The Metropolitan Cooperative Association, Inc.

Metropolitan Up-Date

2006-08-25T16:14:00.000-07:00

Attention, Metropolitan residents who want to purchase their unit!! MCA will begin the process on September 12, 2006 for current residents who would like to purchase their unit or one that is available. We will also include the Cooperative Members who would like to purchase larger units. Please contact the Cooperative Office after Sept. 12, for more information.

Are you or someone you know looking for employment? Do you want to work with the renovation of the building? Do you have recommendations of Project Managers, Construction Companies or anything that MCA may need to develop our property? The Metropolitan Cooperative Association is accepting resumes, ideas and information. Please submit your resume by mail or in person to the Management Office. You can also fax information to: (202) 832-3957.

MCA needs members and prospective members to sign up and to organize various committee. We need the help of everyone. No talent is to small.

MCA Committees
Clerical Assistance: Aid with administration duties such as light typing, filling creating graphics, creating flyers, announcements, mailings, letters, and stuffing envelopes.

Construction/ Development: Interview, architects, developers and contractors. Research materials and procedures in renovation.
Senior and Disabled Persons Liaison: Distribute information and help to seniors and persons with disabilities.

Reality: Help with issues of marketing, advertising and sales.

Building Management: Help with the operation of the building. Monitoring trash, and snow removal.

Security: Monitoring the staircases, parking area and laundry room.

Floor Captions: Two captions are needed for each floor. They will be responsible for monitoring upkeep and appearance of hall corridors of their designated areas.

Strictly Business Kymo Dockett

Managing a co-op can be a sticky situation. The board of directors wants to be friendly and helpful, but what happens when that leads residents to believe they can take advantage of the board? Some board members don’t want to appear rude or unprofessional. No one enjoys evicting people or enforcing the consequence on residents who break the rules. Unfortunately, sometimes you have to do some unpleasant things to be successful in business.

What would happen if you went to the movies and attempted to pay half prices for a film? What if you went to a store manager at Safeway and asked for free groceries? Most businesses know that staying in business requires collecting money for the goods and services they provide. The reality is: the Metropolitan needs to collect money from the tenants to stay in business.

Just like any other business, the co-op has bills to pay. Washington Gas wants its money each month. The employees at the Metropolitan want their pay checks. The vendors who provide services for this building wants their money or they will not work with us again. We pay them from the money we collect from the tenants. That is why we must continue to have a “if you don’t pay, you don’t stay” attitude.

The board understands that special cases may arise. However, too many people are coming to the board with “sob stories” about how they cannot pay their rent. I often wonder how many of these same people came to Frank Emmett with these same issues when he was managing the building.

Unfortunately, some businesses have gone under by being too nice. We refuse to suffer that fate. “Moochers” here in the Metropolitan will not be tolerated. Either pay your rent or face the consequences. The board realizes that it is not fair to tenants who faithfully pay their fees each month to have to pull the weight of those who are not. Remember, we are a co-op. Therefore, we must work together.

I don’t want to make this seem like a huge problem. Believe me, it is not. I thought it was wise to nip this issue in the bud. For the most part we have wonderful tenants who make every effort to pay their bills on time. Yet, a select few who has been a source of frustration for the board in this particular area.

If you have been paying your fees on time, please continue. We appreciate you and realize we could not be successful as a cooperative without you! If not, please be prepared to deal with the consequences. We love all of you, but we are running a business. You cannot run a business without collecting money. Thanks for your cooperation

Resident-initiated Cooperative conversions

2006-08-25T16:04:00.000-07:00

Conversion and renovation is not an overnight process, it takes time. A resident-initiated conversion can differ significantly from development initiated by the developer in that the residents may sometimes choose to take a far more active role in the entire development process. This can prove to be a major benefit down the road, both when it comes to marketing the cooperative interests and when the responsibility for cooperative operations is transferred completely to the membership. Involved residents tend to be very savvy. They will want the process to be theirs, and rightly so. They do, however, need the expertise of the development team.

