Bankruptcy And Debts

Bad credit is expensive. A low credit score on a home mortgage can cost hundreds of points in interest penalties alone. For example, say you have an outstanding mortgage of $150, 000 - the chart below shows what bad credit means for your interest rates and the ultimate cost of your home equity acquisition. A low credit score can literally double the cost of your home! Over the Course of a 30-year Fixed-Rate Home Loan, whether New Mortgage or Refinance, a High Credit Rating can Save You Tens of Thousands of Dollars on Interest Payments Alone - often Hundreds of Dollars per Month! consolidation debt mortgage

Bad Credit - Auto Loans and Vehicle Financing

Assume you have an outstanding car loan for $15, 000. Quick math illustrates the cost of a low credit score. Bad credit can cost you thousands of dollars even on an auto loan! Automotive Vehicle Loans: Thousands of Dollars can be Saved if you Move from a Low or Bad Credit Rating to a High or Great FICO Credit Score when obtaining your loan consolidation debt help

Bad Credit - Credit Card Interest and Monthly Payments

Let s assume you are carrying $8, 000 in credit card debt. Additionally, let s assume that you budget $175/month to service this debt. Below are the results of bad credit, average credit, and excellent credit scores on your payment sundown and amounts. As shown, a consumer with bad credit will pay more with higher interest rates, and at a high APR, consumers with bad credit can make minimum payments and yet remain in debt for decades. Bad credit means higher interest rates, period. consolidation credit debt

Credit Card Interest Rates Use a Fairly New Set of Rules and a Risk Model that Means a Low Credit Score Equals Higher Interest Rates and APR that goes through the roof

Examples like those above illustrate the hidden costs of attempting a major purchase with bad credit. Even one percent in higher interest rates can cost you tens or hundreds of thousands more in interest payments alone. bill consolidation debt

Optimizing your credit profile and emerging from a bad credit profile, especially before a major purchase, is not just something to think about; bad credit must be repaired. If you have bad credit, get a trusted credit repair service on your side - get Veracity. Enroll in Credit Repair About Veracity Credit Consultants Contact Veracity Full Refund Policy Veracity Site Map Privacy Statement Terms of Use consolidation debt quote

Credit Repair Case Studies Credit Repair FAQ Credit Repair Client Testimonials Credit Repair Enrollment How To Improve Your Credit Score Why is Veracity the best credit repair company for me

Veracity is one of the best credit repair companies because we get results. By offering the best credit repair service, the best credit report analysis, immediate action plans, ongoing updates, and the most experienced credit repair consultants, we outperform most competition significantly. consolidation debt lead

Veracity is one of the fastest-growing credit repair companies in America, and this growth is a testament to our quality. Most new clients arrive based on word of mouth referrals from current and past clients, or by referrals from professionals such as mortgage brokers and loan officers. If you have bad credit, Veracity is your credit repair company of choice. consolidation debt non profit

Veracity s credit repair strategy removes the stress of doing it yourself yet provides personalized service for thousands of active clients. With a service that combines credit repair and direct financial consulting, Veracity is hard to beat! consolidation debt loan online

Credit Repair Home

| All FAQs | Previous FAQ | Next FAQ Credit Repair FAQ - The Rest of the Story... Credit problems are different for everyone. While just about everyone wants to fix their credit problems quickly, the goals, baseline credit scores, credit report data, and negative items vary widely among consumers. consolidation debt home loan

As a result, we feel there is no benefit to a cookie cutter credit repair strategy. To yield optimal results for all credit report problems, Veracity s Credit Repair Solution emphasizes one-on-one consultation. Each and every one of our clients receives a custom credit repair action plan based on their unique credit repair goals and issues. christian consolidation debt

The sole objective of our credit repair specialists is to understand your needs, and to then work with you to create a credit repair strategy that addresses your specific credit problems and goals. No other credit repair company offers this level of consultation or unlimited credit repair expert accessibility. consolidation debt information

We know that the discovery of credit problems often comes at the worst of times. Because we know time is of the essence, Veracity delivers the fastest credit report repair results because we start your credit repair case process immediately: we initiate the credit dispute process within hours of enrollment. agency consolidation debt

The reason we provide personalized service is because we understand how many factors influence your credit score. Negative information (late payments, collections, liens, bankruptcies, charge-offs, repossessions, foreclosures) is important to address, and Veracity s credit disputes are powerful and effective. However, we don t forget the other two-thirds of your credit report, and Veracity is the only credit repair company that consults on how to improve the other 65% of your score. consolidation debt solution

