Information is reported by the three major credit reporting agencies, TransUnion, Equifax Inc. and Experian, as well as more than thirty other firms. It is important to verify your data well in advance. Proving that a debt on your credit report is invalid is a long battle and must be proven to each and every agency that reports it.
Most reported debt is public record and while satisfaction or dismissal of a debt is also open to the public, the data must be easy to follow. For instance, when a case is appealed to a higher court, it typically receives a new case number. Unless the agency clerk tracks the information back to the originating case, it may not get reported properly. In addition, some civil cases may be combined under one number. The result can be reporting of a new civil case.
In an effort to make reporting more equitable and accurate, Consumer Financial Protection Bureau (CFPB) expects to begin monitoring the thirty largest reporting firms starting September 30, 2012. The Fair Credit Reporting Act requires accurate consumer information and an investigation into challenges by a consumer. The investigative process is not defined, however, and the consumer may be asked to provide information that has been supplied to other agencies in the past or is no longer available. In effect, the consumer does the investigative work. It is expected the watchdog effect by this government agency (CFPB) will encourage the credit bureaus to respond in a friendlier, proactive manner to consumer protests, while resolving and reporting data more quickly.
Mortgage qualification for one of the Northdale homes or any of the other beautiful homes appears to be easier in the future as credit reports are more closely regulated. Reviewing your report with your Realtor during the preparatory stages of finding a home will help determine if there are any immediate situations to address.