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Personal Credit Report > The Credit Repair Companies Do Not Remove CCJs From Your Personal Credit Report
The Credit Repair Companies Do Not Remove CCJs From Your Personal Credit Report |
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Fraudulent companies are advertising services that clean your personal credit report. The Federal Trade Commission warns that the information given by so called credit repair companies may be wrong, misleading and might get you into worse trouble. Advertisements offering to 'clean your personal credit report' or 'restore your credit rating' by rubbing out any record of debt, should be treated with caution according to the Government's consumer protection authority, as the misleading information provided by your credit repair agency can cause problem for you. Also some experts say that as many as 90% of personal credit report contain errors! That is inaccurate, incomplete, or misleading information that can cost you the credit you deserve. Some credit repair companies cheat consumers by making misleading claims about cleaning up bad credit reports. The FTC warns that the information given by so called credit repair companies may be wrong, misleading or guaranteed to get you into worse trouble - and ensure that you are even more out of pocket. They may also be a "front" for a lender or broker who is simply trying to sell you a loan. Typically the companies say they can remove unfavorable information, such as county court judgments, from your personal credit report and give guidance on how to make a successful application for credit. Often the advertisements urge you to call a costly premium rate telephone line for more information. County court judgments cannot be removed from personal credit report unless they have been discharged or were incorrectly granted. Unsubstantiated claims that a court summons was not received or that correct procedure was not followed will not persuade a court to remove a judgment from its records. Nobody can remove negative information that is accurate from your personal credit report. No company has a secret ability to remove all negative information. But this doesn't stop their claims. This deceptive quote is from a credit repair company brochure: Charged-off accounts, collection accounts, judgments, tax liens, repossessions, and even bankruptcies can be removed from your personal credit records in less than one year (five to seven month average). It is possible to check for yourself what is on your personal credit report and request that corrections are made if the information is incorrect. Advice and guidance on this is available from your local trading standards department and local citizens advice bureau. Some credit repair companies provide booklets containing advice on how to make successful applications for credit. These explain the system of credit scoring used by many lenders and suggest answers by which you can score high points. What they don't say is that supplying false information on a credit application form could amount to fraud, which is a serious criminal offence. Don't be tempted. Personal credit reports on almost every adult in the US are kept by credit reporting agencies, which supply information about your credit record to lenders. If you are refused credit, lenders do not have to tell you exactly why they have turned you down but they should give you an indication of the reason such as information provided by a credit reporting agency. What You Can Do About It You have a right to ask the credit reporting agencies for a copy of your personal credit report. Send your full name and address and any other addresses you have lived at during the past 6 years to the agency. The three main agencies are: Equifax, Experian and TransUnion. If a judgment debt is paid within a month of it being granted, the judgment is cancelled and all mention of it removed from court records and credit reference files. But the history of the debt may not be deleted from the personal credit reports. Judgments paid after one month can be marked "satisfied" by applying to the county court for a Certificate of Satisfaction, which will be passed by the court to the credit reference agencies. If you think the information on your personal credit report is incorrect you have a right to have it corrected or removed. If you think that information on a county court judgment is incorrect you should ask the court for guidance on what you can do about it. If you think other information is incorrect you should write to the credit reporting agency. So order a copy of your personal credit report and find out what's in your credit file, check your personal credit report carefully if you think that any information is suspicious you have the right to dispute those negative information. |
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