Sponsor/developers will need to be cognizant of the emotional component of the development process for existing residents. The development process is about their homes and, as is generally the case, a home represents a significant emotional investment.

The relationship between residents and the development team must be a trusting one, if the co-op is to succeed.

Stage 1: Preliminary site selection and information gathering
As a first step, relevant data about property and available sources of funding must be gathered and explored on a preliminary basis.

For rehab projects, a preliminary architectural and engineering analysis of the building (including a preliminary environmental assessment) should also be done, to gain an understanding of major rehabilitation needs.

Stage 2: Preliminary financing decisions

Cooperative development, like other real estate development, is costly. Funds for cooperative development come from three basic sources, usually in some combination:

Equity, at first from the developer/sponsor and from the cooperative members themselves

Debt, in the form of construction and then permanent blanket debt taken out by the cooperative and secured by the cooperative’s land and buildings or in the form of share debt taken out by individual cooperative members and secured by their cooperative interests

Social investment, in the form of direct grants from governmental or charitable sources, in-kind contributions from charitable or governmental sources, interest reductions for loan, equity investment from private sources in exchange for tax credits or other tax incentives.

Stage 3: Market study and feasibility analysis

If the preliminary information gathering and analysis demonstrates the likelihood that the development will be viable and a preliminary go-ahead decision is made, it is time to invest financial and human resources in a full-fledged marketing and feasibility analysis.

A market study has three essential purposes:
demonstrating adequate demand for the property over the long term
demonstrating the price the market would be willing to pay for cooperative interests in the property
demonstrating the fallback marketability of the project as a rental, particularly where multifamily ownership is not well established in the relevant market

Stage 4: Proposals

With at least the first iteration of a detailed feasibility analysis in hand, the sponsor/developer can begin to seek outside funding for the development. This involves putting together proposals to social investors and to lenders.

Many sponsor/developers first look for outside funding by seeking grants or forgivable loans to pay for engineering and architectural work, option costs to assure property availability, and the costs of putting together the next (fully specified) iteration of the feasibility analysis.

More detailed proposals will be required to seek large amounts of social investment and construction and permanent financing (including FHA-insured loans) from conventional lenders.

Other components necessary to complete proposals will include:
documentation of the experience and competence of the sponsor and the development team;
documentation of the market value of the property before and after construction/rehabilitation;
legal documentation on both the cooperative organization and ownership of the property; and
evidence of community support for the project (this can be especially important in seeking and obtaining social investment).

MCA MAINTENANCE PROGRAM

Emergency Maintenance responds to unforeseen situations. For example, a resident reports a leak in the ceiling. Investigation of the upstairs apartment finds a tub faucet left running. The situation is dealt with immediately.
Some examples of an emergency are:
Loss of heat in winter
Sewage backup or toilet overflow
Electrical power loss
Gas odor
Any condition that could cause a fire
Flooding
Inoperable smoke detector
No water (hot and cold)
Inoperative refrigerator

If any of these situations arise during office hours, Site Manager or Maintenance Supervisor will be contacted and they will arrange for repairs.

Routine Maintenance is the day-to-day scheduled tasks performed to maintain a clean and safe building, such as the cleaning of common areas and the outside, and removal of trash.

Responsive Maintenance includes apartment repair needs reported by the members, such as a leaking faucet, running commode and repairs to the building itself, such as a leak in the roof, a broken door or window, malfunctioning elevator, etc.

Preventive Maintenance ensures that the major systems in the building are routinely maintained to extend their useful life, for example, having the boiler checked every fall or immediately patching a crack in a wall to prevent further deterioration and more expensive repairs in the future. It also includes replacing parts.

Right of Corporation to Make Repairs at Member's Expense. In case the Member does not repairs or fails to effect the repairs, maintenance or replacements specified for members in a manner satisfactory to the Corporation, and pay for same, the Metropolitan Cooperative Corporation may do so and add the costs to the Member's next month's Carrying Charge payment. The property management company shall have the responsibility for four major categories of maintenance; Routine, Responsive, Preventive and Emergency maintenance.

