What are My Premier Credit Card and what does it have to do with my FICO score? This is one question that people who are looking to get a credit card, or to re-establish credit in the event that they are unable to get one, are asking. The answer to this question is that it is very important to know how your credit score is determined and also what your rights are if you feel you have been denied a card because of your credit history. Here we will take a look at the history of the first premier credit card offered in the United States, which was the MasterCard.
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The way that they measure credit worthiness has changed dramatically over the years. The three major credit reporting companies all have their own different ways of determining your credit worthiness. You can dispute these findings however, most times they will go in your favor. This is because they do not always get data from all the companies involved. They rely on the information that you provide them with, and the decision is usually made from this information.
What changed in this case was that they started to ask more questions on your behalf in order to get the best answer. The first premier bank, American Express used a different standard for their credit repair score, something they called the Fair Isaac Scale. This was later replaced by the Fair Credit Reporting Act, which placed stricter regulations on the credit reports that they provided to companies. The Fair Credit Reporting Act also required the bureaus to inform anyone who may have questions about your credit history the identity of the company that provided the report. This is the information that American Express used for their analysis of your credit worthiness.
The Process of Notifying the Credit Card Company After a Declaring Bankruptcy
The Federal Trade Commission decided to institute new legislation, the Fair Credit Reporting Act, or the FICO. This act changed the way that they would look at credit reports and affected the way that you were able to dispute incorrect items on your credit history. You no longer had to contact the company who put the item on your credit report to request that it be removed. Instead, you needed to notify them through the mail, phone or through the website that you wanted to remove the disputed item. With the Fair Credit Reporting Act, all disputes regarding your credit scores would need to be filed with the company that put the item on your credit report. It did not matter if you disputed an item that showed up on your credit history; if you didn't file a dispute within sixty days of the item being reported, then it would stay on your credit history.
Now that the FICO has been implemented, the My Premier Credit Card Company still relies on the consumer reporting agencies to maintain the information. In other words, even if you have disputed an item on your credit report, it will remain on your credit report until the sixty day period has expired. If the creditor attempts to collect a debt from you during that time period, they will need to go to the consumer reporting agencies first. This is due to the fact that the creditor is required by law to send the dispute via registered mail and by a certified letter. The consumer reporting agencies are also required to respond to the requests for relief in writing within a certain amount of time.
The third way that the My Premier Credit Card Company has used the Fair Credit Reporting Act (FCRA) to force you to repay your debts is to send you electronic letters. For example, if you owed money to Transunion and demanded that the credit reporting agency to remove the TransUnion mark from your file, the creditor would send you a demand letter demanding that you pay off the debt within a specified time. This letter would require you to obtain either a written verification from the consumer reporting bureau that you requested the mark to remain or to remove the mark. If you do not respond, the creditor could then send you a third demand letter demanding that you repay the entire debt. Electronic letters have become standard operating procedure for the My Premier Credit Card Company.
In cases where you do not respond, the credit reporting agency may seek legal action against you. When this happens, the first premier bank will attempt to get a copy of the original credit report from the issuer. If you are unable to locate the original report, the next step would be to obtain a copy of the FICO score. If you do not have a FICO score, the My Premier Credit Card Company may refer you to a company that does have one. This means that if you cannot get a copy of your FICO score, the company may be unable to work with you on a solution that does help you improve your credit score.
If neither of these solutions works out, or if you find that the process of getting a response from the consumer reporting agencies makes it difficult for you to meet the requirements to get relief, the My Premier Credit Card Company may then move forward with the collection portion of the lawsuit. Collection agencies are prohibited by law from calling you and threatening you with late fees, court fees, or other charges as a result of not paying your accounts on time. However, they can pursue collection if the case goes to trial. Therefore, it is important for you to understand that your rights will end up being violated if the case goes to court. In addition, you are fully within your rights to request that the My Premier Credit Card Company stop the collection efforts in this situation.
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