WHAT IS CREDIT REPAIR?
Some companies may offer to help you clean-up your credit report for a fee. Many frequently make aggressive promises to eliminate negative information. Remember that credit bureaus do not remove negative information from your credit profile when it is deemed to be accurate. You can typically do anything a credit repair company does for free by writing to the credit bureaus, or by initiating an online dispute. If you do decide to work with a credit repair company, make sure that they complete the promised task before paying for their services. Any company that asks for payment before providing credit repair services may be in violation of federal and state law. Fiscal Progress does provide information on how you can repair your own credit report free of charge. Feel free to request information or to speak with an Accredited Credit Counselor for more information.
You are writing the credit bureaus, and asking them to remove negative reporting accounts, as they are reporting inaccurately. They then notify the creditor the account is being disputed. What typically happens is that creditor doesn’t have the original contract, or they don’t reply back to the credit bureau. The bureaus will then remove the account. You complete my steps until you have perfect credit. This includes bankruptcies, judgments, collections, charge-offs, repossessions, late payments, etc. A few years ago this process was very easy. You’d send in one letter a time or two and end up with perfect credit. In 2005 congress changed some laws making this process much more complicated. Most others auctions still use that one letter system…it is easy…and you will be satisfied as you will have some results. With that one letter system you will start getting a constant stream of rejections from the bureaus. You will likely have had some deletions, but still have bad credit. My system
Credit repair is the process you use to of rehabilitate your credit worthiness. When you have good credit, you have financial reputation. When you go to the bank to get a loan and you have good credit, they call you “Sir”, “Yes, Sir”, “Right Away Sir”. The bank is more than happy to lend you money because they know you will pay it back. Having good credit is like having report card with A’s and B’s.
Credit repair is a Legal process of using the US Consumer Credit laws to challenge and remove inaccurate information from your credit report. Often the outcome of this process is a better credit report and improved credit scores. The four laws that cover us and our consumer credit are: the Fair Credit Reporting Act (FCRA), the Fair Credit Billing Act (FCBA), Credit Repair Organizations Act (CROA), and the Fair Debt Collections Practices Act (FDCPA). You Have Rights As A Consumer and Debtor You have many rights as a consumer in these Acts; in fact too many to cover in this article. What we suggest is that you have more rights and arguing power than you know. Here are few terms you should know. • Credit Report – easy, this is where all the credit information that you have had in your life is reported. Who reports it? Creditors, report it. Creditors are the folks who gave you the credit card, the car loan, the student loan, the consolidation loan, or the mortgage. Creditors report typical
Credit repair is a process in which an individual or business with a poor credit rating intentionally takes action to stop the downward spiral of the FICO score. Part of this process requires creating a plan to incrementally eliminate outstanding debt, as well as revise the spending habits that created the initial problem. Depending on the severity of the debt load, it may be necessary to work with a credit counseling service in order to develop a viable plan. The first step in starting a credit repair initiative is to gather copies of credit reports from the several credit bureaus. Keep in mind that consulting a single credit bureau is not sufficient. There is a good chance that you have some negative comments logged with one bureau but not with the others. If you really want to get a true picture of your current credit score, you must look at each report in detail. It is not enough to simply review the positive and negative comments on your credit reports. You also need to verify eac
