Helping my brother with his credit
I had pretty good luck working hard to repair my credit reports after I paid everything off, so my older brother asked me to help him with his.
He is 40 and has always paid for everything with cash and other than a couple of 10 year old lines of credit at jewelry stores that he never even used, he has no credit. He's a longhauler, no wife or kids, and his life is surfing the internet, playing games and watching DVD's during his downtime. About 4 years ago he had a Sprint internet account which he was given incorrect pricing for, when he got the first bill it was a couple thousand dollars and he refuses to pay the bill as he said it was their fault etc etc etc. I tried to explain that he HAS to pay it off eventually if he ever wants credit, but it was like talking to a wall.
Anyway fast forward a year or so and he tried to rent a car, it was a pain so he started thinking twice about getting a credit card to have on hand for that sort of thing, traveling internationally, etc. He allowed me to pull his credit reports and true enough the only thing showing is the Sprint account which has been sold to Calvary Portfolio Services.
On Equifax it shows date assigned 6/06, date of first delinquency 10/03. It also shows the same debt being with IC Systems, assigned 5/04, date of first delinquency 1/04.
On Experian it shows date opened 6/06, reported since 9/06.
Transunion hasn't been sent yet so he is still waiting for it.
so my questions are:
I know that the first step should be to dispute the information, but on what basis?
Can I dispute for the dates being incorect, or does that not really matter?
Should he get a secured card NOW to start rebuilding his credit, and if so, what companies are the best to get those cards from.
Are there other ways for him to start building credit? He doesn't intend to use it, only when necessary.