Step one – Get copies of your credit reports. Once you have your credit reports in your hand, review them carefully for inaccurate information. After reviewing them and you find errors, use a sample dispute letter that you can find on the internet to dispute the errors you found. Send this letter by way of certified mail and return receipt. The credit bureaus has 30 days to investigate the inaccurate information and get back with you. If they cannot complete the investigation within 30 days, then according to THE FAIR CREDIT REPORTING ACT, they must delete the item.

Step two – If 30 days has past and you still have not heard from the credit bureaus, then send out a follow-up letter restating the inaccurate information in your credit reports.

Step three – Once you get your credit reports back after the 30 days and you notice that the errors have not been corrected, then send out a more threatening letter using the language from the FAIR credit reporting ACT,

Step four – After receiving your credit reports for a fourth time, and the credit bureaus still have not fixed the errors, then you will inform the credit bureaus that if they don’t fix the problems in your report, you will file a complaint with the Federal Trade Commission.

Step five – Still have not seen any changes in your credit reports, then file a complaint with the Federal Trade Commission and attach a copy of your complaint to your 5th dispute letter. In the 5th letter you will inform the credit bureaus that you will file a complaint with the office of the Attorney General.

Step six – Still no changes to your credit reports, then file a complaint with the office of the Attorney General and attach the complaint to your 6th dispute letter. This time in this letter you will inform the credit bureaus that you will file a complaint with their state Senators office. Attach your complaint to the Attorney Generals office with your 6th letter.

Step seven – Still no changes to your credit reports, then write the credit bureaus and inform them that if the errors on your credit reports is not fixed within 30 days, then you have no other choice but to seek legal advice.

Step eight – Still no changes to your credit reports, then send a letter to the credit bureaus threatening to sue for failing to properly investigate the errors on your credit report according to the THE FAIR CREDIT REPORTING ACT.

Step nine – Still no changes to your credit reports, then sue the credit bureaus in small claims court. Seek the advice of an attorney or contact the courts for the proper procedures on filing. Once you have filed your complaint, send a copy of your complaint along with a letter informing the credit bureaus that you are suing them and that they have 15 days to respond and correct the problem on your credit report.

Step 10 – Still no changes to your credit reports, and the credit bureaus has not responded to your letters, then proceed with the suit in small claims court.

For more information on credit repair and personal finance please visit my site at http://www.creditrepairmaster.info.

Your Credit repair coach
Mark Clayborne
CEO & Founder
http://www.creditrepairmaster.info.
http://creditrepairmaster.blogspot.com/
credit@creditrepairmaster.info

Gen Wright
http://www.articlesbase.com/credit-articles/how-to-repair-your-credit-in-10-steps-711649.html

A lot of people can find themselves in a very difficult situation simply because they made some financial mistakes in the past. A lot of prime financial institutions require you to have high credit score and spotless credit file to be eligible for low interest lines of credit or even for a credit card. But what about consumers that made bad financial decisions, overextended their ability to pay back their creditors and had to file for bankruptcy? Even if you had to go through credit counselling services and paid back your debts, but did not fulfil your contractual obligations with your creditors, you credit worthiness is ruined.
If you’ve gone through a bankruptcy and credit counselling program, you will have to rebuild your credit before any kind of credit will be extended to you. Rebuilding your credit can be a lengthy process and requires time and patience. First thing that you should do is to obtain your credit file from main credit reporting agencies. There are two main credit reporting agencies which are: Equifax and Trans Union. Obtaining your credit report is not a very difficult procedure and can be done instantly online for a fee between $15-$40 dollars or free of charge by mail. In order to obtain you credit report by mail you will need to fill out an application form (that can be downloaded from www.transunion.ca and www.equifax.com) and attach 2 pieces of id and a utility bill. You can either mail or fax your application to credit bureaus. It usually takes 7-10 business days to receive a copy of your credit file by mail. Once you get a copy of your credit file you should look for any discrepancies. If you declared bankruptcy and were discharged, all former creditors have to stop reporting to the credit bureaus after the discharge date. The same should happen to any collection items if any have been reported on your credit file. If you find any discrepancies you can download and fill out a dispute form from www.transunion.ca and www.equifax.com and submit it to the credit bureaus. Credit bureaus have to investigate your dispute and make appropriate corrections in your credit profile. Once all the discrepancies are eliminated, you will have to wait some time before all previous activity is removed from your credit file so you can start rebuilding your credit from scratch. If you went through a credit counselling program, it will take about 4 years after your program is completed for all the R7 accounts to be removed from your file. If you filed for bankruptcy it might take up to 10 years for the bankruptcy to be dropped from your credit file.

