New study finds 93% of credit reports contain serious errors…

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) October 10, 2009 -- Elite Credit, one of the leading credit firms in the nation, has just released an internal study with absolutely shocking results.

Their study showed that 97% of client credit reports contained inaccurate, unverifiable, or erroneous information. In 93% of the cases the errors were serious enough to prevent the consumer from qualifying for a loan.

“We challenge the creditors on compliance with consumer law, and rarely can they ever prove the account is valid,” reports Ty Crandall CEO of Elite Credit. “In more than 82% of the cases the creditor quickly removes the item from the report without question once challenged,” states Mr. Crandall.

The most common error according to the study was creditors re-aging accounts reporting activity more recent than what really occurred. This keeps the account on the credit reports longer and creates more damage to the credit scores.

Another common error the study found was multiple collection companies reporting accounts with balances for the same creditor. So even though the consumer only went bad on one account, with collection companies also reporting, it shows on the report that there are multiple collections for that one single account. This seriously affects the credit scores.

Medical collections being inaccurately reported, short sales and foreclosures not reflecting the current status, and even bankruptcies reflecting incorrect information were all common occurrences discovered within this study.

In over 89% of instances consumers had incorrect AKA and address information also reporting against them. This makes consumers easier targets for identity theft and creates further questions from lenders during the loan process.

“The truth is most consumers suffer when they don’t have to,” states Gwen white Senior Credit Specialist for Elite Credit. “All inaccurate, erroneous, and unverifiable accounts can be removed from the credit report with aggressive disputing,” states Gwen.

Radical changes in lending guidelines have more consumers looking for credit repair services to fix their issues. But, be careful who you chose.

“Unfortunately there are a lot of home based credit repair companies who just don’t know how to properly and efficiently dispute and remove negative items,” states Ty Crandall.

“Make sure you look for a company with a strong guarantee, customer testimonials, certification by the Consumer Data Industry Association or Ethical Credit Repair Alliance, and 0 complaints with the Better Business Bureau.”

A reputable company can help an average consumer drastically improve their credit profile.

With lenders continuing to tighten credit guidelines, and with 97% of reports containing errors, it is more important than ever that you have your credit issues corrected.

For more information on this study and the protection of consumer credit rights, visit www.PerfectCreditFast.com or call Elite Credit today at (877) 346-1010.