Credit Reports And Collection Practices

Education of Credit

Our education system lacks emphasis on the number one issue in our financial life; credit. Credit determines the cost of everything you finance in your lifetime and either contributes to your financial well being or cripples you financially both in the short term and into your retirement years. In a perfect world credit bureaus would have your best interest at heart but we don’t live in such a world.

“It’s The Best System We Have”

Transunion, Experian, and Equifax do a wonderful job at keeping trillions of bits of information straight and accounted for on billions of credit reports, but they aren’t perfect. It truly is your responsibility to hold an accurate report. Credit Repair is the only means of an accurate report.

Not Once, Not Twice, But many

You think you are going to default on that credit card and only have the credit card company to deal with? Think again. Collection companies are paid dividends to collect on the debt and the debt is sold and resold again and again. The problem is your debt will report many times throughout this grueling systematic way of reporting. Credit Repair stops this from happening.

Example

Let’s say you default on a Visa card in January and by May collection companies are calling you repeatedly. You ignore the calls because you can’t pay it. That collection company is going to have a certain time limit per their contract to collect on the debt. If they don’t succeed in collecting on the debt by December they will then sell your information to another debt collector. This process will go on and on and on. It could be years later and you will still be receiving phone calls. Each time a new collection company attempts to collect from you they also put it on your credit. One account reporting many times can be a very frustrating situation. Griffin Credit can stop this.

Bottom Line

Laws are provided to you but you have to know how to enforce them. If you are behind on credit cards and are being hounded by collection companies they won’t go away. You must prepare yourself by hiring a firm such as Griffin Credit to assist you in this situation. Collection companies are paid to harass you and they do a fine job at it, but here is the catch… you don’t have to answer that call or be harassed. It is your responsibility to hold an accurate report and credit repair is the only way of making sure the report is accurate.