As people, we always want to tell our side of the story. It seems that this is just human nature. It does not matter what the issue is, if we believe someone has misrepresented us we feel compelled to say something about it, rather than simplyletting the facts speak for themselves. Of course this same tendency exists when it comes to Credit Restoration or trying to clean up a credit score.
The best advice I can give you regarding consumer statements on credit reports, is to avoid the urge to do so, at all costs. It will accomplish nothing good. It is common knowledge that the error rate on credit reports can be as high as 70%. Placing a consumer statement on the report next to a late payment is like an admission of guilt, before any one asked. Like this: Oh yes, I was late on that payment because....
When lenders look at your credit report to evaluate you for credit worthiness the first most important things are your credit scores. These reflect your debt to income ratio, and everything else they need to know. You putting out there your side of the story, is not going to help anything, and may in fact hurt. Again, why call attention to a potential issue. If the lender sees it as a potential problem, he or she will ask you about it.
Here is another good reason not to place consumer statements on your credit report. They remain on the report for 10 years. Suppose you hired credit repair lawyers to get a particular debt validated, and the credit bureaus failed to validate it, so it was removed. If this event happened in the 3rd year, now you will still have your admission of guilt, by way of the consumer statement that you placed on the report remaining. Now someone can ask you about the issue. You will have opened the door.
So, if you need fix your credit score hire a competent FTC compliant credit restoration company.
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Written By:
Steven Ciantro
Cerdtified Credit Counselor
American Debt Enders
help@americandebtenders.com
877-766-2465
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