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Credit Repair is an ongoing process, similar to the development of any other system. A system that works perfectly will require regular monitoring and regular inspections to be certain the objectives of the system are achieved. The same is true for repairing one’s credit history, including understanding the various areas of interest which may be reported, identifying the various mistakes that may be created 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 commonly confused during the credit repair process, the first of which is inaccurate or incomplete information. This can lead to a number of problems, like the inability to get approved for home, automobile and business loans; being diminished for employment; having poor credit report evaluations; not qualifying for insurance; not having the ability to get certain professional licenses; and a multitude of other issues. By way of instance, missing data from a credit report can lower a person’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 national laws to protect consumers from inaccurate or incomplete information, the federal trade commission has taken steps to ensure 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 instance, 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 which might be taken against them and other important information. Among the biggest issues that consumers face is the inability to properly understand the Fair Credit Reporting Act and its rights.

Under FCRA, lenders are prohibited from making false statements regarding a consumer’s credit report. But, it doesn’t matter if these 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 the credit reporting agencies. So, what if a consumer decides to challenge that negative information? Is it officially valid?

This is a tricky question. In theory, it might seem 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 advertising. Most credit repair services dispute negative items on a consumer’s report. If the credit reporting agencies take the dispute badly, the creditor will be required to remove inaccurate negative items. But that will hardly ever occur.

Many credit repair providers will simply instruct their clients not to take action to correct the problem. Why would they do this? If a creditor won’t take steps to correct inaccurate information, the credit bureau is under no obligation to remove erroneous information. The credit bureau can decide to investigate the dispute and take steps to investigate before making a determination. Then it could issue a letter to the creditor telling 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 see what the cost will be. After speaking with a dealer, he decides to buy 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 comprises an error.

The next step would be for him to send a letter to the credit reporting agency, disputing the errors on his credit report. If he’d done this before hiring the credit repair company, he would have been able to generate a formal dispute. If he hadn’t had the help of the credit repair company, he might have had to try to make the dispute himself. By using the services of a credit repair business, you’re given the advantage of someone else being able to help you in this aspect of credit repair.