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Be Your Credit Doctor With Credit Repair |
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The best way to get back to a good credit
rating is through credit repair and the increasing numbers of credit repair agencies bear ample testimony to the fact that more and more people are turning towards credit repair to improve their credit rating. An adverse financial situation can affect your credit score at any stage of life due to various factors, some avoidable and others unavoidable. This normally culminates in a negative impact on the credit report and consequently a poor credit rating, which can make it difficult for an individual to get a job, buy a car or a home. All the promises that credit repair agencies make regarding improving your credit rating in a jiffy and assuring a better life with the improved credit rating are subject to the FTC's statement that all such promises that are advertised in an effort to get money from consumers are committing fraud. Can a financially troubled person recover from such a situation and repair the bad credit? That's the question. A credit repair agency can help you remove a negative item such as a bankruptcy, charge off or collection account (if the account is now paid off but was past due at one time) from your credit report. However, if you want to do the repair work yourself, you will first have to identify the negative items and then dispute it by filling the dispute form and including a copy of your credit report and highlighting the items being disputed. Mail the dispute forms to the address listed on each credit file for credit repair. Keep a photocopy of your dispute letter for your records and send the same by certified and return receipt mail from your local post office to the address provided with your credit file. This process should be repeated for each item of dispute. To allay the suspicion of the credit bureau that you might have paid someone to repair your credit, the dispute should not be sent in from any credit repair agency. The credit bureau should believe that you are working alone and are trying to repair a legitimate mistake, since they themselves make so many mistakes. If any disputed item is found to be correct, it will remain on your credit file even after credit repair. It is therefore necessary to contact the creditor who reported the information and whose name is listed on the left or bottom of the credit file. You should request them to mail you written proof and documentation that this is actually your account, since you do not believe the account belongs to you. Computers are normally used by almost all creditors and collection agencies to store information about debtors and they get rid of original, signed contracts along with other original documents. Although this makes it easy for them to store and organize information but makes it impossible to actually prove the account is really yours and not just another mistake. All creditors are required by law to show you written proof that the account in question is in fact yours. A copy of the contract that you signed with the original creditor is considered to be the written proof. You can do credit repair either on your own or with the help of a credit repair agency. Even though all your information is stored in the computer, the chances are bright that the creditors might have got rid of all the proof that this is your account. All federal laws about credit repair are in your favor. The creditor will have to remove the account from your credit file and cease all collection activity if they do not have written proof that the account belongs to you and you say that the account is not yours. After you have completed the credit repair process and when you find that the negative items have been removed, it is time to focus on building a positive credit profile. Positive information will always give lasting benefits and outweigh the negative items. |
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