N.E. Tenants Win Battle to form Co-op

2005-12-02T13:58:00.000-08:00

THE EXAMINER Washington

By Mike Rupert
Examiner Staff Writer

When Tawaunna Jones learned that the Northeast apartment building in which she had rented for 25 years was about to be sold and turned into condominiums in early 2004, she and many of the other 160 low-income residents of The Metropolitan feared the worst. Where would they go? How could they afford to stay in the District if they were forced from their rent-controlled apartments?

City agencies gave them "cookie-cutter" scripts to follow if they wanted to buy the building, but residents were worried they "would be pawns of developers," Jones said. Several area banks that have seen huge profits in recent years from condo conversions weren't interested in their proposal. Developers also turned them away, Jones said, and deals with local nonprofit organizations also fell through.

The tenants got so desperate they wrote a letter to President Bush, who referred them to the Department of Housing and Urban Development. "No company or bank wanted to help us," said Jones, who founded a tenants association shortly after the sale was announced. "We tried to turn over every stone there was."

After a nearly two-year battle, the parties closed a deal last week that makes most of the poor tenants first-time homebuyers. But it wasn't easy, Jones said.
The scenario doesn't surprise Peter D. Antonoplos, a partner at Shaffer, Bock & Antonoplos who helped broker the $7.2 million deal with Adams National Bank last week. The firm and the tenants sort of met through the "real estate" grapevine, a spokesman said. "The banks are really looking at [condo conversions] as big windfalls, while co-ops are considered little windfalls," Antonoplos said. "But this is really the socially responsible way to develop. ... They had the right to keep it."

For Jones and her neighbors, it's a huge sigh of relief. "We are elated," she said. "But also a lot of us are numb - sort of like battle fatigue. "One of the board members of the new co-op is 80, Jones said, and this is his first home purchase. Jones said she hopes others use their triumph as inspiration.
"When we first started, we came up with a slogan that said, 'Individually, we may be poor or living paycheck to paycheck, but together we can buy millions,' " she said. "When people bought into that, we became a community of people rather than just individuals in our units."

Con Artists By: Kymo Dockett

Fraud by telephone, internet and mail is a serious international problem. It steals your money, your identity and even your self-respect. Protect yourself by learning to recognize fraud. Believe it or not, there is no typical fraud victim, but research finds that fraud victims are likely to be educated, informed, relatively affluent, and involved in their communities. Scammers don't care about your age, race, income, or geographic location. They just want your money.

Thousands of people are defrauded each year. Scam artists use the latest trends and sophisticated techniques: professional marketing materials, well-crafted and researched telephone scripts, which are traded among criminals, a friendly tone and "generous" offer to put you at ease, and believable answers to your tough questions. An ability to impersonate legitimate businesses, charities, and causes and expertly using your own emotions against you are also common.

Identity theft is the fastest-growing type of fraud. Crooks can do bad things using your good name. Protect your precious personal information. Ask all marketing, research, or charity callers for: detailed and written information that you can check out yourself. Take time to think about the offer. Scam artists pressure you for an answer, saying the offer will expire or go to the next person if you don't act now. Valid references and a way to contact them and a call-back number are something you should as for. This is not fool-proof. Seasoned crooks are happy to give you a cell phone or unlisted number where a colleague is standing by to finish taking your number.

One scam I almost fell into: I received an email offering what at first glance seem to be attractive job offer. The email said that all I had to do is work for two or three hours a day... no special skills required... earn good money... help hundreds of people in need of medical assistance... and all I have to do is to receive payments into my bank account and forward the money onto “agents” via Western Union or Money Gram. It sounds too good to be true, doesn’t it?

