How Exact Credit Listings Affect Credit Repair by Sam Elliott
It has been estimated that as many as 75% of all credit reports contain errors inaccuracies. The FCRA is the Fair Credit Reporting Act it was enacted back in 1979 to allow consumers the chance to dispute troubles on their credit report to uphold the fairness accuracy privacy of personal information on credit reports. With so many probable errors on credit reports it probable that at some point you may need to contemplate credit repair as an choice to purge the imprecise listings on your report.
The FCRA gave you the right to dispute the errors on your account. After receiving the dispute the credit bureaus lenders have a certain amount of time to substantiate the legitimacy of the information or it must be removed from your account. Credit repair can be accomplished on your own or you can employ the services of a professional credit repair company.
However it significant to record that the Federal Trade Commission has stated very unequivocally "No one can legally remove accurate timely 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 declaration seems to be very clear precise that is one reason why the critics of credit repair will try to discourage you from any attempts to repair your credit by telling you that trying to repair your cred it unsuccessful. The fact of the matter is that you can make a major difference in your credit score on your report when you repair your credit.
Even thought the FTC statement seems quite clear cut there is quite a bit of doubt in the quotation when it comes to real credit reports real situations. Up to 75% of all credit reports are deemed to include mistakes. Since this is the case credit repair companies in fact offer a useful service. Of course you can do it yourself you may want to think about that but it does take time energy if you already have a busy life you may not want to engage in a major endeavor like that on your own.
Also who defines what information is "accurate timely" Often mistakes miscommunications happen between consumers 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 duplicate entries listings that have been on the report for longer than 7 years even listings that are the consequence of identity theft. These things need to be removed from your credit before they cause you unnecessary tribulations.
You also have the right to dispute any item that you feel may be deceptive ambiguous unverifiable biased or questionable. There may even be some things that the lender may have felt were correct but you were never able to stick up for yourself with your own side of the story. Lenders are not always just reasonable any more than consumers are always right. There are always at least two sides to every story that is one reason why it such a great benefit to be able to dispute the inaccurate untimely misleading incomplete ambiguous questionable items on your credit report either on your own or with proficient help.
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