Using this non-traditional credit date is more difficult and requires a lot of work. Additionally, there may be other conditions such as income minimums and requirements that the consumer have two months’ worth of mortgage payments in reserve.
Increasing Credit History
Consumers may need to put off their plans of buying a home and work towards improving their credit history. Consumers can do this by becoming an authorized user on a family member’s or friend’s existing credit account, provided that the person already has an excellent payment history. Additionally be sure that the company reports the account to all the three credit bureaus. The relative’s or friend’s complete payment history on that account will go on your credit reports.
Contact the Credit Bureaus
If a consumer is concerned that the three credit bureaus may not have credit reports on him or her, they should contact them and ask. If a consumer finds out that they do not have a credit report for all three, they can ask their bank or credit union to begin reporting to all three of the credit bureaus. This may not work if the lender does not have an account up with a credit bureau as this costs money. If this is the case a consumer could open a credit card with a different credit union or take out a loan with a national bank.
Understand the Fair Debt Collection Practices Act
The Fair Debt Collection Practices Act (FDCPA) is important for every consumer to understand. Whenever you are discussing credit information, it is essential to understand this Act. The FDCPA is aimed to preventing abusive practices by debt collectors and to ultimately ensure fair debt collection. The FDCPA also empowers consumers to dispute the claims of a debt collector, ask for validation of the debt, and to permit for judicial remedies should a debt collector violate the principles of the Act.
Our experienced attorneys here at Krohn and Moss Consumer Law Center have also provided many helpful resources regarding the FDCPA and how debt collectors should act. For more information, click here to learn more about this act and how it can help you.
We understand the frustration you may have when dealing with an aggressive debt collector. We have been successfully representing those abused and taken advantage of by debt collectors for years, and have a long list of successful stories to share with you. We offer a FREE CASE REVIEW for you to assess whether we can assist you with your matter. Please do not hesitate to contact us toll free at 1-800-875-3666 if you prefer to talk to a trained professional over the phone instead, or of course, visit our website at http://www.westopdebtcollectors.com/
Adam J Krohn
Latest posts by Adam J Krohn (see all)
- Mims v. Arrow Financial Services, LLC: Lawsuits Stemming from Automated Phone Calls Can be Brought in Federal or State Courts - January 9, 2014
- Vincent v. The Money Store: Broadens the “False Name” Exception to the FDCPA - December 10, 2013
- Debt Collectors Cannot Engage in Conduct that Harasses a Consumer When Attempting to Collect a Debt - November 28, 2013