After doing some research I found out that this “job advertisement” has been sent out by a gang of scammers who are on the lookout for unwitting accomplices to help them out in their scams. How does it work? Well, if you were to apply for the post of “Financial Manager”, the scammers would get their victims to transfer money into your bank account. You would then have to withdraw the money and forward it onto the scammers, in cash, via Western Union or Money Gram.

This is a wonderful setup from the scammers’ point of view: as soon as a victim realizes that they have been scammed, the only concrete information they will have to give to the police is details of your bank account. You would be the one with the police knocking on your door, not the scammer.

Remember, if it sounds too good to be true, it is too good to be true. If a scam artist has contacted you or if you've been defrauded, contact the FTC at www.ftc.gov or 1-877-FTC-HELP. They gather evidence, identify fraud trends and alert law enforcement throughout the U.S., Canada, and abroad. By reporting your experience, you can prevent others from becoming victims and help put an end to fraud.

Tawaunna Jones

2005-07-07T11:22:00.000-07:00

President

Minister Tawaunna Jones was elected President for a second term. She is a minister, teacher, designer as well as a Writer and Editor for various publications as The Anointed Path and Street Sense Newspapers. Minister Jones is the founder of Godspiration (www.godspiration.com), an innovative ministry with the purpose of reaching the poor, vulnerable and excluded. She has always had a very creative nature that had allowed her to turn a sewing hobby since the age of 12 into a major business. Minister Jones created a news letter and a website for The Metropolitan 2004 Tenants Assoc., to keep our members informed.

In 1988 she was one of five women chosen from around the country, to receive the Entrepreneurship Award from the National Women’s Economic Alliance. Minister Jones biography was published in Risks and Rewards of Entrepreneurship, published by Ohio State University; a book intended to help student learn the importance of free enterprise and entrepreneurship. She earned a degree from the Paris Fashion Institute in Paris, France and a Bachelor of Arts in Theology from Faith Bible College and Seminary; currently she is pursuing a Master of Divinity. Minister Tawaunna Jones brings a wealth of insight and passion for economic development, education and self-help, to the Metropolitan where she has been a resident for 24 years.

Marvin Boone

2005-06-23T11:35:00.000-07:00

Marvin Boone was recently elected as Vice President of the Metropolitan 2004 Tenant Association Inc, after dedicated service as the Financial Secretary. He is a graduate of the Howard University School of Business, and has resided at the Metropolitan for a little over a year. As a transplant to Washington, D.C. from Florida, Marvin has always appreciated the fine displays of architecture and design represented here in the District, particularly the stately presentation the Metropolitan gives to passer-byes on Rhode Island Avenue. Marvin expresses that “I enjoy helping others and I am an avid observer of architectural details and building design in addition to other components of Real Estate and Development. This interest has fueled his desire to ensure that the Metropolitan is preserved not only for those that live here now but also for generations to come. Marvin looks forward to working with the tenants and doing his part to make ownership at the Metropolitan a reality for all.

LaJacqueline Biggers

2005-06-23T11:10:00.000-07:00

LaJacqueline Biggers, because of her honesty and leadership of the Financial Team was elected for a second term as Treasurer. She is employed as a Treatment Team Leader/Juvenile, Sworn FOP Officer. Ms. Biggers enjoys her position because she gets to experience youths making conscious decisions to change their lives based on her guidance. She joined the tenant association because she believes in "being a part of change in order to make change happen". Ms. Biggers sees the city growing and feels tenants should be a part of those history making changes. She is a Chicago native but fell in love with D.C. and remained a resident because of the city's character, diverse political beliefs and ethnicities. Ms. Biggers is adamant about the ability for Metropolitan tenants to reap the benefits of the District's continuous transformations. She has a diverse of interests such as traveling, massage therapy, and learning other stress relief techniques. She enjoys a variety of music which includes Soft Rock, Christian bands, Rap, R&B and Go-Go. Ms. Biggers adds that "If you have a teen with idle time on their hands, I have information on different free programs that the city has to offer DC youth. My door is always open to help the youth. I'm also available to speak with any youth that might be having difficulties adjusting in school or community". Ms. Jacqueline Biggers has lived at the Metropolitan for 7 years.

