Should consumers use a credit report that comes directly from the credit bureaus or is a less expensive consumer-based report good enough?
Since an on-going monthly purchase of these reports is necessary for credit repair, we currently are using consumer-based credit reports for our clients because they are less costly than a bureau-based report. We figured our clients were best served by keeping costs down as much as possible.
However, as we are becoming more actively involved in winning cash awards for our clients and looking at credit reports more from a legal standpoint, the consumer-based reports made little sense because they simply are not accurate enough.
For example, if you have not read Richard’s latest blog, please read it here: New Law Could Mean Cash for You
You will learn about a new law that can net you thousands of dollars. To determine if a violation has occurred, a consumer-based report simply isn’t good enough. Subscribing to these reports will not tell us if you are in line to win award money or not.
Additionally many of our clients are looking to refinance or purchase a home. Our mortgage lenders tell us the histories and scores listed on the consumer-based reports do not tell the whole story. So we may send a client to get their new loan only to find out more work is necessary.
For these reasons, we will now begin employing the use of bureau-based credit reports which will cost a little bit more but will put our clients in the best possible position to win cash award monies and get accurate credit scores.