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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 make sure that the aims of the system are achieved. The same is true for fixing one’s credit history, including understanding the various regions of interest that may be reported, identifying the various mistakes that may be made and learning how to fix credit score errors. One of the best ways to raise your credit score is through Credit Repair.

There are numerous areas that are generally confused during the credit repair process, the first of which is inaccurate or incomplete information. This can result in a number of problems, such as the inability to become approved for home, auto 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. For example, 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.

While there are no federal laws to protect consumers from inaccurate or incomplete information, the federal trade commission has taken measures to make certain that all customers 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 agencies in the United States must inform consumers of the differences between debt settlement and bankruptcy in addition to 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. One of the biggest issues that consumers face is the inability to properly understand the Fair Credit Reporting Act and its own 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’s 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 agencies. 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 things on a consumer’s credit report. But that would mean the creditor is practicing false advertising. Most credit repair services dispute negative items on a consumer’s report. If the credit reporting bureaus take the dispute seriously, the creditor will be required to remove inaccurate negative things. But that will hardly ever happen.

Many credit repair providers will simply instruct their clients not to take steps 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 choose to investigate the dispute and take action to investigate prior to making a determination. Then it might 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 find out what the price 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 price he’s offered is much 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 contains an error.

The next step is 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 generate a formal dispute. If he hadn’t had the aid of the credit repair company, he may have had to try 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 part of credit repair.