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Bad Credit Repair > Bad Credit Repair: What the Law Says About Repairing Your Credit?
Bad Credit Repair: What the Law Says About Repairing Your Credit? |
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If you are looking for a bad credit repair, there are a number of bad credit repair services. But, as with any industry, there are both honest and dishonest bad credit repair services. There are many reasons for a low credit score, including inaccuracies or negative marks on your payment history. The bad credit score could be a result of an error in your report. On the other hand, your bad credit rating might be accurate. Either way there are actions that you can take to repair your bad credit, namely, approach a bad credit repair service. Before talking to any of bad credit repair services, you need to know your rights under the Fair Credit Reporting Act. Laws that have been recently enacted to protect consumers from cheats state that bad credit repair services cannot charge any fee until the bad credit repair has been performed. These bad credit repair services often have minimal or no start-up fees. Also, they should provide you with a detailed understanding of bad credit repair, the FCRA and how they repair bad credit. They're also forbidden from making any false claims about bad credit repair. Also, these bad credit repair services shouldn't repair credit until they've a signed contract with you. This contract will have a 3-day waiting period, which gives you time to cancel it without paying any fees. Also, there are many things that a bad credit repair service cannot ask you to do, according to the law. A bad credit repair service cannot ask you to make false statements on a loan or credit application. This is illegal. So are any requests to misrepresent your Social Security number, or to get an Employer Identification Number from the Internal Revenue Service under false pretenses. Any bad credit repair service that gives you this advice is disreputable and should be avoided. Another factor to remember is that many bad credit repair services guarantee results. However, in the field of bad credit repair, there are no guarantees that items will be removed permanently. It all depends on whether the information in your credit report is accurate or not. No company or lawyer has access to the credit bureaus' database. So, they can't guarantee performance. However, bad credit repair services cannot make credit bureaus remove negative information from your credit report if the information is accurate. However, bad credit repair services can dispute the information in your report. Then 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 doesn't respond within a reasonable time, the item must be removed from your credit report. But this is only temporary. Accurate and verifiable information will remain on your credit report. However, if the problem is with inaccurate negative information in your report, then you don't need the help of a bad credit repair service. You can do it yourself. The first step is to tell the credit bureau, in writing, what information is inaccurate. Also, include copies of documents that support your position. In addition to providing your name and address, you should clearly identify each item that you're disputing by stating the facts and explaining why you dispute the information. You may want to enclose a copy of your credit report with the items in question circled. And, send your letter by certified mail, with return receipt requested, so you can document what the credit bureau received. Also, keep copies of your dispute letter and enclosures. On receiving the request, the credit bureau will investigate the accuracy of the information disputed. When the investigation is complete, the credit bureau must provide you the written results and a free copy of your credit report if there have been any changes. If you request, the credit bureau must send notices of any correction to anyone who received your credit report in the past 6 months. You can also request that a corrected copy of your credit report be sent to anyone who received it during the past 2 years for employment purposes. But, if you don't have the time to perform bad credit repair on your own or don't want to hire bad credit repair services, you're only option is to wait it out. In 7 years, most bad credit will disappear from your report. |
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