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Credit Repair is an ongoing process, similar to the growth of any other system. A system that works perfectly will require regular monitoring and regular inspections to make sure that the objectives of the system are achieved. The same is true for fixing one’s credit history, including understanding the different regions of interest which may be reported, identifying the numerous mistakes which can be made and learning how to fix credit score errors. One of the best ways to improve your credit score is through Credit Repair.

There are numerous areas which are commonly confused during the credit repair process, the first of which is inaccurate or incomplete information. This may result in a number of problems, like the inability to get approved for home, automobile and business loans; being diminished for employment; having bad credit report ratings; not qualifying for insurance; not having the ability to obtain certain professional licenses; and a multitude of other problems. For instance, missing data from a credit report can lower an individual’s credit score by up to 200 points. The usual cause of this problem is the failure to report accurate information.

When there are no federal laws to protect consumers from inaccurate or incomplete information, the federal trade commission has taken steps to make certain that all consumers have access to fair and accurate reporting. The federal trade commission enacts many rules and guidelines to help Americans understand and avoid common mistakes and the negative consequences of those mistakes. By way of example, the three largest credit repair bureaus in the United States must inform consumers of the differences between debt settlement and bankruptcy as well as the choices available to them. The commission also requires credit bureaus to provide consumers with reasonable notices regarding changes in credit scores, any negative action that might be taken against them and other important information. One of the biggest problems that consumers face is the failure to correctly understand the Fair Credit Reporting Act and its own rights.

Under FCRA, creditors are prohibited from making false statements regarding a consumer’s credit report. However, it doesn’t matter if those statements are true or not. For instance, it is perfectly acceptable for a creditor to report inaccurate negative information on a consumer’s credit report if this creditor reports that information to all of the credit reporting bureaus. So, what if a consumer decides to question that negative information? Is it still legally valid?

This is a tricky question. In theory, it would appear that a creditor has every right to include inaccurate negative items on a consumer’s credit report. But that would mean that the creditor is practicing false advertisements. Most credit repair companies dispute negative items on a customer’s report. If the credit reporting bureaus take the dispute seriously, the creditor will be asked to remove inaccurate negative things. But that will hardly ever occur.

Many credit repair services will simply instruct their clients not to take steps to correct the problem. Why would they do this? If a creditor won’t take action to correct inaccurate information, the credit bureau is under no obligation to remove inaccurate information. The credit bureau can decide to investigate the dispute and take action to investigate before making a determination. Then it could issue a letter to the creditor notifying them that the information is inaccurate and have to be updated.

This scenario plays out over daily. A consumer decides to purchase a car and does a little bit of research to find out what the cost will be. After speaking with a dealer, he makes the decision to purchase the car. A couple of months pass by and he predicts the dealer and says the cost he’s offered is far less than what he was told. He asks for a refund and is told that he cannot get a refund because the credit report contains an error.

The next step would be to allow him to send a letter to the credit reporting bureau, disputing the errors on his credit report. If he had done this before employing the credit repair company, he would have been able to make a formal dispute. If he had not had the help of the credit repair company, he might have had to attempt to make the dispute himself. By utilizing the services of a credit repair company, you are given the advantage of someone else being able to assist you in this aspect of credit repair.