Credit Repair Agencies Actually Remove Bankruptcies
Credit Repair Agencies Actually Remove Bankruptcies
Watch Out For Certain Credit Repair Services
Credit repair services claim to erase your Bad Credit and even create a new legit credit identity for you. While many companies do help to improve your Credit Rating with a financial strategy, there are many others waiting to take your money out of your pocket.
These repair clinics do this by challenging every item in A Credit file -- negative, positive, or neutral -- with the hope of overwhelming the Credit Bureau into removing information without verifying it.
Credit Bureaus are aware of this tactic and often dismiss these challenges on the ground that they are frivolous, a right that credit bureaus have under the Fair Credit Reporting Act.
Credit repair companies promise to help clear up your Credit Problems. They write letters to credit bureaus, stating that various listed information is false, so the agencies will remove that information while they investigate your account.
These services allow you to start building Good Credit and eliminate the past bad financial records that you have. Depending on your current credit situation, you may need to search for a Credit Repair Company specializing solely in Credit Report repair or one that can also provide a full catalog of credit repair services. Your repair has never been more important.
Bad Credit Repair services have been around forever. In a previous generation, low budget commercials featuring local businesses that specialized in bad credit repair services were commonplace on late night television.
Bad credit can prevent you from getting the money that you need for home repairs or a new car. It can also cost you more money due to high interest rates. Bad Credit Score will cost you more in paying your insurance premium. That's why you need to improve it if you do not have Good Credit Score.
Debt consolidation companies are able to reduce your total debt through debt settlement, wherein the creditor agrees to finish off the debt at lesser value than you actually owe to him.
Debt expirations do vary, as well as judgements status. If you have delinquencies, bankruptcy and charge-offs that are effectng your credit-scoring, credit repair is your best option.
Simply because most Home Equity Loans get you deeper in debt and once you are obligated you will find the problem is more complicated than when you applied for the loan.
Lenders often target home owners with financial difficulties offering them high interest rates and making them believe it is a solution for debt relief. Simply put, you can't live the "Good Life" if your credit is bad.
Legally, you're only allowed to Dispute Credit records. Unless you have proof that your creditor goofed, or your creditor is feeling generous, you're probably out of luck.
Legally, the onus is on the credit bureau to document anything on your credit report - if they cannot document it within 30 days, it must be removed. This is the basic strategy of many credit repair companies that charge exorbitant fees: challenge everything negative.
Lenders use that information to determine how much interest they will charge you on a loan or worse, they can turn you down. You can take steps to correct or remove inaccurate information from your credit record.
Lenders have been known to lower minimum payments for a few months or defer payments all together to help borrowers get back on their feet. This is only effective if you call them before you get behind.
About the Author
Gregory Wadel
Credit Repair and Debt Help
Can you repair your own bad credit?
I have recently researched information on Repairing Bad Credit after bankruptcy, etc. It appears that items, whether true or false can legally be disputed from yourself as frequent as every 30 days. And, unless the credit bureau agencies can provide valid proof (from the original creditors) within a 30 day period, they must remove the derogatory credit from your file. Although it can take 2 - 3 times of writing dispute letters to actually get a response, this seems very interesting. It also appears that the FCRA is really in the consumers favor, but not really advertised to us because the 3 major bureaus profit from our Credit History. Any experience/advice on someone cleaning up their own bad credit (not through credit repair scams)?
What you suspect is absolutely true. I have done this myself. You send dispute letters to the credit bureau reporting the negative item(s) and say something to the effect "This is not mine get it off". The key is to HANDWRITE these letters, do NOT use a word processor. It will look less like a frivolous dispute that way and credit bureaus do not have to investigate frivolous disputes. The credit bureau has 30 days to verify the accuracy of the item and if they cannot then they must remove it from the credit report. it may take 60 days to get the results of your dispute, and many items might come off in the first attempt, but others may take several tries, so the whole process could take a year or two, depending on which credit bureau has the negative items and what these items are. The idea is that somewhere along the line someone at the original creditor will slip up and not verify the item in time. Keeps sending disputes until they do slip up. After about a year of doing this you will start to get notices from the credit bureau (Experian did this to me, and I just laughed) stating that it is impossible to get legitimate items off your credit report, and if you are paying someone to do this you are wasting your money. Don't believe them. They are lying. You CAN get legitimate negative items off your credit report because I have done it, many times.
One time a private outside collection agency had the AUDACITY to put a legitimate negative item on My Credit report. I wrote them one (1) very indignant letter saying it was not me, it was someone else with the same name, and I had found three of me in the phone book so it had to have been the other guy, and to GET IT OFF My Credit Report because it was causing major problems. They took it off immediately. You do have to have one very determined set of balls to do this.
Taking out a loan and paying it back over time will do very little to improve your situation if your credit report has even 1 negative item on it. You've got to get rid of the derogatories first, then work on establishing an on-time payment history.
Credit advisors will probably only tell you about taking out a loan and paying it back over time because the whole idea of telling the credit bureaus that legitimate negative items are not yours is not exactly honest and ethical. But we are not talking honesty and ethics here; we are talking about getting the negatives off your credit report, and this is two different things.
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