Credit Correction and Education Service

It is well established that credit reports and credit scores are now a cornerstone of the U.S. credit system. Credit scores determine or at least greatly influence access to housing, unsecured credit lines, insurance, utility and cell phone services, and employment. Since credit scores are based on credit reports, it is imperative that the underlying data be correct for (1) the score to have any meaning and (2) for consumers to accept the validity of credit scoring. The growing use of credit scores has expedited the speed and efficiency of credit granting and the customized pricing of credit. However, in consumer and commercial lending, inaccurate scores can result in unfair treatment of borrowers who are denied or charged high prices for credit. Consumers who are preparing to apply for a mortgage, buy a car, or make other large purchases should know in advance whether or not they will get the loan. A comprehensive review of one's credit report is the best way to make sure a loan or employment is not denied because of what's on the credit report.

SPRINGBOARD® can provide a comprehensive and educational review of your credit reports and help you correct any inaccurate or outdated information. When the process is complete, you will receive a corrected copy of your credit report from the credit bureau. Our Credit Correction and Education Service is

• Comprehensive
• Confidential
• Counselors are certified by the Consumer Data Industry Association

To make an appointment for a Credit Correction and Education Service session, call us at 1-877-WISEPLAN (1.877.947.3752).

Still have questions about our Credit Correction and Education Service? Click here to view our Frequently Asked Questions (FAQ).

The Frequency of Errors on Consumer Credit Reports
Our experience with consumer credit reports over many years confirms that there are many errors in our credit reports and that deliberate manipulations of credit reports and scores by data furnishers are on the upswing. The Public Interest Research Group (PIRG) published a study, "Mistakes Do Happen: A Look at Errors in Consumer Credit Reports" (www.pirg.org), in which it was found that "one in four credit reports contains errors serious enough to cause consumers to be denied credit, a loan, an apartment or home loan or even a job." The Consumer Federation of America (www.consumerfed.org) in cooperation with the National Credit Reporting Association (www.ncrainc.org) published in 2002 a comprehensive review of the state of consumer credit and the relationship to credit inaccuracies, credit pricing models, and the overall effects of inaccurate negative credit items on a consumer’s credit profile. The report concluded that over 41% of credit files had incorrect demographic identifying information, and 20% were missing major credit cards, loans, or mortgages. In total, 70% of reports contained an error of some kind. In August 2004, a study by the Federal Reserve Board (FRB) called "Credit Report Accuracy and Access to Credit" identified the many types of data integrity issues in credit reports and provided detail on specific types and frequency of errors or practices that result in ambiguous, duplicative, or incomplete records. It can be found at http://www.federalreserve.gov/pubs/bulletin/2004/summer04_credit.pdf. These errors and practices affect the usefulness of credit scores to lenders and degrade the benefits of scoring to consumers (although it should also be recognized that some errors and practices result in inadvertent benefit to consumers as well, and this point was raised in the FRB report).

Data integrity problems in credit reports have the cumulative impact of lowering the integrity of what the U.S. credit system is built on: the efficient collection, storage and use of the actual credit history records of individuals and the scores derived from these credit history files. Damage has been done to the integrity of credit reporting and scoring from all sides of the credit granting and receiving spectrum: (1) from the credit bureaus, who are in control of these databases, responsible for their accuracy and integrity, and accountable to consumers; (2) from the creditors and collection agencies, who have employed incomplete credit reporting methods as a defensive marketing tactic, or used unethical and even predatory credit reporting tactics that serve to manipulate credit scores deliberately; and (3) from consumers themselves, who resort to aggressive or even fraudulent methods of credit repair to create a falsely positive credit history for themselves (albeit many times out of necessity, due to unresponsiveness and irresponsibility on the part of bureaus and data furnishers).

It is our hope that you will be empowered to take control of your credit report so that you can enjoy the benefits of the lowest interest rates when you need credit, and prevent yourself from being harmed by identity theft, predatory lending, and abusive collection practices.

This service not available in all states.