A Quick Look at Credit Repair

Credit Repair – Legal For Every American

Regardless if done independently or through a reputable company

Credit Restoration also commonly referred to as Credit Repair is the process of removing incorrect or inaccurate items from an individual’s credit report. Credit repair can also encompass adding good credit items and building a positive credit profile. The Fair and Accurate Credit Transactions Act of 2003 (FACTA) defines a “credit score” as the following…

A numerical value or a categorization derived from a statistical tool or modeling system used by a person who makes or arranges a loan to predict the likelihood of certain credit behaviors, including default (and the numerical value or the categorization derived from such analysis may also be referred to as a ‘risk predictor’ or risk score.)

The Fair Credit Reporting Act (FCRA) enacted in 1970 aimed at creating equality, precision and most importantly privacy of personal information. The concept was to curb the information reported to the credit bureaus by lenders, creditors and others. The FCRA affords the individual the ability to dispute items on his or her credit report. This is done on the basis of “completeness and accuracy” and includes all items that are inaccurate, untimely, misleading, biased, incomplete or unverifiable. If the credit bureaus cannot verify that the information is indeed correct, by law, those items must be removed. These unverifiable items on the credit report must be deleted within 30 days. This has been deemed as the investigation period or the “reasonable period of time” as designated by the law.

 

Credit Repair Basic Steps

  • Obtain credit reports.
  • Highlight items to dispute.
  • Dispute items with credit bureaus.
  • Repeat cycle as needed.

 

The concepts themselves are not that complicated; however, the legality and bureaucracy behind them are. Additionally, in today’s environment a certain degree of technology is helpful in expediting and making the process more efficient. Solid credit repair companies have state of the art technology and the understating of consumer laws to quickly and effectively dispute discrepant items on the consumer’s credit report. The best credit repair companies, and the only ones that we recommend, will not only help with step 3 (disputing), but will also guide the consumer through each step of the process. This includes helping consumers obtain free copies of their credit report.

 

What Service is Right For You?

Depending on the credit repair service that is right for you, you can see results in as little as 45-90 days. This means that you will not have to wait 2-3 years with poor credit repair companies or 7-10 if you do nothing in order to qualify for a lower interest rate on a loan. That being said, our recommended credit repair providers are not just there to go through this process with you once. They are vested in your total credit situation and provide ongoing service in order to ensure that no items are missed and you truly have a converted credit profile. Would you rather be enrolled in a program that will stretch your repair process over a long period of time or do you need to have it done quickly? This will depend on your individual situation. Based on your circumstances we can help provide additional information that will allow you to make an intelligent decision about which credit repair solution is right for you.

 

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