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Is Your Credit Report A Mess? |
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Credit repair services in America say that most Americans aren't aware of all that's in their own credit report. But there might be much less need for credit repair services if more Americans took an active role in ensuring their credit report is accurate, and contains much more positive information than negative. Why are so many Americans looking for credit repair help? In a tight economy, many Americans are finding themselves in a bind with money. A bout of unemployment, family medical problems, or divorce can throw a families finances into turmoil for months, You can actually take control of your credit reports and your credit yourself. There are means provided in federal law that can help you. For instance, any time a company reports negative information about you that causes you to be denied employment, a loan, or insurance, you are entitled to a free credit report by the agency that provided the information. You can then dispute (in writing) any incorrect information in the report. Within a certain amount of time, the credit-reporting agency must either prove the veracity of the information, or remove it. The process is not fast, and it requires tenacity and diligence, as well as an investment in time and effort that many busy Americans can't or won't make. They often opt to ask a credit repair firm to act as their agent in the effort to rehabilitate their credit. As the number of credit repair firms has increased, so has the number of scam artists and frauds in the business looking to make easy money by posing as legitimate firms. Therefore, the old adage "let the buyer beware" holds true here as in any other business. For that reason, consumers need to know several things before contracting with a credit repair agency. First, know your rights. Some credit repair agencies ask for fees up front, sometimes even before providing services or signing a contract. Never assent to this. Also, in many states you have the right to review and rescind a contract you have signed within 3 business days after signing. Also, check the legitimacy of your prospective credit repair agency. Are they state chartered and licensed? Do they have excessive complaints on file with the Better Business Bureau or state Consumer Protection Agency? Is there a Consumer's Bill of Rights and Responsibilities posted or provided prior to contract signing? Finally, be realistic about your position. Understand that, although some supposed credit repair agencies will say they can, no agency can remove current, legitimate and correct information from your credit file. Most negative information can remain on record for up to seven years, and bankruptcies up to ten years. This doesn't necessarily mean you will be denied credit at any given place, but the information (given that it's correct) can't be forced off your record for that period. In your credit repair efforts one thing is paramount. The best way to improve your credit score, once the report is correct, is to bury bad news with good. Work hard to maintain a good solid record of handling your finances so as to show potential employers, insurers and creditors that even if you have had past difficulties, you have overcome them and can administer your finances in a responsible manner. |
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