Not for profit debt relief

Credit Repair is an ongoing process, like the growth of another system. A system that works perfectly will need regular monitoring and regular reviews to be certain that the objectives of the system are achieved. The same is true for repairing one’s credit history, including understanding the different regions of interest that can be reported, identifying the numerous mistakes that can be made and learning how to repair credit score errors. One of the best ways to improve your credit score is through Credit Repair.

There are several areas that are generally confused throughout the credit repair process, the first of which is inaccurate or incomplete information. This may lead to a number of problems, like the inability to get approved for home, auto and business loans; being declined for employment; having poor credit report ratings; not qualifying for insurance; not being able to get certain professional licenses; and a large number of other problems. For example, missing data from a credit report can lower an individual’s credit score by up to 200 points. The most common cause of this problem is the failure to report accurate information.

While 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 accurate and fair 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. For example, the three largest credit repair bureaus in the United States must inform consumers of the differences between debt settlement and bankruptcy in addition to the options available to them. The commission also requires credit bureaus to provide consumers with reasonable notices regarding changes in credit scores, any negative action which may be taken against them and other important information. Among the biggest issues 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 about a consumer’s credit report. However, it doesn’t matter if those statements are true or not. As an example, it’s perfectly acceptable for a creditor to report inaccurate negative information on a consumer’s credit report if that creditor reports that information to all of the credit reporting bureaus. So, what if a consumer decides to question that negative information? Is it officially 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 the creditor is practicing false advertising. 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 items. But this will hardly ever occur.

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

This scenario plays out over daily. A consumer decides to purchase a car and does a little bit of research to see what the price will be. After talking with a dealer, he decides to buy the car. A couple of months pass by and he calls the dealer and says the price he is offered is far less than what he had been told. He asks for a refund and is told he can’t get a refund because the credit report comprises an error.

The next step is for him to send a letter to the credit reporting agency, disputing the errors on his credit report. If he had done this before employing the credit repair company, he would have been able to generate a formal dispute. If he hadn’t had the aid 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 benefit of someone else being able to assist you in this aspect of credit repair.