IS CREDIT REPAIR TRUTH OR MYTH?Credit Repair
Credit repair is the process of writing dispute letters to the
three major credit bureaus and having them verify the accuracy of your
credit report.
The Fair Credit Reporting Act (FCRA) protects your consumer rights.
The FCRA maintains that credit bureaus should always have an accurate
and verifiable account of your credit history. If at any time you feel
that the information on your credit report is not accurate, you can ask
for an investigation to repir credit. The credit bureau must respond
to every request for an investigation and respond in a realistic amount
of time (usually thirty days). Under FCRA, you can question an item on
your credit report and your complaint must be investigated.
However, the negative information will be removed from the credit
bureau only if an investigation determines it’s incorrect. A credit
repair service, cannot make the credit bureau remove negative
information from your report, if the information is accurate. The
credit bureau must contact each creditor and ask for verification that
the information on your credit report is accurate. The credit bureau
will then update, correct, or delete each item. If any company in
question does not respond in a reasonable amount of time, then that
item must be removed from your credit report (until it is verified).
Additionally, you have specific rights under the Fair Credit
Reporting Act: You are entitled to a free copy of your credit report if
you’ve been denied credit, insurance or employment and request the
report within 60 days of notice, or if you can prove that (1) you’re
unemployed and plan to look for a job within 60 days, (2) you’re on
welfare, or (3) your report is inaccurate because of fraud.
There are many good and bad credit repair services for you to
choose from so make sure that you are aware of your rights that can be
found in the Fair Credit Reporting Act (FCRA).
The best credit repair services: do not charge until you see
results, have minimal or no start up fee, will provide you with a
detailed understanding of credit report repair, they provide you with
Consumer Rights under Federal Law, they cannot make false claims about how to repair bad credit,
they should not perform any services until they have a signed contract
with and have completed a three day waiting period, which gives you
time to cancel the contract without paying any fees.
If a credit repair service asks you to: make false statements
on a loan or credit application, misrepresent your Social Security
number, or advise you to get an Employer Identification Number from the
Internal Revenue Service under false pretenses, you will be committing
fraud.
Many credit repair services guarantee their work. Understand that there are no guarantees items will be removed permanently
(depending on your situation). No company or lawyer has access to the
credit bureaus database. They can only guarantee their performance.
Note: Accurate and Verifiable information will remain on your credit report.
If you do not have the time to repair your own credit, then know
that bad credit goes away in 7 to 10 (bankruptcy) years. There is only
a finite time that negative items can remain on your credit report and
then by law they have to be removed. Many lenders and creditors only
look at the last two to three years of your Credit History.
Many lenders and creditors will take a chance and extend credit to
you at a higher interest rate. By maintaining good Credit until all of
the negative items are removed from your credit report will naturally
make you have good Credit again.
If you already have bad credit and are having problems making your
monthly payments Professional Debt Advisors can help. We can not
repair your credit but we can help you get in a position to start
re-building it. Simply fill out the form on the right or call us NOW
at 866-559-3328. |
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Debt Settlement - Straight Talk