Catherine Doleman

2005-06-23T09:23:00.001-07:00

Catherine Doleman, a dedicated Board member, has lived at the Metropolitan Apartment for 34 years. She resides with her husband, Foster Doleman, a retired government employee, who’s wisdom and insight is a valued asset to the MTA Board. She was an original board member of a former Metropolitan tenant's association created in the seventies to resolve and address tenant issues. Many of the D.C. tenant laws we now have were implemented through the struggle of Ms. Doleman's tenant association and other tenant associations during that time period. She brings an archive of knowledge and excellent record keeping skills to our board. Mrs. Doleman is a daycare teacher and takes pride in teaching as she feels she is helping her students to "grow up and become productive citizens". She has a great obligation to family values and cherishes her position as wife, mother, grandmother and great-grandmother. In her spare time, she devotes time to reading, arts, crafts and decorating. Mrs. Doleman joined the board for reasons similar to why she fought for tenant rights in the seventies, "I felt it was very important to stay here and to help the tenants purchase our building."

NANETTE ROBERSON

Nanette Roberson is one of two newly elected board members. She has lived at the Metropolitan along with her husband since February 2005. Mrs. Robinson is a retiree of the D. C. Public Schools where she taught for over 37 years at Giddings, Bryant, and Coolidge Public Schools. Mrs. Robinson found teaching very rewarding as she proclaims that “ helping children to learn to read was her primary focus and teaching foundation. She feels she could bring hands-on experience by helping people help themselves. Mrs. Robinson desires to be instrumental or take the lead in bringing The Share Food Network to Metropolitan tenants. The program provides a nutritious package of meat, poultry, fresh fruit and vegetables for a small fee. Share is open to everyone and there is not any eligibility requirements. “If you eat, you qualify” is their motto. Mrs. Nanette Roberson is very concerned about the plight of the senior population and low income families at the Metropolitan. Her hobbies include reading and cooking.

The SHARE Program
Are you aware that the Metropolitan Tenant Association is attempting to bring the Share program to you and others in the building? Established in 1990, the SHARE Food Network provides approximately 13,500 food packages each month. By combining buying power and volunteerism, SHARE is able to offer quality foods and substantial savings to it's participants.

The SHARE Food Network distributes high quality, affordable nutritious food as a way to build community and strengthen families. Organized through 320 churches and community groups, participants perform two hours of volunteer service and pay $16.00 monthly to purchase groceries worth approximately $35.00 - $40.00. For $16.00 plus 2 hours of volunteer service, anyone may receive a SHARE package full of fresh vegetables, fruits, staple items and frozen meats. The same amount of food would cost approximately $35.00 - $40.00 at the supermarket. With SHARE, participants can save 50%-60% on their groceries!

Here is some more information about this program:

1. What is in the SHARE Value Package?
Each package contains 14-15 items consisting of 6-8 lbs. of meat, fresh fruits, vegetables, and staple grocery items (e.g., rice, pasta, potatoes, etc.). The package is designed to supplement a family's food budget with savings of up to 60% over local grocery store prices.

2. How does SHARE work?
By pooling thousands of dollars across the nation, SHARE purchases food at wholesale prices and passes the savings on to its participants. Volunteers re-package food purchased in bulk and distribute it throughout a network of SHARE Host Sites (Host Organizations) in the DC Metropolitan area.

3. What is the SHARE Specialty Package?
Occasionally, SHARE will offer a special package geared toward the holidays or season. For example, Turkey Packages are offered during the Thanksgiving Holiday distribution, a Superbowl Party Package is offered in January, and a Steak Package is offered in the spring and summer. These special packages still enable participants to receive quality food at a great price!

4. Who participates?
People become involved with SHARE to save money and because they enjoy helping others. SHARE is open to anyone who wishes to participate by giving two hours of volunteer service and paying $16 (add transportation in some areas) for the monthly food package. There are no income or other eligibility guidelines.