The benefit of optimizing your entire report is that it s the best way how to improve your credit score, which can enable you to obtain a credit card, home mortgage, auto loan, and more. Because great credit is so important, many of our clients remains with Veracity even after their short-terms goals are satisfied. california consolidation debt

As a result, our credit management service gets faster, better results by using a comprehensive credit repair solution tailored to your individual needs. If you want the best for your credit, get the best credit repair company available: Veracity. consolidation debt loan uk

Credit Repair Case Studies Credit Repair FAQ Credit Repair Client Testimonials Credit Repair Enrollment How To Improve Your Credit Score Can I Fix or Improve My Credit Report or Credit Score on My Own

Yes. Many consumers either want to try credit repair on their own, or have read per the FTC that do it yourself credit repair is just as effective as any credit repair company s services. If you simply must give yourself a headache, the web is packed with inexpensive credit repair kits, numerous restoration tips from credit repair forums and books, and sample dispute letters are freely available. consolidation debt equity home

Of course, we know there s a good reason why Veracity s credit repair is so popular... you get what you pay for with free advice, and the reality of the do it yourself credit repair process is that a lack of time and experience dooms self-help credit repair to failure for many consumers. The alternative is common sense: it helps to work with experienced credit repair professionals. consolidation debt government

Our congratulations and support goes to those consumers who spend untold hours defiantly reading credit repair books or forums - and who then type, print, fold, stamp, address, and send dispute letters, wait for results, and repeat the process as needed. But for the price, our clients prefer Veracity credit repair. With one phone call, you can hand your credit repair needs to Veracity and let us do the work... quickly, legally, and efficiently. And disputing isn t everything! consolidation debt firm

Credit Repair Home

| All FAQs | Previous FAQ | Next FAQ Credit Repair FAQ - The Rest of the Story... If you made it this far, the FTC probably has you convinced that there s nothing a credit repair agency can do that you can t do yourself. While we ll not comment on that statement s validity, Veracity can provide resources to help your DIY credit repair be as successful as possible. After all, our ultimate goal is not merely to provide affordable credit repair services... we want to see all credit reports accurately reflect credit history. consolidation debt financing

A primary resource is the FTC, which supplies an overview of obtaining your reports and correcting errors; quality credit report dispute letters are also available from a variety of Internet resources. consolidation consumer credit

If you are interested in going beyond basic credit repair know-how, a seminal text on credit, credit bureaus, your FICO score, other credit scoring models, the history of credit risk modeling, and more makes it easy to recommend one of the best books ever written on the subject, Mr. Evan Hendricks Credit Scores and Credit Reports. consolidation debt free quote

As for how to read your reports, to best identify any discrepancies or reporting errors that may require credit repair and dispute letters, MSN Money has archived a Bankrate article on deciphering credit reports posted here. card consolidation counseling

That s a decent start. If you need any further assistance, please call or chat with our credit repair experts, especially if your do it yourself credit repair bogs down. However you go about it, Veracity s credit repair team is ready to help you optimize accuracy for your most important financial asset: your credit reports and credit scores. consolidation debt lender

Veracity - When to Consider Professional Credit Repair Credit Repair Case Studies Credit Repair FAQ Credit Repair Client Testimonials Credit Repair Enrollment How To Improve Your Credit Score Why Should I Consider Credit Repair or Credit Restoration

An optimized set of credit reports and a higher credit score is essential for all consumers. Credit Repair, the service, addresses the fact that most credit reports contain errors. calculator consolidation debt

Bad or inaccurate credit impacts your financial life in many ways. Working to clean up your credit history is therefore important for all consumers. When you erase problem credit data, you ll enjoy a stronger financial future: restored credit means better interest rates. best consolidation debt loan

One option to improve your credit rating, loosely named credit repair by the media, is a collection of services that help fix problems and restore your credit report to greater accuracy. A portion of our strategy involves disputing negative credit listings, as is your legal right. A further portion of our solution is to consult on the other decisions and data that influences your credit score. consolidation counseling

Credit Repair Home

| All FAQs | Previous FAQ | Next FAQ Credit Repair FAQ - The Rest of the Story... Credit restoration is a means to the goal of empowerment. Problem credit will eventually force you away from hopes of reasonable interest rates and strong purchasing power, driving you into a lower tier where problem credit loans and high-APR credit card offers. This is why restoring your credit is so important and valuable. best consolidation debt

