The credit bureaus try and convince people that they are stuck with negative credit entries, (accurate or not), for 7-10 years. This is patently false. The FCRA does not state a minimum time frame for any negative entries to remain on credit reports.
Portland, OR (PRWEB) February 12, 2012
Credit Vault Publishing has recently published its fifth title in their 'Credit Power' book series and continues its mission of educating the millions of American Families being adversely affected by low FICO® credit scores. This latest credit guide shows people how to dramatically increase their consumer credit scores in less than 6 to 12 months so that they can take advantage of the historically low interest rates on auto and home loans.
The latest title is 'Credit Power for Busy Families.' The information contained in this authoritative guide goes much deeper than the standard five rating categories always cited by the credit bureaus.
The primary author, Roger Cruise, a noted expert on consumer credit and finance, has exposed years of misinformation and false propaganda bandied about by the credit bureaus and the banking industry themselves. For example the credit bureaus try and convince people that they are stuck with negative credit entries, (accurate or not), for a minimum of 7-10 years. "This is patently false," stated Cruise. "The Fair Credit Reporting Act (FCRA) which governs credit reporting laws in the U.S., does not state a minimum time frame for any negative entries to remain on credit reports; the FCRA cites this as the maximum time frame for negative items [accurately] reported." (Note: Because the insider information contained in the Credit Power book series is so powerful and controversial, the CDIA (a trade industry run by the largest credit bureaus) revoked Mr. Cruise's FCRA certificate in spite of his near-perfect score on their certification exam.)
How this is Affecting the U.S. Economy:
According to the Mortgage Banker's Association, in 2010 $1 trillion of the $2.6 trillion (38%) in total loan applications failed to close. The primary reasons were FICO® credit scores that were too low or insufficient property values, followed by insufficient debt-to-income ratios. "FICO® statistics imply that over 40% of the U.S. [adult] population has credit scores of 640 or less (or none at all), and this poses a substantial risk of any meaningful housing recovery taking place during the next two to three years. The best way of getting people back on their feet financially is to start helping them get their credit and debt situations improved," stated Cruise.
About Credit Vault Publishing:
Credit Vault Publishing was established in 2011 to provide a wide range of educational products, tools, and in-depth information that will help millions of America’s consumers to thoroughly understand how to effectively repair, build and maximize their credit ratings, while improving their finances in the process.