Once your bankruptcy has been discharged you should get a secured credit card and make your monthly payments on time. After a year or two you bank might release you security deposit. However for the next 7-10 years you will not qualify for car loans, mortgages or lines of credit with prime financial institutions and will have to use services of subprime lenders. If you need quick cash advance (up to $1000) to pay an unexpected expense you can apply for a payday loan. Payday loans are short term loans that are available to consumers in cases of emergency and at times when there are no other financial options available. Those type of lenders have high interest rates but if you do not have perfect credit rating you can still qualify for a loan with them. Some subprime lender report your timely loan payments to Credit Bureaus and some not (payday loans companies do not usually report to credit bureaus). You should double check with lenders before you apply for a loan. It is better to get financing trough a lender that will report your timely payments to the Credit Bureau as it will positively impact your credit score. Do not apply for a loan with numerous institutions at the same time. Numerous inquiries on your credit file will alert lenders and will lower you credit rating even more. Everything has a price and you will be paying for your past mistakes by having to pay high interest rates.

Dennis Sabitov
http://www.articlesbase.com/loans-articles/how-to-rebuild-your-credit-using-services-of-subprime-lenders-and-payday-loan-companies-718377.html

Finding a reputable credit repair agency to help you repair your credit is typically not an easy task. You will need to utilize as many resources as you possibly can at your fingertips and you will need to compare companies before making a decision to go with the right one.

A credit repair agency typically asks for a small fee up front or a nominal fee to be worked into the length of time it will take to pay off your debt. Some credit repair agencies go ahead and pay your debt off immediately and then you owe them money for a certain length of time. Many times the interest or equal amount of fees for this type of service cost more than nominal and at times can be unrealistic. Making sure you read all of the information on a contract and equally understand the entire process of what the company will be doing for you before signing or dating any type of contract.

Many credit repair agencies are only out to get your money and they are not really there to help you; the consumer. Getting the most money in their own pockets by charging you fees is one way that they utilize their services to get money from their victims.

While you are looking for a reputable credit repair agency, you need to ask them some hard questions about what they are going to be doing with your money and how and when they are going to be paying off your debt if at all.

Many time credit repair companies claim they will be helping you with your credit report to repair your credit rating when in fact they are doing nothing but monitoring your credit report. At this time you are still responsible for making all of your remaining payments on time and paying off your debt in a timely manner. The credit repair agency may only be available to watch for discrepancies on your report and they will not be assisting you in any way to clear items off of your credit report.

If a company insists that they can wipe away bad debt from your credit report or remove old judgments and bankruptcies they are mistaken. Many debts, unless disputed for valid reasoning can remain on your credit report for up to seven years or more even if they are paid off. If an item on your credit report has been paid off and it has been over seven years and it is showing as a collection account or an open account, you need to contact the company directly and also the credit reporting agency so that they can investigate further and proceed to remove the negative information from your credit report to repair your credit.

When choosing a credit reporting agency to repair your credit, you always need to make sure they have been in business for at least five or more years. If they do not have a location that you can physically visit or they move around a lot, this should be a red flag for you to not choose this company. By having your facts in perspective you can make a wise choice about deciding which credit repair agency to work with.

Joseph Feross
http://www.articlesbase.com/finance-articles/how-to-find-a-reputable-credit-repair-agency-708165.html

When a company is deciding whether or not to give you a loan, a mortgage or a credit card it checks your credit report. Your credit report contains information about every credit transaction you have made. If you failed to make a payment or defaulted on a loan then it will be on your credit report.

Until the US government brought in legislation to make this information freely available to you only finance companies, banks and mortgage lenders could see it. Now you are entitled to see it too.

The FACT Act made it possible to see your credit record for free every year for the first time. You need no longer be in the dark about what the finance companies know about you.

This is information about you and it is your right to see it. You should make use of that right because it affects your ability to get loans, credit cards and mortgages. If you are refused credit is probably because of something in your credit report.

There may be mistakes in your credit report that are stopping you from getting a loan. Someone may have fraudulently used your identity to take out a credit card or loan which they have not paid. You will then be left with a bad credit report that is not your fault.