You don t have to be on the edge of bankruptcy to feel the impact of 0% APR versus 29.99% APR - the difference is staggering. The same goes for a home or vehicle loan. Any increase to your interest rates means higher monthly payments. best company consolidation

To restore credit and remove the stigma of problem credit is a major undertaking. Consumers must pull their credit reports, decipher what those reports really say and then the consumer must create dispute letters that challenge information directly with the bureaus. A consumer then waits 45-60 days to get a new set of credit reports, and if the credit problem verifies they must begin the cycle over again. consolidation debt lending

Restoring credit on your own can be a problem on its own. Yet consumers know they need to restore and fix problem credit in order to increase their buying power and financial capacity. To help the many consumers who don t have the time or ability to deal with a complicated process for months on end, assistance to quickly restore their credit to an acceptable and accurate level is available. business consolidation debt

That s where a legal credit repair agency can be helpful. Established credit repair firms have years of experience with thousands of reports and consumer credit problems, and these repair firms have adjusted and fine-tuned their credit restoration services to provide fast, efficient methods to restore credit and fix credit report problems. advice consolidation debt

With Veracity, our strength in credit repair and restoration is not limited to removing problem credit with dispute letters. While dispute letters are important, Veracity fully consults with our clients on a number of additional factors that can also increase credit scores and our clients buying power. consolidation debt interest

For example, Veracity will advise on how to negotiate with collections agencies, how to pay down credit card balances properly to raise a credit score by the largest margin possible, how to prepare and maximize in preparation for a home mortgage, and so on. consolidation debt refinance

In order to improve your credit score and reports and to help you fix problem credit, thereby increasing your credit score and restoring your credit rating to a satisfactory level, there s a choice aside from doing it yourself... get expert assistance! consolidation debt finance

If you have credit problems, be sure that your credit repair company offers a solution, not just a cookbook of credit repair tactics. Credit restoration and credit score optimization services from Veracity are the best solution to your credit problems. consolidation debt plan

Credit Repair Case Studies Credit Repair FAQ Credit Repair Client Testimonials Credit Repair Enrollment How To Improve Your Credit Score What Does Credit Report Repair Fix on My Credit Reports

Credit report repair can fix negative, inaccurate information and problems on your credit reports, which in turn improves your credit score and credit history. A late payment, charge-off, bankruptcy, tax lien, collections, and any other negative listings can devastate your credit reports and hurt your credit score by hundreds of points. consolidation debt personal

Credit repair works to remove negative information that is verified by the credit bureaus as incorrect, inaccurate, misleading, unverifiable, or beyond statutes of limitations via the dispute letter process. consolidation debt management

Credit Repair Home

| All FAQs | Previous FAQ | Next FAQ Credit Repair FAQ - The Rest of the Story... The three primary credit bureaus (Experian, Equifax, Transunion) each update billions of pieces of credit information every month. With so much information coming in, credit report mistakes are inevitable: new reporting errors appear on credit reports daily. consolidation debt secured

Unfortunately, these reporting errors can damage your credit report and lower your credit scores. Credit repair helps fix and clean up these credit report issues to restore the more accurate, positive credit history that you deserve. consolidation debt florida

As quick examples of credit repair problems we ve dealt with, consider a medical bill insurance claimed to cover - but did not. Or insurance paid, but paid the bill late. Refinancing a home can cause one lender to pay another off in full - sometimes late. Or take other life situations - divorce or bankruptcy can cause information that should not be there to remain or be added to your credit reports, and sometimes sharing a similar name or address can cause blending of credit report data. canada consolidation debt loan

Regardless of how or why mistakes and problems occur, credit report and credit score damage can happen from events such as reported late payments, unpaid medical bills, charge-off accounts, collection agency activity, judgments, tax liens, foreclosures, public records, bankruptcy, excessive or unsolicited credit inquiries, foreclosure, repossession, and so on. consolidation debt nonprofit

All of the above may significantly impact your credit reports and thus your FICO and credit score. The good news is that credit repair can correct these problems and inaccuracies with a high rate of success, so that you earn all the positive credit history you deserve. consolidation debt reduction

Caroline Wright, a 34-year-old student from Virginia, told the Post s Michelle Singletary that a mortgage broker told Wright she would have trouble getting a good interest rate on a home loan if her on-time payments to Sallie Mae were missing from her Experian and Trans Union reports files. calculator card consolidation

