Free Credit Repair
Author: Chane Steiner
Category: Finance
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Before I wrote this article, I decided to Google "free credit repair help". The #1 site listed is Federal Trade Commissions site on credit repair - no big surprise. So, I start reading and quite frankly was a little shocked at the following statement: "Only time, a conscious effort, and a personal debt repayment plan will improve your credit report." It kind of made it seem like they were trying to say that just waiting it out and paying your debts will improve your credit. At least that's how I interpreted that sentence.
They do, however, mention the part about "conscious effort" and a little further down they do explain how you can dispute inaccurate or incomplete information in your report and your rights under the Fair Credit Reporting Act. Getting negative accounts removed from your credit report is one of the fastest ways to raise your credit scores. Adding new positive accounts is just as important but, it's not as fast.
I hope that most consumers read the whole page when visiting the FTC's website because I believe that a few sentences were a little misleading. I'm not saying that they're trying to mislead consumers on purpose. I just think it could have been worded better. I think it's more important for consumers to get familiar with the FCRA and other laws pertaining to credit repair.
Upon reading the FCRA, you will find that it promotes the accuracy, fairness and privacy of information that the credit bureaus provide to lenders. You will see that you have the right to dispute incomplete or inaccurate information. The credit bureaus must correct or delete inaccurate, incomplete or unverifiable information, usually within 30 days.
The key words here are "inaccurate", "incomplete" and "unverifiable". If the creditors can not verify the information they provide or if they are providing incomplete or inaccurate information to the credit bureaus they are breaking the law and violating your federal rights. In this case, you may seek damages from violators in state or federal court.
One thing the FTC does not mention on their website is this:
A study released by the U.S. Public Interest Research Group in June 2004 found that 79% of the consumer credit reports surveyed contained some kind of error or mistake.
My advice to every consumer would be to dispute every single negative account on your credit report unless you are 100% sure that the account is accurate, complete and verifiable. The burden of proof is on the credit bureaus and creditors.
Credit bureaus also may not report outdated negative information. In most cases, credit bureaus may not report negative information that is more than seven years old or bankruptcies that are more than 10 years old.
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Keywords: bad credit repair, bad credit, credit repair, credit report repair, repair credit, repair bad credit, free credit repair
View Count: 73
Date Submitted: 2/19/2008
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