5. What is a SHARE Host Site?
A SHARE Host Site is an organization that is sponsored by a church, school, community or neighborhood group, and in partnership with SHARE, agrees to... Promote the SHARE mission and philosophy in their community and provide caring service motivated by a desire to help others. Register participants and organize community service opportunities. Report monthly food orders and remit payment to SHARE on Order Turn-In Day. Provide adequate transportation and a distribution site for SHARE food packages each month.

6. Is SHARE a charity?
SHARE is a self-help program. Each person who participates in the network helps themselves obtain affordable and nutritious groceries.

7. Is the food in the SHARE Package donated?
No. The food is purchased with the money that participants contribute. Each month, quality food is purchased through smart buying and a network of national vendors.

8. Does SHARE take food away from places that serve the needy?
No. Food pantries, soup kitchens, and rescue programs rely upon donated and recycled items. All of SHARE's food is purchased fresh each month. Actually, programs for the needy can benefit from SHARE in many ways. We have
forged many community partnerships with these organizations.

9. How can I pay for my SHARE Package?
SHARE accepts cash, money orders, organizational checks, food stamps or EBT cards as a form of payment. Packages cost $16.00. However, some participants may pay an additional $.50-$1.00 for transportation fees.

10. How can SHARE provide good, supermarket-quality food packages for only $16.00?
There are two primary reasons why SHARE can do this. First, we purchase food in bulk for our participants and therefore the prices are substantially lower. Second, the power of volunteerism enables us to distribute tons of food at minimal costs. Volunteers make SHARE work.

Essentially, we are pooling our resources to achieve common goals and achieve SHARE's mission.

If you are interested in the Share Program you can contact:
Mrs. Nanette Roberson in # 506.

Clarence Gaskins

2005-06-23T09:23:00.000-07:00

Clarence Gaskins was elected as a Board member for a second term and has lived in the Metropolitan for 10 years. He has displayed good leadership skills as our Distribution Captain. Under the leadership of Mr. Gaskins our Distribution Team has done an outstanding job of keeping the tenants informed. He has been employed at the Securities and Exchange Commission for several years. Mr. Gaskins was asked to become a member of the tenant's association and never abandoned the responsibility. He diligently attends each meeting to stay informed and is proud to serve his community. He served this country well and he is a U.S. Veteran. One of his special interests includes being cigar aficionados. Mr. Gaskins believes in the vision of home ownership for every tenant at the Metropolitan and works studiously with the board to achieve this goal.

Kymo Dockettt

2005-06-15T14:34:00.000-07:00

Lillian Hamlett

Lillian B. Hamlett, is a Receptionist/Project Assistant at Wiley Rein & Fielding L.L.P. Law Firm. Ms. Hamlett is a powerful advocate for Christianity as she believes communicating the gifts of love, kindness, gentleness, long suffering as well as self control are important ingredients in extending professionalism to the corporate clients at her law firm. She held the office of Vice President the first year of the Metropolitan 2004 Tenant Association. She continues to have an on-going enthusiasm and concern for our tenants' plight in purchasing the Metropolitan. Ms. Hamlett discovered the opportunity to secure our building was an opportunity too important to let get away. She feels that the Metropolitan is a great place to live and own and wants to be God's instrument in making that a reality for everyone. Ms. Lillian B. Hamlett is a great cook and enjoys engaging in Bible study and creating floral arrangements. She has been a resident of the Metropolitan for 5 years.

KYMO DOCKETT

Kymo Dockett is one of two new board members elected in May 2005. He is a copy operator at the Mills Corporation and a writer for an on-line Christian ‘Hip Hop’ magazine at www.WTWmagazine.com. He especially enjoys writing because “ it allows me to make a difference in young people’s lives by introducing them to Christ in a contemporary way”. He wanted to become a member of the board because he saw the potential of the current board’s efforts toward helping tenants buy the Metropolitan. He desires to see tenants become building owners and pledges to become instrumental in the efforts of MTA. Mr. Kymo Dockett has lived at the Metropolitan since 2003 and looks forward to his new role as Editor/Writer of Metro 2004 News (MTA Newsletter).

