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Credit Report Repair Agencies: Cure For Your Bad Credit? |
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The temptation to get negative information
removed from your credit report in order to clean it up and to achieve a better credit score can sometimes lead you to a worse financial mess than before, especially if you get allured by various advertisements claiming to erase bad credit from your credit report with credit report repair. You must remember that there are no miracle cures to heal bad credit. There are so many credit report repair companies or credit clinics that promise incredible ways to repair your credit report but you should be very careful in dealing with them. The modus operandi of these unscrupulous credit report repair firms is based on one simple stipulation in the federal Fair Credit Reporting Act which requires a credit bureau, or credit reporting agency, to omit some information on a credit report during the time when an investigation is being conducted after a challenge has been filed by a consumer. Taking advantage of this stipulation, the credit report repair firms inundate the credit bureaus with multiple frivolous disputes. The negative information might get removed temporarily enabling the credit report repair firms to extort fees from customers to the tune of a few dollars to thousands of dollars. However, the legitimate negative information is never permanently erased from a credit file by the paperwork generated by a credit report repair firm. Time is the best healer of an undesirable credit history Federal law stipulates that delinquent payments can only be eliminated from credit reports after seven years and personal bankruptcies after ten years. Information concerning a lawsuit or judgment against you can be reported for seven years or until the statue of limitations runs out, whichever is longer. The practice of intentionally abusing the laws and policies established to protect consumers by the credit report repair agencies accounts for 30% additional workload of the credit reporting agencies. For a small fee, consumers can get a copy of their credit report from the credit reporting agencies. Moreover, those who have been denied credit within the past 60 days are entitled to get free credit reports. The following facts about credit report repair agencies are worth noting: You can do for free or at minimum cost all that a credit report repair agency can do legally Accurate information cannot be removed by anyone legally. Bad credit can only be eliminated with time Inaccurate information can be disputed by any consumer at no charge and will be changed or deleted free of charge, if the dispute is found correct. An easy-to-complete dispute form is available in the credit report for the use of the consumer. Bad credit has no miracle cures For doing business with a credit report repair agency, you should contact the Better Business Bureau for a reliability report on the company and inspect the company's certificate of registration. You will also become aware of any litigation commenced or of any complaints filed with any governmental authority of California, any other state, or the federal government and how they were resolved. The law requires that there should be a written contract between you and the credit report repair agency in which all that the agency promises to do is recorded in writing. You must remember that if the agency promises that any accurate information can be changed or erased, you are not being told the truth. You should be wary of credit report repair agencies that promise to repair bad credit easily. There are non-profit credit-counseling organizations that offer assistance to those people who need help organizing their finances. You can consult them for getting help. Everyone wants bad credit to be eliminated and for that some take the help of credit report repair agencies whereas others feel comfortable working on their own. Ignoring the situation or falling victim to a scam must be avoided. Each one must decide on the course of action depending upon one's knowledge and skills. |
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