The credit reporting agency, Transunion settled on a class action lawsuit by setting aside 75 million dollars

The reason if you’re not familiar should knock your socks off, make you down right red eyed with blood rising to your head causing those vessels to bulge. Why?  Well during the years of 1987 to 2000 Transunion was caught selling your most private information in some cases year after year making tens and tens of millions in profit off your information.  This action is against the law, a violation of the FCRA, but if you received credit offers in the mail how do you think those marketing companies got the names and addresses of the correct people to market to?

Bottom line is you had a car loan, credit card, line of credit, student loan or for that matter almost any line of credit then you might be able to get in on the action and get some cash!

You’ll need to hurry and make your claim by Sept 6, 2010!  My man Ryan Thompson a partner with Walls, Guerra, and Craft LLP does a great job explaining so LISTEN IN and you’ll find the link to make your claim.

My recommendation…you owe it to yourself as $100 to $1000 per violation is to be paid out but it will take you some time to complete the necessary complaint forms.  Take this opportunity to get some compensation for the “grief” you’ve experienced in how the credit agencies have treated you and your most private information!

Do not let this opportunity slip by…

Herschel

The post Transunion Lawsuit…time to cash in is running out! appeared first on National Credit Federation.

The short reality is every single entry on your credit report is suspect. The Fair Credit Reporting Act (FCRA) and law that states you as a consumer have the right to challenge the credit reporting agencies (CRA’s) and demand removal of any trade lines that are reported inaccurately, that cannot be validated or simply outdated.

The law requires the credit bureaus perform their own credit repair by advising that a bankruptcy can remain on your credit report for up to 10 years.  Most other items must be removed at the 7 year mark.  Now a bankruptcy CAN remain on your credit for up to 10 years.  No where in the FCRA or any other law for that matter does it say that it MUST be on your report.  As a matter of fact, there is nothing in the law that says it HAS to be on your credit for 10 mins, 10 days  or 10 months let alone the 10 years.

Now, let me point out the law says nothing about this, that is if the bankruptcy actually happened you can’t do anything about it.   Certainly, you would never want to form your dispute by denying the bankruptcy is yours if you really did file a chapter 7 or 13 bankruptcy.   I mean truth be told, if it happened it happened, but that’s not the issue here.  During the credit repair process, a challenge to the CRA’s is simply a demand for investigation to validate the case, to verify that every single thing reported is accurate.

The FCRA says that if certain time lines are not met and if proper validation and verification of accuracy of the bankruptcy are not met then the item must be deleted from your credit report.   Not to kill you with all the dirty little details but a large percent of all trade lines have mistakes and simply cannot or will not be validated.

The trick is to know what you’re looking for and how to prepare the disputes going to the credit bureaus.  If you’re interested in reading more about this you may want to dig into the FCRA so make sure to check this out…CLICK HERE. The actual section you can review is 611 (click here).

I hope this gives a bit more clarity to this question.  Let me know your thoughts…

Be Bold!

Herschel

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