What Is Your Credit Score? By: Kymo Dockett

If someone was to ask you what’s your credit score, would you know it? To be frank with you, I jacked up my credit in my twenties. Now in my thirties, I wanted to get my credit together and pay off all my debts. About two years ago, I worked out an arrangement with Sallie Mae (The company I owned money to.) to not only pay off my loans but get the negative information I had accumulated off my credit report.

Through hard work and faithfulness I finally got Sallie Mae to erase the late payments off my credit report. After that, I remember checking my credit online and feeling overjoyed that my score had went up over 100 points. I went from having bad credit to very good credit. So a couple of months ago I applied for a program that needed to pull my credit report. I was shocked that my old score showed up. Was this some kind of conspiracy to keep me down?

What I didn’t realize was that there are three credit bureaus. The good credit score I saw online was from the bureau who had erased the negative information off my report. Evidently, the other two bureaus didn’t get around to doing so. So I’m still in the process of trying to repair my credit. One thing that I have learned is that having quality credit is an ongoing process that takes a lot patience.

As the Metropolitan Tenant Association buys this building, credit will be important. This is one reason why the Tenants Association wants to do anything they can to not only help you own your apartment, but help you get you credit straight. Be on look out for a Credit Fair that they are sponsoring in the coming months. Credit counselors will be here to help you get your score together.

Meanwhile, there are things you can do right now to begin this process.
The first step is not only checking your credit but making sure that you get a merge report from all three credit bureaus. Below are some other tips in how you can go about repairing your credit. This is not a hard process, but a process that takes time and patience. Don’t let opportunities pass you by in life because of your credit. Remember the first step is the hardest and the last step is always the most rewarding.

Inaccurate Credit
Reports

Newspaper stories over the last several decades have repeatedly highlighted the problem of inaccurate information contained in credit reports. According to a 1998 study by the Public Interest Research Group, out of the credit reports surveyed, 29% contained serious errors that could result in the denial of credit, 70% contained mistakes or errors of some kind, 41% contained incorrect personal demographic identifying information, 20% were missing major credit cards, loans, mortgages, or other accounts that are critical to demonstrating consumer credit worthiness. It is up to you to check your credit report and do something about the mistakes. If you don’t do it yourself no one will.

Fair Credit Reporting Act
To address this issue, and provide a remedy to consumers for poor record keeping on the part of the credit reporting agencies, the US Congress first passed the Fair Credit Reporting Act (FCRA) in 1971. It has, since then, been revised and refined several times, most recently in 1997. The laws established by this act require the credit
reporting agencies to remove all obsolete, inaccurate, irrelevant, outdated, misidentifying, incomplete, incorrect, erroneous, and misleading information from their credit reports. Keep this in mind as you go through this process.

How Long Items Stay on a Credit Report

In most cases, bankruptcies will remain on a credit report for 10 years following the discharge of the bankruptcy. Other entries remain for about 7
years from the date of the last activity. This means that, generally, the 7-year clock is reset whenever you generate any activity on a non-delinquent account, including making a payment. But once the account has gone and remained delinquent, the clock cannot be reset. Some unscrupulous creditors will try to reset the clock by reselling the account, but this is not correct. The FTC has made their position clear on this.

Repair Your Credit
Here are the steps required to restoring your good credit:
(1) Obtain Your Credit Reports,
(2) Review Your Credit Reports
(3) Request Correction and
(4) Await Response That's all there is to it.

Seems easy enough, but you must have patience, because the credit bureaus are not always very cooperative. They make their money by providing credit reports to lenders, not by fixing bad information in their databases. While you are following this process, you should simultaneously pursue another strategy, dealing directly with your creditors.