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www.salliemae.com ²⁹³ Harney, Kenneth, Sallie Mae s History Lesson, Washington Post, November 15, 2003, pg. F1 They weren t protecting me, Wright said. They were doing exactly the opposite. ²⁹⁴ The controversy came in the latter stages of Congress s consideration of amendments to the Fair Credit Reporting Act. Once the story broke, Senator Richard Durbin (D-IL) prepared legislation to require Sallie Mae to resume reporting to all three credit bureaus. Soon thereafter, Sallie Mae sent a letter, promising to continue reporting to Experian and Trans Union. Undeterred, Durbin said he would offer his amendment as part of the Higher Education Act, instead of the FCRA. consolidation debt unsecured

Students Credit Cards

Another challenge facing graduates is a high level of credit card debt, often at high interest rates. Prof. Robert Manning of Rochester Institute of Technology, and author of Credit Card Nation, ²⁹⁵ told Congress, What is striking in the acknowledgement of the credit card industry is that college students are a desirable market because of their ignorance of personal finance and their lack of consumer debt. ²⁹⁶ consolidation debt free loan

The marketing of credit cards has shifted rapidly over the last five years from college upperclassmen to college freshmen and high school seniors. More significantly is the recognition that student consumption has a large debt component that is increasingly financed by family loans, federally subsidized student loans, summer earnings, and part-time employment during the academic year, and even with other credit cards. consolidation debt high loan

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Singletary, Michelle, Giving Students Due Credit for History, Washington Post, Nov. 6, 2003, pg. E3 ²⁹⁵ Credit Card Nation: America s Dangerous Addiction to Consumer Credit (Basic Books, 2001). ²⁹⁶ Statement of Prof. Robert Manning before the House Financial Services Subcommittee on Consumer Credit, June 12, 2003. http://financialservices.house.gov/media/pdf/061203rm.pdf consolidation debt free help

Three out of five students with credit cards in our survey had already maxed them out during their freshmen year and, three out of five freshmen with multiple credit cards were already using bank cards to pay for other revolving credit accounts. Furthermore, this survey reveals that nearly three-fourths of students use their student loans to pay for their credit cards. Not incidentally, recent studies indicate that this indiscriminate marketing to college students has led to high incidences of fraud and identity theft among this young adult population, Manning testified.²⁹⁷ consolidation debt ohio

Not surprisingly, Manning recommends that students check their credit reports. Clearly, today s graduates face greater challenges in managing their finances so as not to jeopardize their finances. The National Consumers League has a page on its Web site dedicated to student debt issues.²⁹⁸ Divorce Divorce can have a dramatic impact on the divorcee s credit score and credit report. A major problem is that divorcees often don t realize the extent to which their credit relationships can continue to entangle each other s lives well after divorce. Or, they are so overwhelmed with the emotional and logistical difficulties of separation that there is little time left for separating and straightening out credit relationships. But that is precisely what you need to do: ensure that your name is no longer on accounts for which you are not responsible for paying. During the divorce, the husband and wife usually work out a division of debts that receives final approval from the judge. Divorcees often think that any debt assigned to their ex-spouse by the court frees them from that debt for ever after. advice consolidation debt free

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. ²⁹⁸ www.nclnet.org/moneyandcredit/index.htm The problem is that your creditors usually don t know about your divorce. In terms of the credit report, problems arise when the ex-spouse who is responsible for paying an account, fails to, and the other spouse, according to the creditor s records, is still a co-signer or joint user or otherwise associated with the account. The failure to pay goes on the credit report of the innocent spouse, creating a fresh derogatory that slams that spouse s credit score. consolidation debt free online

Thus, it is vital that divorcees identify all of their accounts and separate them completely. This includes mortgages, credit cards, bank loans, debit cards, store charge cards, lines of credit, and overdraft checking. Some authors suggest that spouses begin separating accounts as soon as they consider separating.²⁹⁹ consolidation debt new york

Of course, it s also crucial that divorcees obtain their credit reports to check the accuracy of information. Bankruptcy Bankruptcy is the most derogatory item that can appear on your credit report. Under the Fair Credit Reporting Act, a bankruptcy can stay on your report for 10 years. But that does not mean you can no longer get credit. As Gerri Detweiler, a renowned expert on credit explains in her 1997 book, The Ultimate Credit Handbook, (Plume) people can rebuild their credit after bankruptcy or other traumas. It requires patience and a plan. It starts with checking the credit report to see where you stand. If you still have open accounts, try to negotiate with creditors to improve the way they report on you to the credit bureaus, Detweiler advises. Try to catch up on any accounts for which there might be late payments. consolidation debt student

