Credit Repair Information
First Time Visitor? Welcome
FinancialLearn.com is dedicated to finding great deals, free stuff, and promote frugal living. We are delighted to have you here.
Sound Fun? Have our articles delivered to you via RSS Feed or E-mail to be reminded of new and upcoming contests and articles.
There is a lot of hype about credit repair. The high rate of inaccuracies on you credit report and the fact that those inaccuracies can cost you a lot of money fuels the trend of credit repair services.
Self help VS professional service
According the Federal Trade Commission doing your own credit repair is probably best. There are many scams trying to make you part with your hard earned money. The telemarketers are very good at making their product look essential to your financial well being. The TV and Internet are crowded with advertisements making claims to erase bad credit, create a new identity, and/or remove; bankruptcies, judgments and liens from your credit report. Don’t be misled. There are really only three things that will improve your credit. They are time, conscious effort, and a personnel debt repayment plan. Anything short of these is illegal, a lie or just a temporary Band-aid to a long-term problem. There is nothing a professional service can do for you that you cannot do for yourself. The question is, do you want to take the time and effort to do it yourself, or pay someone else to do it with no guarantee of results?
Repair Scam
With the increase in debt there has also been an increase in all kinds of scams. Credit repair is not immune to this scam business. Because of the allure that credit repair will provide a home mortgage, a car loan, insurance or a job many people fall victim to credit repair scams. The emotional tie that exists between your electronic reputation and credit opportunities makes the poor a great target. The Credit Repair Organizations Act makes it illegal to require a payment before services have been completed.
Repair Truth
There is no legal way to remove timely and accurate negative information from your credit report. The key factor is timely and accurate. The laws allow you to request an investigation of information that you believe to be inaccurate. This data you dispute can be inaccurate or incomplete. You cannot be charged for disputing information contained in your credit report.
Free Credit Report
If you have had any adverse action taken, in whole or in part, related to your credit report, you are entitled to a fee report. If you are on welfare; if your report is inaccurate because of fraud; or if you are unemployed and going to be looking for work in the next 60 days then you are also entitled to a free report. Everyone is entitled to a free report once a year. An accurate negative item can remain on your credit report for up to seven years. A bankruptcy or tax lien can remain for seven to ten years.
Next Step: Consumer Credit Counseling
Related Posts
- The Negative Impacts of Credit Collection Accounts
- Credit Score Personal Information
- Credit Report Repair Scams
- Credit Repair 101
- Understanding The Credit Repair Organizations Act
- 5 Steps to Credit Repair
- Getting Copies of Your Credit Reports
