Maybe you have just checked your credit report after a long while - or for your first time and discovered all sorts of ugly surprises. You obviously want to fix credit report errors, but where do you begin? There are tons of so-called experts online, but who can you really trust?
So much of what you read about credit repair makes it sound like this is simply an underhanded strategy used to evade debt and escape accountability, but you have to consider the source of this information.
Its not in the interest of large lending corporations, creditors, and credit bureaus for you to pursue your legal right to remove questionable items from your credit report. This is what you have to keep in mind when you encounter any of the common myths about online credit repair.
Youll find plenty of websites claiming that its not possible to fix your credit score, that credit repair simply isnt possible " or even legal. Of course, its in the financial interest of lenders, collection agencies, creditors and even credit bureaus to protect their profits and make sure that mistakes that show up on YOUR credit report are in THEIR favor. They want to collect, and they know that theyll lose money if consumers know " and pursue " their rights to legal credit repair.
Approximately thirty years ago the government enacted laws to help you - the consumer - when it comes to repairing an inaccurate report. Specifically, the Fair Credit Reporting Act, or FCRA is a collection of laws that are designed to regulate the large consumer agencies. These laws allow you to challenge any information that is inaccurate or incomplete.
Attorneys who are involved with consumer credit advocacy often are outraged when bankers claim information must remain on your file for seven years. The truth is that creditors and bureaus can report any information as long or short as they like.
A portion of the credit laws force bureaus and creditors to investigate legitimate disputes filed by the consumer. The investigation must normally take no longer than thirty days or the items must be promptly deleted.
Many reasons prove to be your reason for challenging or disputing an item. For instance, perhaps a debt was taken out in your name without your knowledge or consent. Perhaps you paid a debt but the creditor failed to update their records.
Credit repair can prove to be a confusing and overwhelming process - especially if the bureaus fail to acknowledge your requests. If this happens - as it often does - you may consider enlisting a professional credit repair law firm. If so, make sure to verify that the law firm in question has experience and a track record of satisfied customers. - 21511
So much of what you read about credit repair makes it sound like this is simply an underhanded strategy used to evade debt and escape accountability, but you have to consider the source of this information.
Its not in the interest of large lending corporations, creditors, and credit bureaus for you to pursue your legal right to remove questionable items from your credit report. This is what you have to keep in mind when you encounter any of the common myths about online credit repair.
Youll find plenty of websites claiming that its not possible to fix your credit score, that credit repair simply isnt possible " or even legal. Of course, its in the financial interest of lenders, collection agencies, creditors and even credit bureaus to protect their profits and make sure that mistakes that show up on YOUR credit report are in THEIR favor. They want to collect, and they know that theyll lose money if consumers know " and pursue " their rights to legal credit repair.
Approximately thirty years ago the government enacted laws to help you - the consumer - when it comes to repairing an inaccurate report. Specifically, the Fair Credit Reporting Act, or FCRA is a collection of laws that are designed to regulate the large consumer agencies. These laws allow you to challenge any information that is inaccurate or incomplete.
Attorneys who are involved with consumer credit advocacy often are outraged when bankers claim information must remain on your file for seven years. The truth is that creditors and bureaus can report any information as long or short as they like.
A portion of the credit laws force bureaus and creditors to investigate legitimate disputes filed by the consumer. The investigation must normally take no longer than thirty days or the items must be promptly deleted.
Many reasons prove to be your reason for challenging or disputing an item. For instance, perhaps a debt was taken out in your name without your knowledge or consent. Perhaps you paid a debt but the creditor failed to update their records.
Credit repair can prove to be a confusing and overwhelming process - especially if the bureaus fail to acknowledge your requests. If this happens - as it often does - you may consider enlisting a professional credit repair law firm. If so, make sure to verify that the law firm in question has experience and a track record of satisfied customers. - 21511
About the Author:
Rebecca Gray contributes to local consumer advocacy journals, online legal directories, and personal finance web properties. Rebecca is also an advocate for lexington law, an affordable credit report repair law firm who's credit attorneys have established a long running track record of successful consumer credit repair.
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