Know Your Rights
Did you know that under credit repair law you have the right to dispute derogatory or negative items on your credit history report? Even if these items were or are accurate. Yes, even if you had late payments or were unable to pay a creditor the balance of a credit card, auto loan, medical bill, a mortgage. Or, have a bankruptcy, foreclosure or short sale, or other type of accounts. These items can be disputed and potentially removed if the creditor cannot or chooses not to verify the accuracy of what they previously reported.
You Can Dispute Items on Your Credit History Report
The credit repair law that gives you these rights is the Fair Credit Reporting Act (FCRA). The FCRA is a federal law and states that a credit bureau must correct or delete inaccurate, incomplete, or unverifiable information on your credit history report. The 3 credit bureaus are Equifax, Experian, and Transunion.
Credit Repair Law - How We Start the Process
Initially, when a creditor (bank, finance company, credit card company, or any creditor), reports an account to one or more of the 3 credit bureaus regarding the status of your account this information is not verified. The 3 credit bureaus simply add it to your credit history report without checking the accuracy. This affects your overall credit history and credit score. The FCRA gives you the right to dispute any item on your credit history report to force the creditor to verify the accuracy of that account listing.
Credit Repair Law - The Process
When an item is disputed it is done so through the 3 credit bureaus, not the creditor. The 3 credit bureaus then must contact the creditor and verify that the information is accurate. If the creditor cannot verify or chooses not to verify this item on your credit history report within 30 days, the FCRA says that it must be removed.
There are many reasons why a creditor cannot or chooses not to verify your account information. This process costs the creditor money by having to do the research and then respond to the 3 credit bureaus. They may not choose to verify a closed and/or charged-off account. In addition, the account may have been sold to a collection agency. The collection agency may not have the information required to verify the accuracy of the account and therefore cannot properly respond to the dispute.
Self Credit Repair
Under credit repair law you can do 'self credit repair' or DIY credit repair. You can dispute items on your own by writing a credit report dispute letter to the 3 credit bureaus. Or you can do this by visiting their websites to attempt online credit repair.
However, whether you write credit report dispute letters or try online credit repair this can be a long and frustrating process. You must know which of the 3 credit bureaus, perhaps all 3, have the item listed. Not all creditors report to all 3 credit bureaus. Then you need to know what information to put in the credit report dispute letter. In other words, why are you disputing it? If the item does belong to you what are your grounds for dispute? Then what if the creditor does respond to the 3 credit bureaus and verifies the accuracy of that item? Most people will give up at this point and live with the negative item on their credit history report for 7 to 10 years. 7 years for most accounts. 10 years with a bankruptcy.
Don' Wait 7 - 10 Years
But you don’t have to wait for 7 to 10 years even if the creditor does verify that the item belongs to you. A reputable credit repair specialist with a good track record of success knows how to dispute items on your behalf and does not give up after one dispute.
Under credit repair law there are specific codes or reasons for the dispute that can be used. However, the 3 credit bureaus do not publish these codes and only very few are known to the general public. So, if you do not know the right code, or do not attach a code to your dispute, the 3 credit bureaus will assign one to your dispute for you before they send it off to the creditor for verification. However, a solid credit repair specialist does know the right codes and therefore has a far better success rate in getting items removed than individuals on their own doing self-credit repair.
You want to look for a company that has a long track record. Many companies and individuals doing credit repair have popped up in the last few years due to the number of people that want to erase bad credit and need this service.
Find a Reputable Credit Credit Company
You also want to make sure a credit repair company will address all your items immediately. Most companies in this industry do not. Instead, they only address one or two at a time causing the service to take longer than needed. We address all items immediately. Our goal is to provide you with the fastest credit repair results possible.
So, you do not have to live with a bad credit history. You do not have to continue to pay excessive interest rates and fees that can ultimately keep you from getting ahead. You can sleep better and walk confidently into a car dealer to buy a new vehicle or apply for a credit card. But you have to make that first step toward getting your credit history report cleaned up and increasing your credit score.
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