Most credit repair law relates to the Fair Credit Reporting Act, sometimes referred to as the FCRA. The Fair Credit Reporting Act has been amended several times over the years. The most recent amendment is referred to as the FACT act under which a website was created to promote access to free annual credit reports for consumers. In order to legally repair credit scores or improve them, credit reports should be reviewed for inaccurate information.Credit repair law or laws relating to consumer's writes regarding their credit histories are about as difficult to read as most law. Some agencies attempt to put the law into laymen's terms, in order to help consumers that are attempting to legally repair credit problems. The FCRA was designed to protect lenders as well as consumers. In order to protect lenders from excessive costs relating to attempts to collect past due or delinquent accounts, the current credit scoring system was put into place. This scoring system attempts to … [Read more...] about A Word About Credit Repair Law
Credit repair advisors
Big banks, mortgage brokers, credit repair companies, web sites and blogs... seems like everyone is giving advice on how to fix your credit. But what advice is real, and how can you trust it?This is a difficult question to answer.. after all, I am one of those writers that gives advice. How can you trust my advice?In this article, I am not going to tell you HOW to fix your credit. Rather I will share WHO to talk to and WHY.When discussing your credit issues, talk to those that have a history of working with that type of credit. For example, if you walk into one of the "big banks" out there (you know the ones I am talking about) you must keep in mind that the loans they make are to people with excellent credit. They do not go out of their way to help the credit challenged. So when you ask the "advisor" there, the advice you most likely will get is to "clean up your credit and come back to see me." How? Since they don't really know how, they may advise speaking to a credit "repair" … [Read more...] about Where Do You Get Your Credit Repair Advice?
Credit repair involves removing inaccurate, misleading or outdated information from your credit report. Credit report repair may help you get better interest rates. If you are being denied credit, it may help you get the credit that you deserve.Most people understand the importance of establishing and maintaining a good credit record. You opened your first checking account and maybe got your first credit card or car loan and then something went wrong, so now you are searching for information about credit repair. You are not alone. Credit report repair is a major issue for many people and has created a relatively new market, particularly on the internet. Companies offer to sell you your credit report information and your FICO scores. They offer, for a price, do-it-yourself credit repair software and "professional advice". Consumers are bombarded with information from television and radio personalities. Some of whom have no experience or knowledge in credit repair issues. … [Read more...] about Free Credit Repair Information
"We can delete negative information within 24 hours!"How often have you read or heard a statement like this regarding credit repair? Whether you have been researching Credit Repair companies or just driving down the street, you have probably seen statements like this more often then not. It's an enticing offer. Who doesn't want the best credit score possible? Who hasn't let a payment or two fall behind? If you're anything like the majority of consumers you have some delinquencies on your credit file. It would be great if these so called credit repair companies actually had some secret plan that would remove inaccurate delinquencies from your credit file.The truth is that they don't.The Fair Credit Reporting Act (FCRA) states that accurate credit information can not be removed from a credit file for a minimum of 7 years. The bottom line is that it's the law. Credit Repair is a lot like trying to get out of a speeding ticket. You know you were speeding but you're still going to … [Read more...] about The Truth About Credit Repair
No matter what many credit counseling scam artists may try to tell you, no one can legally remove any information that is up-to-date and accurate from your credit report. They can't do it, and you can't do it yourself. However, you CAN request an investigation of anything you find in your credit file that you believe to be either incomplete or inaccurate. That is perfectly legal, and can be done at NO cost to you. In fact, anything that a credit repair company offers to do for you can be done yourself, generally free or for a nominal fee.The good news is that just because you may have some negative information in your credit report doesn't automatically mean you can't get credit at all. Most creditors have their own guidelines when it comes to granting credit, which means that each company will look at your credit report in a slightly different way. For instance, it's not uncommon for companies to lend more credence to the most recent information in a credit report. That way, if you … [Read more...] about Need Credit Repair Help? Try Doing it Yourself!