Credit Repair has been made a part of federal law. “Credit Repair USA consists of highly trained dispute managers and attorneys who can work closely with you on how to enhance your credit by examining your credit reports and assisting you to eliminate the various negative marks in accordance to the FCRA.” (fair credit reporting act). Your credit rating is important because it affects your finances in a major way. More specifically, your credit score can affect whether or not you are able to obtain:
A mortgage, for instance, is a serious consideration for any buyer. A high credit score will make it very difficult to qualify. If you have bad credit repair services working for you, however, you may be able to purchase your home. A federal law called The Truth in Lending Act makes it illegal for a lenders to penalize you for requesting a refinance or lowering your interest rate. This helps you make disputes easier and avoid expensive mistakes.
Another thing that the FCRA prevents is that if you initiate a dispute and the credit bureau wrongfully dismisses it, you may be unable to sue them. For example, if you were unhappy with an employment screening and you went public with your complaint, your employer could be held liable for wrongful termination. By protecting you from such frivolous lawsuits, credit repair services help you avoid this possibility.
Creditrepair.com company can help you avoid scams when you deal with credit bureaus. Some unscrupulous ones actively encourage consumers to file frivolous complaints just so they can increase their business. Others use fake complaints in order to receive payments from consumers who are actually innocent of the charges. Credit repair companies know that you should never submit any frivolous claim because doing so can get you sued and you may ultimately find yourself out of pocket.
Many people wrongly assume that the FCRA prevents them from contesting negative items on their credit reports. In fact, you have full rights to dispute inaccurate items, but the act also lets bureaus off the hook. Once a bureau receives a dispute, it must investigate the matter and report back to the credit bureau within 30 days. If the item is not removed, then you may send a letter to the bureau, which will then remove the negative items. However, this is not the best solution because negative items remain on your report even if you resolve the issue.
This means that you are likely to be hit with multiple debt lawsuits unless you dispute every single item on your credit reports. A better approach is to pick three credit reports and dispute each one individually. By doing so, you will ensure that you receive fair representation from the bureaus. This method also ensures that you receive fair representation because if one report is lower than the others, then it has to be taken seriously. The three major credit bureaus are Equifax, Transunion, and Experian, and you are under no obligation to deal with them unless you want to.
For example, if you dispute an item that indicates late payments, then the creditor will likely charge a penalty fee. This can get expensive. If you have a history of late payments, then it might be best to just request the creditor to enter into a repayment plan. On the other hand, if you have a history of making payments on time, then it’s probably best to wait until your credit report shows a more recent record of late payments before entering into a repayment plan. The key to credit repair and getting negative information removed from your report is to follow the three tips above. If you do so, you should be able to eliminate or at least reduce the negative information on your credit reports.
The process of dispute credit repair takes patience and effort. You may need to contact each company separately, and then fill out the dispute forms yourself. But if you follow the guidelines above, it should be relatively easy to eliminate the negative information from your credit report. In addition, using the services of a good credit repair company is a great way to get started on the process.