There are three companies that compile credit reports. You can only get to see one of those reports for free. But if there are mistakes in that one then it will be worth your while to pay for the other two.

Not all the credit reporting companies have exactly the same information. They compile their data in slightly different ways.

Once you have seen the report and checked it against your own records you can correct inaccuracies any inaccuracies it may contain. There is a facility on the websites of the credit reporting companies for you to inform them of mistakes in your report. You will have to produce written evidence such as bank statements or credit card statements. But the process is quite simple.

By correcting inaccuracies in your credit report you are protecting your credit score. Even one mistake can make the difference between getting a loan and being refused credit.

All Americans can now get a free credit report every year. It is a responsible financial practice to take advantage of this opportunity. By doing so you are taking control of your own finances.

You can guard against identity theft, you can correct errors, and you can see if your credit score is falling because you have a pattern of late payments. It is in your interests to maintain a good credit score. If you check your credit record every year you can address problems as they arise.

Abhishek Agarwal
http://www.articlesbase.com/credit-articles/free-credit-reports-take-full-advantage-of-the-free-credit-report-703508.html

When you are doing credit repair, you will likely send dispute letters to a credit bureau. These letters will list the negative item you believe is in error and the reason you think it is wrong. The credit reporting agency legally must look into the matter. It is important to get an idea of how the process should take place.

1. The credit bureau receives your dispute. If you have been wise, you have sent the letter of dispute by way of registered or certified mail, return receipt requested. When you have that confirmation, you will have proof of when the process was started. Mark that date on your calendar as the beginning of the time frame they have to complete the task. That is when your credit repair efforts go into motion.

2. The credit reporting agency creates a file. They are required to keep track of all the documentation you have sent to them during your credit repair efforts. In order to do this, they must organize the letters and evidence you submit. If they do a poor job of organizing, your proof may be lost. This is a good reason to keep copies of everything for yourself and follow up if you believe your evidence is not being considered.

3. Next, the credit bureau sends copies of your proof to the original creditor. At this point, your credit repair is in the hands of the companies who have possibly damaged your credit. After all, the creditor is the source of the complaint on your credit report. They should be able to clear up any misunderstandings. At least, that is the theory.

4. The original creditor investigates your dispute during this phase of credit repair. They gather any information they have on your account and put it together to try to come to a conclusion. When they have searched their data banks, they may or may not have enough evidence to build a case.

5. The creditor must provide proof. The creditor should gather all the documents that pertain to your account. In a fair world, they would consider all the information carefully for accuracy. However, the creditors often send the credit bureaus a cryptic answer, such as saying that the debt has been verified. Credit repair depends on real proof or lack of it.

6. If the creditor cannot provide proof, the negative item must always be dropped. If you get a simplistic answer to all your carefully documented evidence, you must not let it go at that. You can push for a more specific answer about your credit repair dispute and the credit bureau is obliged to get one. If the creditor does not send adequate proof, the negative mark must be dropped.

7. You will find out the results. Expect to get a notification of everything that was determined about your credit repair dispute. In cases where the item you have disputed has been removed from your credit report, you will be given a new credit report with the corrections apparent on it.

Credit bureau investigations can seem mysterious to someone who has never dealt with them before. In fact, they are somewhat complex and can take time to complete. However, it is always to your advantage to be patient enough to give them a reasonable amount of time to work. Your credit repair will go more smoothly if you do.

Joseph Feross
http://www.articlesbase.com/finance-articles/how-credit-bureau-investigations-are-supposed-to-be-done-685862.html

The answer to the above question is yes. You definitely should obtain a copy of your credit report. If you’re asking why, let’s talk about some important points about your credit report.

What is in your credit report?

Your credit report contains significant information about your accounts and finances. In your credit report, you can find your employment history, your salary history, your past and present credit with all your creditors and other legal information.

Also included in your credit report is your complete name, Social Security Number, date of birth, driver’s license number, your past and current home address, telephone number and other personal details. All transactions that you have with lending companies, credit card companies, insurance companies and other financial institutions are all reflected on your credit report.

How much you owe a certain creditor is listed in detail. Also, whether you’re paying your bills on time or not can be traced by looking at your credit report. All these information are included on your credit report.

Who Checks On Your Credit Report?

You may now have an idea why it is important for you to obtain a copy of your own personal credit report. Landlord, potential employers, insurance companies, government agencies, lending companies, credit card companies – all these organizations check on your credit report to know your background and reputation.

