What is credit repair?
Credit repair is the process by which you fix a bad credit report. For whatever reason your credit may have deteriorated, you may turn to credit repair for a fix. Sometimes, this may be as simple as clearing up mistakes with the credit agency.
Credit repair also includes dealing with fundamental financial issues, such as budgeting and beginning to address legitimate concerns on the part of creditors.
Depending on the extent to which your credit is damaged, you may need either legal or financial intervention.
Credit repair and the FTC
Credit report companies are bound by the Fair Credit Reporting Act (FCRA) to remove or correct any inaccurate information on your credit report within 30 days. You have the right to question your credit report agency about any information that you may see as inaccurate or wrong and they will look into the matter.
Shady Credit Repair Companies have been under the intense investigation of the Federal Trade Commission for many years – since the increase in complaints made by consumers. Therefore, should you feel the need to question the accuracy of your credit report, the safest bet is to consult your credit report agency and have them take control of the repair of your credit.
What is the process of credit repair?
The FTC offers credit repair help on their site. The process of credit repair is actually a very simple one.
First of all, what you need to do is to tell the consumer reporting company, the creditor, or the collection agency, in writing, what information you believe is inaccurate, incomplete, or unverifiable as it relates to your credit report.
As it relates to your disputes, there are a few things that you must include in order to meet the minimum standards:
- Your disputes must indicate which item or account is being disputed
- Your disputes must explicitly state why the item or account is being disputed
- Your disputes must show what action you want the bureau, creditor or collector to take in response to your dispute
- Your disputes must include documentation to support your claim
- Your disputes must be factual
Having ensured that each of the above-mentioned aspects of your dispute is intact, you can expect that your credit report will be completed within thirty days.
You may also want to consult a credit repair firm to help with the repairing of your credit, because of the tedious process. However, you may want to note that, essentially, they will go through the same process.
How much does credit repair cost?
If you chose to use a credit repair agency it will vary on the cost. This is because there is no set rate at which this service is legally offered.
When is credit repair an option?
Determining when to do a credit repair depends solely on what turned up on your last credit report. Should any questionable information be present on your credit report, this is the time to get a credit repair. You may choose to do this yourself, or you may decide to get legal assistance.
Let one of our trained debt consultants evaluate your financial situation to determine if “Credit Repair” may be right for you.
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