Home > Credit Repair > Credit Repair Service Is Not "Too Good To Be True"
Credit Repair Service Is Not "Too Good To Be True" |
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People with poor credit history are often
tempted by quick-fix promises made by various credit clinics and credit repair services. These agencies offer to clear your credit record of any negative information for a fee. In many cases they take your money and do little or nothing to improve your credit report. As such it is essential for everyone to be aware of one cardinal principle that no one can erase, fix, repair, or change information contained in your credit report, if that information is correct. However, if there are genuine inaccuracies or outdated items in your report, you can eliminate them with credit repair. Accurate negative information can be legally reported by credit bureaus for seven years and bankruptcy information for ten years. It is important for you to know that accurate items that are within the seven or ten year reporting period cannot be erased from your credit report by companies offering credit repair services. However, you can dispute any information that you feel is inaccurate by notifying the bureau of the problem and providing as much information about the error as possible. The bureau will investigate the disputed information, at no cost to you and correct any mistakes or delete information that cannot be verified. It is the right of every consumer, per the federal Fair Credit Reporting Act, that their files with the consumer-reporting agency contain accurate and fair information that ensures privacy as well. Information regarding your financial activities such as if you pay your bills on time or have filed bankruptcy, is gathered by credit bureaus and then sold to creditors, employers, landlords, and other businesses. If you find any inaccurate information you can dispute the same with the credit reporting agency (credit bureaus) and they will have to investigate the items by presenting to its information source all relevant evidence you submit, unless your dispute is frivolous. Credit repair can help you to get the inaccurate information removed from your credit report. Credit repair process after bankruptcy or in lieu of bankruptcy involves several steps of which the first one is to get a copy of your credit report. You have to locate negative information and employ techniques to remove such information. You can also outsmart creditors who are damaging your credit score. Once you have disputed any negative information, if the creditor does not re-verify in time or if the credit bureau is busy and does not handle your dispute properly, the disputed item must then be deleted from your credit report. The credit repair process will help you to dispute any negative item on your cricket report at any time and the credit bureau must reinvestigate and if that item cannot be verified within a reasonable amount of time, that credit record must be removed from the credit file. A creditor has to include a notice of your dispute when he reports the information, which has been disputed, to the credit reporting agency. Moreover, if you notify the source of the error in writing, it may not continue to report the information if it is, in fact, an error. Outdated information may not be reported. Negative information cannot be reported for more than seven years and bankruptcies for more than ten years. If a credit bureau cannot verify a credit record when investigated, it must be removed from your credit file, even if it is true. However, accurate data is not required to be removed from your file unless it is outdated or cannot be verified. A credit repair agency cannot reinsert into your file a disputed item unless the information source verifies its accuracy and completeness and if your dispute results in any change to your report. Furthermore, the credit reporting agency must give you a written notice with the name, address and phone number of the information source, informing you it has reinserted the item. You can do for yourself what a credit repair agency might do for hundreds of dollars. All that you need is determination and adequate knowledge. |
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