A single false information or an incorrect transaction on your credit report can damage your credit worthiness. You can get denied by potential employers just because your credit report seems bad. Creditors can refuse your applications on account that you have bad account on your credit report. Thus, it is your responsibility to check and ensure that there isn’t any false information or derogatory records that can affect your reputation.

Check Your Credit Report

You have the right to know if all the information contained on your credit report is true and accurate. As a consumer, you have the right to dispute information which you think are false, erroneous or fraudulent.

The Federal Fair credit reporting Act protects consumers from such inaccuracy or possible fraudulent accounts contained in their credit report. In fact, if a credit reporting agency or a credit bureau refuses to give you the appropriate service you need, you may also report it to The Federal Trade Commission.

Every year, all consumers are allowed to obtain a copy of their report from the three major credit bureaus for free. Thus, after making a careful examination on your credit report, you can inform the credit bureaus if you find any disputable records on your credit report. Below are the contact numbers of the three major credit bureaus.

Equifax Options P.O. Box 740123 Atlanta, GA 30374-0123 www.equifax.com

Experian Consumer Opt Out P.O. Box 919 Allen, TX 75013 www.experian.com

Trans Union Name Removal Option P.O. Box 97328 Jackson, MS 39288-7328 www.transunion.com

For a more in-depth discussion on credit report and your rights as a consumer, you may visit the FTC’s website at www.ftc.gov.

Allison May
http://www.articlesbase.com/credit-articles/should-you-obtain-a-copy-of-your-credit-report-688891.html

Pre-approved credit cards are generally easy to use and often only need to be activated over a phone line. This type of credit card is still a form of borrowing and do involve some charges. A lot of people have received their fair share of offers for these types of cards, and usually they sound something like this, re-establish your credit with pre approved credit cards, regardless of your credit rating, some might even come with low initial interest rates and other incentives to get you to apply. These types of offers are a favorite way for credit card companies to market their service toward consumers with bad credit these days, although this method has perhaps reached it’s saturation point.

Offers

Under the Fair Credit Reporting Act (FCRA), the Consumer Credit Reporting Companies are indeed permitted to include your name on lists used by certain lenders and insurers to make firm offers of credit or insurance that are not initiated by the recipient. The Fair credit reporting Act also provides consumers the right to Opt Out of receiving these offers, which will prevent Consumer Credit Reporting Companies from providing your credit profile information for these types of Firm Offers. If you are not receiving these firm offers because you have completed a request to Opt Out in the past, you can request to Opt In once again, if so desired. There are many different ways to opt out of pre-approved credit card offers, the easiest way is to call 1-888-5-OPT OUT (1-888-567-8688) to have your name removed from the direct marketing records and it can probably take up to six months to see the full results.

Interest

Some sub prime lenders actually do use this kind of screening to look for consumers with moderate to severe credit problems, who generally are more likely to be willing to pay the high interest rates, fees, or deposits that are required by such lending institutions. The interest rates vary from lender to lender, but can be as low as single digits and as high as 30 percent on the outstanding balance of an account It’s wise to do a thorough to find out which banks have the lower interest rates. Pre-approved credit cards are usually approved without even running the applicants credit report and with the complete knowledge that some consumers will be late and even default with their account, but be aware that after the first time a late payment is received the interest rates will go through the roof.

When you receive these offers for credit cards in the mail, make sure you discard them by shredding the application so no identity thieves can activate the credit cards in your name. With all the stories about identity theft as in stolen social security numbers, and compromised account information filling our newspapers daily these days, a number of companies have been started up to help protect your rights, LifeLoc is just one in the field. Getting a copy of your credit report can help to ensure that all the information about you is correct, and no one else is using your credit.

Credit card companies overflow consumers and potential customers with pre-approved offers for credit and courtesy checks designed to be used in place of the customer’s credit card. Many lenders get your name and address from the major credit bureaus in order to send you offers for pre-approved credit cards in the mail or via those annoying telemarketing calls. It is also true that anyone can opt out of 3rd class mailings (which include offers for credit and bank courtesy checks) at no charge to you.

Arthor Pens
http://www.articlesbase.com/credit-articles/preapproved-credit-card-offers-good-or-bad-707670.html

Pre-approved credit cards are generally easy to use and often only need to be activated over a phone line. This type of credit card is still a form of borrowing and do involve some charges. A lot of people have received their fair share of offers for these types of cards, and usually they sound something like this, re-establish your credit with pre approved credit cards, regardless of your credit rating, some might even come with low initial interest rates and other incentives to get you to apply. These types of offers are a favorite way for credit card companies to market their service toward consumers with bad credit these days, although this method has perhaps reached it’s saturation point.

