withstood the test of time. Living within your
means makes on-time payments much more likely.
If you begin to fall behind on your payments:
Contact your Lenders
Select lenders may work with you to set up alternative payment plans, schedules, and interest rates if
you notify them that you cannot make the current payments. Proceed with caution as most lenders have
no ethics and are always on the lookout to rip off unsuspecting and undereducated consumers.
Use Cash until you Matser Credit
Seeking out reputable professional services, such as attorneys, accountants, and financial planners can
prove to be very helpful if you are not good at managing your finances. In many instances, the money
you spend actually makes you money in the form of savings.
Educate yourself. Knowledge is King.
Don't Trust your Creditors or the Credit Bureaus
History tells us that creditors, collection agencies, and the credit bureaus themselves are not to be
trusted. Contact myCREDITatty for all of your credit related issues.
Stamatakis & Thalji, P.L. | 13902 N. Dale Mabry Hwy, Suite 300, Tampa, FL 33618 | info@myCREDITatty.com
Offices Tampa | Clearwater | Florida | 866.479.6946 | Credit Repair Attorneys