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Ventura, John The Credit Repair Kit (Dearborn 1998 3rd Edition); or see Sember, Brette McWhorter, Repair Your Own Credit and Deal With Debt (Sphinx 2003 2nd Edition) Next, try to re-establish positive lines of credit. A bank card, paid on time over time, is one of the stronger credit references you can add. In the beginning, she says, you might need to get a secured credit card, which requires you to deposit money so use of the card is secured against those deposits.³⁰⁰ But be careful: both Detweiler and the FTC warn there are a lot of scam artists offering secured credit cards. The BankCard Holders of America (BHA) provides a list of institutions offering secured cards.³⁰¹ consolidate consolidation debt

Perhaps the best scholarship on bankruptcy is found in the books of Harvard Law Professor Elizabeth Warren.³⁰² Warren has pointed out that of the 1.66 million bankruptcies filed in fiscal year 2003, nearly 40% were by husband-wife couples, meaning that the number of people who actually filed for bankruptcy in that year was 2.14 million.³⁰³ consolidation debt lo

Warren said that women were both the fastest growing and largest demographic group in bankruptcy. There were 1, 661, 996 bankruptcies filed in fiscal year 2003, up 7.4% from the 1, 547, 669 filings in fiscal year 2002. Since 1994, when filings totaled 837, 797, bankruptcies in federal courts have increased 98%. From 1991-95, annual bankruptcy filings hovered around 870, 000. The biggest noticeable jump occurred in 1995-1996, when they went from 874, 642 to 1, 125, 006.³⁰⁴ Interestingly, that is when credit card companies sharply escalated their use of direct marketing solicitations offering pre-approved credit card offers. It is estimated that the industry now sends out five billion unsolicited credit card applications annually. card christian consolidation

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Detweiler continues to advise consumers and publish, see www.ultimatecredit.com, and www.DebtConsolidationRX.com, or for her new E-Book, www. .com ³⁰¹ Send a check or money order for $4.00 to: Secured Credit Card List BHA Customer Service, 524 Branch Drive Salem, VA 24153. Also see http://www.ftc.gov/bcp/conline/pubs/credit/secured.htm ³⁰² Warren, Elizabeth, Bankruptcy (West 2002), and, Warren and Amelia Warren Tyagi, The Two-Income Trap, (Basic Books 2003) by consolidation debt

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http://www.bankruptcyaction.com/USbankstats.htm ³⁰⁴ http://www.abiworld.org/stats/1980annual.html Many consumers who complete a bankruptcy find that bad debts that were supposed to be discharged as part of the bankruptcy are later erroneously included on credit reports. Robert Weed, an Alexandria, Virginia attorney, said he regularly must file motions in federal bankruptcy court in order to get creditors to stop reporting discharged debts and to get the credit reporting agencies to remove them. consolidation debt uk

Included In Bankruptcy

A special problem arises for individuals who are co-signers, or are otherwise legally obligated for credit cards or loans, when the other co-signer files for bankruptcy. For many years, the CRAs would report such accounts as Included In Bankruptcy even if the non-bankrupt co-signer met his or her obligation and paid the bill on time. This had an adverse impact on the creditworthiness of non-bankrupt consumers. Not only did it seem to have a negative impact on their credit scores, but also major institutions like Freddie Mac, Fannie Mae, and insurance companies do an automated scan of credit reports for serious derogatory items like bankruptcy, foreclosure, or judgment. This meant that a co-signer could be denied credit for an account that he or she in fact paid responsibly. consolidation debt mortgage

A class action lawsuit was filed over the issue in federal court in South Carolina. U.S. District Judge Cameron Currie had given preliminary approval to a settlement with all three CRAs that if adopted, would stop them from reporting the term bankruptcy to the credit reports of consumers who have not filed for bankruptcy.³⁰⁵ consolidation debt help

³⁰⁵ Franklin E. Clark, et al. v. Experian Information Solutions, Inc.