Offers

Under the Fair Credit Reporting Act (FCRA), the Consumer Credit Reporting Companies are indeed permitted to include your name on lists used by certain lenders and insurers to make firm offers of credit or insurance that are not initiated by the recipient. The Fair Credit Reporting Act also provides consumers the right to Opt Out of receiving these offers, which will prevent Consumer credit reporting Companies from providing your credit profile information for these types of Firm Offers. If you are not receiving these firm offers because you have completed a request to Opt Out in the past, you can request to Opt In once again, if so desired. There are many different ways to opt out of pre-approved credit card offers, the easiest way is to call 1-888-5-OPT OUT (1-888-567-8688) to have your name removed from the direct marketing records and it can probably take up to six months to see the full results.

Interest

Some sub prime lenders actually do use this kind of screening to look for consumers with moderate to severe credit problems, who generally are more likely to be willing to pay the high interest rates, fees, or deposits that are required by such lending institutions. The interest rates vary from lender to lender, but can be as low as single digits and as high as 30 percent on the outstanding balance of an account It’s wise to do a thorough to find out which banks have the lower interest rates. Pre-approved credit cards are usually approved without even running the applicants credit report and with the complete knowledge that some consumers will be late and even default with their account, but be aware that after the first time a late payment is received the interest rates will go through the roof.

When you receive these offers for credit cards in the mail, make sure you discard them by shredding the application so no identity thieves can activate the credit cards in your name. With all the stories about identity theft as in stolen social security numbers, and compromised account information filling our newspapers daily these days, a number of companies have been started up to help protect your rights, LifeLoc is just one in the field. Getting a copy of your credit report can help to ensure that all the information about you is correct, and no one else is using your credit.

Credit card companies overflow consumers and potential customers with pre-approved offers for credit and courtesy checks designed to be used in place of the customer’s credit card. Many lenders get your name and address from the major credit bureaus in order to send you offers for pre-approved credit cards in the mail or via those annoying telemarketing calls. It is also true that anyone can opt out of 3rd class mailings (which include offers for credit and bank courtesy checks) at no charge to you.

Arthor Pens
http://www.articlesbase.com/credit-articles/preapproved-credit-card-offers-good-or-bad-707670.html

Credit repair is difficult enough when the credit bureaus follow the Fair credit reporting Act guidelines to a tee. When they shortcut the rules, it can become even more frustrating. It is enlightening to take a look at how credit bureau investigations really play out most of the time.

The first thing that happens is that the credit bureaus will receive your disputes. You may send a written letter, make a telephone call, or contact their dispute division by going online. No matter how you choose to begin this phase of credit repair, the credit reporting agency will put your dispute in queue to be processed. The waiting game begins.

Next the dispute you have sent for your credit repair will go to one of an army of low-paid employees with little, if any, training in credit investigations. These people will look at your dispute and make a quick decision about how to classify it. They are required to think fast because they have a quota to do an average of one dispute entry every 4 minutes. These people take their best guess and move on to the next dispute.

These codes are entered into an online system called eOscar. This is a computer-based system designed to make investigations of disputes easier. What it actually does is to turn what might be a very complex credit repair matter into a simplistic form answer that leaves out everything important to the case.

No matter how much time and effort you have put into proving your point, eOscar users will initially turn it into one of these two-digit codes. You may have gone to great lengths to hunt up records and gather testimony from authorities on your behalf. It will not help your credit repair if your information is reduced into these codes.

What is more, there are only so many codes. There is not one code for identity fraud and another code for a debt that has been erroneously attributed to the wrong name. They are both reduced to the words, “not mine.” Credit repair is much more involved than that. The overlap of codes makes it impossible for anyone to get a clear idea of the actual circumstances of the disputed item.

The credit bureau is required to turn all of your evidence in to the creditor. Perhaps they feel justified that they are doing just that. In reality, all they are doing is providing a code that makes it easy for creditors. When the complaint is vague, it is easier to answer it. Your credit repair efforts are slowed down when this occurs.

