Seattle based credit restoration firm Cobalt Credit Services is taking on a large adversary with a strong arm: the Big 3 Credit Bureaus. Consumers facing credit challenges with TransUnion, Experian and Equifax are finding themselves in a perfect storm regarding their credit reports and are often left frustrated with little to no solutions on how to correct major errors with their personal credit files.
“Case study after case study reveals hard working Americans attempting to correct errors on their reports without any help and facing continuous obstacles when encountering the big 3 credit bureaus. Consumers are led to believe that disputing online can cure their ailments but are not informed that many of the protections entitled to them under the FCRA go out the door.” says Jesse Rodriguez, owner of Cobalt Credit Services.
“With more than 80% of credit reports containing significant misinformation, the likelihood of you or me having a lower credit score due to something out of our hands has gone way up,” said Jesse Rodriguez. “The credit bureaus know this information is wrong and are happy keeping things this way because lower credit score data is sold at a premium to its merchants. Lower credit scores based upon errors and not bad financial habits mean higher profits with lower risk, it all boils down to more money for them at your expense.”
Consumer Law Attorney and staff member with the National Consumer Law Center Leonard Bennett, supports the claims made by Jesse Rodriguez in a previous congressional hearing.
“There is no discretion exercised, Equifax outsources all of its reinvestigations to a company in the Philippines who is paid .57 per dispute regardless of how substantive and TransUnion does the same to India, where all that is done by the CRA’s is to code the disputes into one of 3-4 codes…our concern is that without a requirement that all relevant information be provided there will not be a means to convey the consumer disputes from the bureaus to the furnishers of information.”
Individuals with questionable items on their credit reports should seek proper guidance and counsel if their own personal efforts are coming up short. “We never tell anyone they cannot do this themselves, that is never the issue…the issue is that when dealing with multi billion dollar corporations like the bureaus, its likely a good idea to have some support and guidance throughout that process,” says Rodriguez.
Jesse Rodriguez has been a student of the credit industry for over 10 years specializing in connections with local real estate and mortgage operators in the greater Seattle area.
To learn more about Cobalt Credit Services and their consumer credit assistance programs visit http://www.BetterCreditGuaranteed.com
Cobalt Credit Services