Can I file a "100'word statement" on my credit report explaining my side of the story and will creditors read my statement and take it into consideration?
No known creditor considers information given in a 100-word statement. It makes one wonder why they included this meaningless stipulation into the Fair Credit Reporting Act.
Most creditors will not even look at the credit report when a credit application is made. Rather, they will simply take a numerical score from the credit report and make a determination as to whether or not they should extend the credit. This score does not take into consideration the contents of a 100-word statement.
The statement does, however, verify that some of the negative listings on the credit report are technically accurate. This just makes your credit repair job more difficult. Make 100-word statements the first things you delete from your credit file (if you ever added one in the first place.)
Lexington Law - Legal and Effective Credit Report Repair. Learn more
More credit repair FAQs here.
No known creditor considers information given in a 100-word statement. It makes one wonder why they included this meaningless stipulation into the Fair Credit Reporting Act.
Most creditors will not even look at the credit report when a credit application is made. Rather, they will simply take a numerical score from the credit report and make a determination as to whether or not they should extend the credit. This score does not take into consideration the contents of a 100-word statement.
The statement does, however, verify that some of the negative listings on the credit report are technically accurate. This just makes your credit repair job more difficult. Make 100-word statements the first things you delete from your credit file (if you ever added one in the first place.)
Lexington Law - Legal and Effective Credit Report Repair. Learn more
More credit repair FAQs here.