How Truthful Credit Listings Have An Effect On Credit Repair
It has been likely that as many as 75% of all credit reports contain errors and inaccuracies. The FCRA is the Fair Credit Reporting Act and it was enacted back in 1979 to allow consumers the chance to dispute tribulations on their credit report and to promote the fairness, accuracy and privacy of personal information on credit reports. With so many probable errors on credit reports it is possible that at some point you may need to reflect on credit repair as an option to remove the mistaken listings on your report.
You have the right to dispute the errors on your credit and if the credit bureaus and lenders cannot confirm the accurateness of the information it must be removed from your record. You can do credit repair on your own or you can also hire a professional service to assist you.
Nevertheless, be conscious that the Federal Trade Commission states unambiguously on their website that "No one can legally remove accurate and timely negative information from a credit report. The law allows you to ask for an investigation of information in your file that you dispute as inaccurate or incomplete".
This statement seems to be very straightforward and it is one cause why credit repair critics try to dissuade you from trying to repair your credit by convincing you that credit repair is useless. However, the fact is that you can make large changes to your credit score and your credit report by taking steps to repair your credit.
The FTC quote may seem to be clear but there is actually quite a bit of ambiguity. In fact, up to 75% of all reports contain mistakes and untrue information. Credit repair companies actually offer a advantageous service. You can always take the steps to repair your credit yourself also, but it can be time-consuming and wearisome and you may not want to attempt such a project if you are like many people these days and short on time.
Since "accurate and timely" information should not be removed from a credit report, what are the criteria to characterize "accurate and timely"? Many times miscommunications or mistakes materialize between consumers and lenders and something that may be considered "accurate" may not be that at all.
Commonly, there are items that show up on a credit report that are completely erroneous. Listings showing on your report that belong to someone else, are duplicate entries, are the result of identity theft or have been listed longer than 7 years, are blatantly inaccurate and need to be removed from your account. These types of items regularly show up on credit reports.
As a consumer you also have the right to dispute any item that you think is misleading, ambiguous, unverifiable, biased or questionable. Infrequently there may even be issues that the lender feels are accurate but you were never able to defend yourself with your side of the tale. One basis why it is so vital that a consumer can dispute damaging listings is because of the fact that there are always two sides to a story. You can dispute anything showing on your report that is inaccurate, untimely, misleading, incomplete, ambiguous or questionable either on your own or by employing a professional credit repair service.
You have the right to dispute the errors on your credit and if the credit bureaus and lenders cannot confirm the accurateness of the information it must be removed from your record. You can do credit repair on your own or you can also hire a professional service to assist you.
Nevertheless, be conscious that the Federal Trade Commission states unambiguously on their website that "No one can legally remove accurate and timely negative information from a credit report. The law allows you to ask for an investigation of information in your file that you dispute as inaccurate or incomplete".
This statement seems to be very straightforward and it is one cause why credit repair critics try to dissuade you from trying to repair your credit by convincing you that credit repair is useless. However, the fact is that you can make large changes to your credit score and your credit report by taking steps to repair your credit.
The FTC quote may seem to be clear but there is actually quite a bit of ambiguity. In fact, up to 75% of all reports contain mistakes and untrue information. Credit repair companies actually offer a advantageous service. You can always take the steps to repair your credit yourself also, but it can be time-consuming and wearisome and you may not want to attempt such a project if you are like many people these days and short on time.
Since "accurate and timely" information should not be removed from a credit report, what are the criteria to characterize "accurate and timely"? Many times miscommunications or mistakes materialize between consumers and lenders and something that may be considered "accurate" may not be that at all.
Commonly, there are items that show up on a credit report that are completely erroneous. Listings showing on your report that belong to someone else, are duplicate entries, are the result of identity theft or have been listed longer than 7 years, are blatantly inaccurate and need to be removed from your account. These types of items regularly show up on credit reports.
As a consumer you also have the right to dispute any item that you think is misleading, ambiguous, unverifiable, biased or questionable. Infrequently there may even be issues that the lender feels are accurate but you were never able to defend yourself with your side of the tale. One basis why it is so vital that a consumer can dispute damaging listings is because of the fact that there are always two sides to a story. You can dispute anything showing on your report that is inaccurate, untimely, misleading, incomplete, ambiguous or questionable either on your own or by employing a professional credit repair service.
About the Author:
Do you have a bad credit score? Learn more information about credit repair mortgage today!