The best way to combat this problem of eOscar and the two-digit codes during credit repair is to use a system called “method of verification.” When the credit reporting agency tells you that it has investigated your dispute, you may feel that you have not been given due consideration. If you suspect that the judgment is based solely on codes entered into eOscar, you can request information on their method of verification. This requires the credit bureaus to provide proof that they have thoroughly investigated your claim.

By knowing how credit reporting agencies do their investigations on a routine basis, you can prepare yourself for the struggle ahead. You can get credit bureaus to look at your disputes, but it may take you some time and effort. That is why credit repair is seldom easy.

Joseph Feross
http://www.articlesbase.com/finance-articles/the-truth-about-credit-bureau-investigations-685852.html

How To Remove Negative Accounts

Unfortunately, you have no leverage in this case as the creditor has already been paid their money. The best strategy for accounts which were paid off a great while back and now just show up as a “Paid Charge-Off’ or “Paid Collection Account” is to find something wrong in the reporting of the information so that you can initiate a reinvestigation for verification. The hope is that the accounts (now being an inactive paid account) may be stored on electronic files not in the main system of the creditor.

This might create more work as far as research than the creditor wants to pursue just for
verification purposes. If so, the account must be deleted from your file for lack of a response from that creditor. The effectiveness of this method is hard to determine. It is as varied as the number of data storage systems in use today and the variety of people overseeing the process.

I have heard about using the term: ESTOPPEL in some cases. What I have read is this: The creditor has already been paid and the consumer makes the claim that, when the debt was paid, the consumer was under the impression that the creditor would make a favorable entry on the consumer’s credit report. BUT, when the credit report showed a PAID COLLECTION, this damaged the consumer’s credit rating. So, the consumer files a lawsuit claiming damages.

The logic to this is that because the creditor already has the funds, what more can they gain by defending this lawsuit. Especially, if they are in another town. So, the creditor either loses by default or succumbs to the consumers demands. Personally, I think that this type of action requires guidance from your trusted attorney. This has long been probably the most unfair provision in the FCRA. The original 1970 law allows for a seven-year waiting period before negative collection accounts were automatically removed. This is referred to in Section 605(a)(4) “Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years.”

That seven-year clock begins ticking from the time reported as the last activity. If you have an account that never was fully paid, that you have not made a payment on in five or six years, beware!

If you go make a payment on it now, you will restart that clock and have to wait another seven years for it to be removed. There is a distinct wording in Section 623(a)(5) of the Fair credit reporting Act that reads “the seven year period of reporting derogatory entries begins when an account is FIRST late and never get caught up. That is fact and there have been numerous court cases where Collection Agencies have been fined millions of dollars for violating this statute.

Confused, guess what? So is the system. BUT, you can rest assure that when a collector or mortgage broker tells you that by paying on an account you restart the seven year clock, that is hogwash. It begins when the account was first late and NEVER gets caught up. It is directly identified in Section 623(a)(5) of the Fair Credit Reporting Act.

Is it fair to be sentenced to seven years in a credit prison only to have your sentence increased for good behavior? I don’t think so! As you can see, in some cases, you may have to make a decision whether to live with a charge-off for another year, or, a paid charge-off for seven more years. A paid charge-off will trigger a credit denial almost as easily as one that hasn’t been paid. It’s a shame that our system provides no more incentive to pay these old debts.

Credit Fraud

How do you know if you are a victim of credit fraud? The signs can vary, but typical indicators of fraud include: Unusual purchases appearing on credit card bills Calls or letters advising that you’ve been approved (or denied) for credit for which you’ve never applied.Calls or letters from collection agency about accounts you don’t have.Or you suddenly stop receiving your credit card bills, or all of your mail

Even though you didn’t cause the problem, your credit is adversely affected. As with any other crime, as soon as you know or suspect that you are the victim of credit fraud, you should contact that creditor’s fraud department and FILE A POLICE REPORT. You must advise the creditors of the fraud. Remember, the criminal may have used your identification to open the account, so the creditor may have no knowledge of the fraud until you report it. In order to establish the crime and to identify and possibly prosecute the criminal, creditors may ask you to complete certain paperwork.

Additionally, the bureaus have fraud departments to review cases and assist you, however assistance has not always been forth coming. Lately, the law enforcement group has begun toe correlate credit theft reports so that IF, they find a pattern in one specific area, they concentrate their resources in that area and attempt to “nab” the culprits.

Regis Sauger
http://www.articlesbase.com/credit-articles/how-to-remove-negative-items-credit-fraud-723353.html