If you have damaging credit showing on your credit you may have considered credit repair as an decision. It has been estimated that as many as 75% of all credit reports have errors or inaccuracies. The FCRA or the Fair Credit Reporting Act is a federal law that was enacted by the U.S. Congress in 1970 to promote the fairness, accuracy and privacy of personal information on credit reports. This act has given consumers the right to dispute erroneous and unmerited information.
You can dispute errors on your credit report and the lenders and credit bureaus have a precise amount of time to bear out the validity of the information or it must be removed from your credit. You can achieve credit repair by submitting the disputes on your own or you can engage the services of a professional credit repair company.
However, be alert that the Federal Trade Commission states explicitly on their website that "No one can legally remove accurate and timely negative information from a credit report. The law allows you to ask for an investigation of information in your file that you dispute as inaccurate or incomplete".
This statement seems to be very straightforward and it is one cause why credit repair critics try to persuade against you from trying to repair your credit by convincing you that credit repair is ineffective. However, the fact is that you can make substantial changes to your credit score and your credit report by taking steps to repair your credit.
The FTC quote may seem to be comprehensible but there is actually quite a bit of haziness. In fact, up to 75% of all reports contain mistakes and mistaken information. Credit repair companies actually offer a effective service. You can always take the steps to repair your credit yourself also, but it can be protracted and wearisome and you may not want to try such a project if you are like many individuals these days and short on time.
Also, who defines what information is "accurate and timely"? Often mistakes and miscommunications happen between consumers and lenders. Something that is considered "accurate" may not be that at all when the total story is revealed.
Also, many credit reports have listings that go to someone else, matching entries, listings that have been on the report for longer than 7 years and even listings that are the end result of identity theft. These things need to be removed from your credit before they cause you unnecessary troubles.
You have the right to dispute anything on your credit that you deem to be misleading, ambiguous, unverifiable, biased or questionable. Intermittently there may even be issues that the lender believes are accurate but that you were never able to stand up for yourself from because your side of the story was never told. Lenders don't always get things right just as consumers also make mistakes. That is one grounds why it is so crucial to have the occasion to be able to dispute anything on your report that is inaccurate, untimely, misleading, incomplete, ambiguous or questionable either on your own or with the backing of a qualified credit repair service.
You can dispute errors on your credit report and the lenders and credit bureaus have a precise amount of time to bear out the validity of the information or it must be removed from your credit. You can achieve credit repair by submitting the disputes on your own or you can engage the services of a professional credit repair company.
However, be alert that the Federal Trade Commission states explicitly on their website that "No one can legally remove accurate and timely negative information from a credit report. The law allows you to ask for an investigation of information in your file that you dispute as inaccurate or incomplete".
This statement seems to be very straightforward and it is one cause why credit repair critics try to persuade against you from trying to repair your credit by convincing you that credit repair is ineffective. However, the fact is that you can make substantial changes to your credit score and your credit report by taking steps to repair your credit.
The FTC quote may seem to be comprehensible but there is actually quite a bit of haziness. In fact, up to 75% of all reports contain mistakes and mistaken information. Credit repair companies actually offer a effective service. You can always take the steps to repair your credit yourself also, but it can be protracted and wearisome and you may not want to try such a project if you are like many individuals these days and short on time.
Also, who defines what information is "accurate and timely"? Often mistakes and miscommunications happen between consumers and lenders. Something that is considered "accurate" may not be that at all when the total story is revealed.
Also, many credit reports have listings that go to someone else, matching entries, listings that have been on the report for longer than 7 years and even listings that are the end result of identity theft. These things need to be removed from your credit before they cause you unnecessary troubles.
You have the right to dispute anything on your credit that you deem to be misleading, ambiguous, unverifiable, biased or questionable. Intermittently there may even be issues that the lender believes are accurate but that you were never able to stand up for yourself from because your side of the story was never told. Lenders don't always get things right just as consumers also make mistakes. That is one grounds why it is so crucial to have the occasion to be able to dispute anything on your report that is inaccurate, untimely, misleading, incomplete, ambiguous or questionable either on your own or with the backing of a qualified credit repair service.
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