: C/A No. 8:00-1217-22; www.fcraclassaction.com; Equifax had proposed allowing it to continue reporting included in the bankruptcy of another, but the proposal was abandoned after additional attorneys entered the case to object. The objectors were led by Michael Caddell, of Caddell and Chapman, Houston Texas. consolidation credit debt

Seniors

Because it recognized years ago that a host of credit reporting issues affected its members, the American Association of Retired Persons (AARP) has closely followed the FCRA and produced research and surveys on various aspects of it, and on identity theft. In his June 2003 testimony before the Senate Banking Committee, Michael W. Naylor, AARP s Director of Advocacy said, Our research does indicate a greater vulnerability of older Americans, based on the higher proportion of those age 50 years and older who report being victimized by identity theft, compared to the proportion of all age groups making such reports. ³⁰⁶ bill consolidation debt

Among the myriad of problems identified by Naylor was inaccuracy caused by debt collectors. Inaccuracies can also occur when a creditor sells a delinquent account to a debt collector. Once the original creditor sells the account to a debt collector, the debt collector becomes the furnisher of information on this account to the CRAs. The main source of inaccuracy in this case results from incorrect reporting of the date of initial delinquency on the account. ³⁰⁷ consolidation debt quote

In a footnote to his prepared statement, Naylor added, One concern is that debt collectors may report the date they purchased or received the account as the date of initial delinquency, even though the actual date of initial delinquency was likely much earlier. Because the FCRA stipulates that most negative information remains on a consumer credit report for seven years from the date of initial delinquency, establishing this date is important to consumers attempting to restore their credit. consolidation debt lead

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Statement of Michael Naylor, The Growing Problem of Identity Theft and Its Relationship to the Fair Credit Reporting Act, Senate Banking Committee, June 19, 2003 ³⁰⁷ Id. Continue to Next Chapter 2005 Evan Hendricks and Privacy Times, Inc. All rights reserved. Enroll in Credit Repair About Veracity Credit Consultants Contact Veracity Full Refund Policy Veracity Site Map Privacy Statement Terms of Use consolidation debt non profit

Veracity - Opt-Out of Pre-Screening

to secure... the right to be let alone the most comprehensive of rights and the right most valued by civilized men. - Justice Louis Brandeis (dissenting) Olmstead v. U.S. 277 U.S. 438 (1928) If you are tired of the barrage of pre-approved credit card offers, you can stop it. In fact, under the FCRA Amendments of 2003, you ultimately will have the right to stop large financial conglomerates from sharing data about you among their affiliates for marketing purposes. (Toward the end of this chapter, we will discuss how the new law strengthens your right to opt out.) consolidation debt loan online

The right to opt-out from pre-screened offers, created by the 1996 Amendments, might be the least known right under the Fair Credit Reporting Act and no wonder. Scan one of the pre-approved credit card offers that you ve received in the mail and see if you can find the legally-required notice that (1) the credit card company got your name from either Equifax, Experian, or Trans Union, and (2) you have the right to call a toll-free number in order to stop the credit bureaus from selling your name. This effectively opts you out from future offers that are generated from your credit report data. consolidation debt home loan

The Toll Free Number For Opting Out Is:

(888)-5-OPTOUT / (888) 567-8688 By calling the number and carefully following the prompts, you can opt out from pre-screening from all three credit bureaus. When you call, be prepared to press 2. By doing so, you get a choice of opting out for two years (Press one ), or opting out permanently (Press two ) or opting back in if you previously opted out (Press three ). christian consolidation debt

The recording advises that the personal identifying information you provide will only be used to process the opt-out request. It then asks for your (1) home telephone number; (2) full name; (3) Zip code; (4) street address; and (5) Social Security number. It s that easy. It s also the most effective opt-out right that Americans have under law. consolidation debt information

The recorded greeting is confusing to some because it first asks, If you are calling as a result of the recent e-mail that appeared over the Internet regarding a July 1st law affecting personal financial data, press 1 now. It is referring to the famous bogus e-mail that circulated on the Internet, warning everyone that on July 1, the credit bureaus were going to start selling your sensitive financial information to everyone. By pressing one, the recording explains that the July 1st date related to opt-out rights with banks under a different law, the 1999 Gramm-Leach-Bliley Act. It also explains that the credit bureaus were not allowed to sell credit report data under the FCRA.³⁰⁸ agency consolidation debt

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For more on this misleading e-mail, go to the National Consumers League Web site, www.nclnet.org/moneyandcredit/financialprivacy.htm, or to www.ftc.gov Pre-Screening The FCRA Under the FCRA, the Big Three CRAs and a fourth bureau, called Innovis, can use their credit report data to produce lists of people that are sold to credit card companies and other lenders. But under the law, these lists can only be used by creditors to offer the recipient a firm offer of credit. Even though they are called pre-approved offers, if the consumer accepts the offer, the law permits a credit card company to pull that consumer s report again. If the company finds something it doesn t like on the newly-pulled report, it can still reject the consumer for the pre-approved offer. This process can result in unseemly bait-and-switch offers. (More on this later.) consolidation debt solution

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