What is the definition of a Loophole? According to Merriam-Webster:
Definition of loophole
- 1a: a small opening through which small arms may be fired b: a similar opening to admit light and air or to permit observation.
- 2: a means of escape; especially: an ambiguity or omission in the text through which the intent of a statute, contract, or obligation may be evaded.
Sounds like #2 is the winner in regards to how we are going to use the word, “Loophole” with respects to this article and regarding credit.
Now, what is the loophole? It’s simple, there is the Fair Credit Reporting Act which was written to put guidelines and rights in place with regards to credit. Simply put, we as the consumer can use what the Fair Credit Reporting Act has provided us to dispute any items on our credit report, especially if it is an error or obsolete item.
The loophole is that once we file a dispute, the creditor must adhere to certain timelines and provide evidence in their response and if they do not, it must be deleted.
I am speaking in layman’s terms and staying as far-far away from the legal-ease as possible. (Inserting disclaimer here that I am not an attorney and have no in-depth knowledge of the law and am in no way shape or form providing any type of legal council). Because I am just like you and not a highly paid official, I am just here to share with you that the way I interpret the Act and the way a loophole works, is that you take advantage of the opportunities it provides. In addition, it was written to protect us the consumer and so we are only using it as it was meant to be used!
Having said all of that, without the knowledge of how the Fair Credit Reporting Act works and even of its existence, we wouldn’t know what to do with it or that there is anything we can do with it…and that is where I come in!
Yes! Knowledge is POWER and it is time that we educate ourselves and take action on what is available to us and take responsibility for our own credit scores.
There is truly a lot to learn. Our coaches and online training can put you in the KNOW.
One of the biggest reasons that I see most people fail to take action with regards to their credit is because of the effort it takes and the low success rate they get. The low success rate is because they don’t know what they don’t know!
Our success rate is very high while following the letter of the law and writing your dispute letters for you so that they will 100% get reviewed.
Another dirty little secret about the credit bureaus is that they use a program called e-Oscar which scans the letters looking for specific verbiage and only escalates those items that meet the requirements while kicking out all the rest.
People who try to do it themselves get frustrated and give up, but not with us!
We implement an easy “Done-For-You” system that ensures your letters open up an investigation and makes your creditors follow the Fair Credit Reporting Act guidelines. Here’s the cool news…if the creditors do not respond, the items must be deleted. Yay!
Interested? You should be! In fact, you need to take these next action item steps seriously and act now. Not because it will clean up your credit report, but because of what a clean credit report will give and save you.
If your credit score is 740 or less, you most definitely need to take some type of action to improve it.
Review the first video located at www.KimTheCreditGal.com to see how this works and what it cost.
Contact us at Info@CreditGal.CO to setup a no obligation review & recommendation today.