Mythbuster - Is Repaing my Credit Report Legal?
The term "Credit Repair" might set off an alarm bell in your head. To the novice, credit repair involves all sorts of underground or illegal tactics. That is probably because there are so many contradictory "experts" and credit repair companies advertising there services on the Internet.
Many government organizations and private companies try to convince the American public that credit repair is illegal or that it is only for deadbeat debtors looking to escape paying for legitimate debts. Nothing could be further from the truth.
Its not in the interest of large lending corporations, creditors, and credit bureaus for you to pursue your legal right to remove questionable items from your credit report. This is what you have to keep in mind when you encounter any of the common myths about online credit repair.
Credit bureaus and bankers often publish information to imply that credit repair is illegal or impossible. In fact, one of the biggest misrepresentations is that a mistake - or negative item must remain on your file for at least seven years. The opposite is true, the government created a law that states seven years is the absolute maximum amount of time a bureau can hold this negative information against you.
Many people are completely unaware that the government created laws just so that they could challenge incomplete, or inaccurate items or information on their reports. More specifically, the Fair Credit Reporting Act provides that consumer reporting agencies must investigate and verify information that you dispute. It also states that this investigation must be done in a timely manner.
Attorneys who are involved with consumer credit advocacy often are outraged when bankers claim information must remain on your file for seven years. The truth is that creditors and bureaus can report any information as long or short as they like.
A portion of the credit laws force bureaus and creditors to investigate legitimate disputes filed by the consumer. The investigation must normally take no longer than thirty days or the items must be promptly deleted.
This gives consumers the legal recourse to challenge errors and inaccuracies in their credit reports, which could be anything from a case of an entry that belongs on someone elses credit report, to debts that you have previously paid off, to a negative entry that you have every legal right to question. These are mistakes that could cause you to be denied the credit you deserve.
In many cases, legal advice and assistance can help you find a solution to credit repair, and who better to guide your through the process of legal credit repair than an attorney skilled in the credit repair process. If you do opt to select a credit repair attorney, make sure that the law firm is affordable and reputable. You may want to seek a law firm with a long track record and who has generated testimonials from satisfied clients.
Many government organizations and private companies try to convince the American public that credit repair is illegal or that it is only for deadbeat debtors looking to escape paying for legitimate debts. Nothing could be further from the truth.
Its not in the interest of large lending corporations, creditors, and credit bureaus for you to pursue your legal right to remove questionable items from your credit report. This is what you have to keep in mind when you encounter any of the common myths about online credit repair.
Credit bureaus and bankers often publish information to imply that credit repair is illegal or impossible. In fact, one of the biggest misrepresentations is that a mistake - or negative item must remain on your file for at least seven years. The opposite is true, the government created a law that states seven years is the absolute maximum amount of time a bureau can hold this negative information against you.
Many people are completely unaware that the government created laws just so that they could challenge incomplete, or inaccurate items or information on their reports. More specifically, the Fair Credit Reporting Act provides that consumer reporting agencies must investigate and verify information that you dispute. It also states that this investigation must be done in a timely manner.
Attorneys who are involved with consumer credit advocacy often are outraged when bankers claim information must remain on your file for seven years. The truth is that creditors and bureaus can report any information as long or short as they like.
A portion of the credit laws force bureaus and creditors to investigate legitimate disputes filed by the consumer. The investigation must normally take no longer than thirty days or the items must be promptly deleted.
This gives consumers the legal recourse to challenge errors and inaccuracies in their credit reports, which could be anything from a case of an entry that belongs on someone elses credit report, to debts that you have previously paid off, to a negative entry that you have every legal right to question. These are mistakes that could cause you to be denied the credit you deserve.
In many cases, legal advice and assistance can help you find a solution to credit repair, and who better to guide your through the process of legal credit repair than an attorney skilled in the credit repair process. If you do opt to select a credit repair attorney, make sure that the law firm is affordable and reputable. You may want to seek a law firm with a long track record and who has generated testimonials from satisfied clients.
About the Author:
Rebecca Gray is an editor for local consumer advocacy journals, online legal directories, and consumer review web properties. Rebecca is also an advocate for lexington law, an affordable credit report repair law firm who's credit attorneys have established a long running track record of satisfactory consumer credit repair.
posted by Debt Consolidation Loan at
6:05 AM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home