Thursday, December 4, 2008

When Bad Credit Comes Back On Your Report

You've done some credit repair, or had some credit repair done on your credit report. Finally, you got some baddies removed. Then you go apply for a loan or credit and doggone it, that stupid negative trade line is back! What happened?

Well, there are a couple things that cause this to happen.

First, a very common practice for collection accounts is for the collector to sell it to another collector and congratulations, the scum put it on your credit report again! Many times, collectors have a few different companies or company names that they collect under. So one of the companies that got a hold of that tradeline, sells it to another one of it's companies so they can keep trying to collect from you and mess up your credit. Yes, I did claim that they want to mess up your credit. It's all about the ... say it together now ... MONEY!!!

Sometimes collectors will sell to another scum sucking, bottom feeding, low life collection company. That way they make a couple of bucks and let the next one try to get something out of you. In the meantime, you get a nice new negative mark on your credit, for something that got removed, most likely because the information wasn't accurate or the collector couldn't prove it.

If the bureau allows the exact same trade line to come back on your report, by law, they are supposed to notify you within 5 days of them reinserting it on your report. But just because the law mandates that they do that, doesn't mean they give a hoot and obey it. Many times they conveniently "forget" to let you know. However, you can go after the bureaus at this point and state the facts to them. "Uhhem, bureau idiot worker, listen, the law says that you have to notify me within 5 days if you are reinserting crap like this back on my credit. So, either remove it permanently or expect a summons, and don't forget to bring your check book!"

It may have been reinserted by the same crappy collector that had it there in the first place, because, even though they are supposed to respond within 30 days to any dispute (yep, that's the interpretation of the law), sometimes they don't. So when they decide to get around to it, the 30 days has passed, it has been removed, then the bureaus get their response and it gets reinserted.

The point is, you need to stay on top of your credit reports and not let them get away with these underhanded tactics of hurting your credit. Go after them! Go after the collectors! Make them show proof that they have the right to collect and report, and make the bureaus prove the investigation was thoroughly and lawfully completed. Otherwise, the law says it has to be removed. Remember, 100% accuracy on your reports is required by law. Don't let them get away with anything less!

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