You have a legal right to credit repair, guaranteed by the Federal Fair Credit Reporting Act.
This law was approved to correct and counteract the misdeeds of the credit reporting bureaus.
More complaints are filed against credit bureaus than against any other kind of business.
The credit bureaus have declared war against credit repair firms.
They pass judgment on them in the media and they send out literature that is biased against credit repair to everybody they think is getting assistance in repairing their credit.
Credit reporting bureaus, like any other type of corporate entity, are mainly concerned with shielding their profits.
Following up on the complaints of consumers costs them money.
Since the credit reporting bureaus will do anything they can to stop consumers from progressing with the credit repair procedure, you, as a consumer, need to do whatever you can to shield your own interests.
Credit reporting bureaus would like you to think that you can quickly and easily repair your own credit because they recognize that you won't ever be able to yield the same results by yourself as you might with professional help.
The forms and web pages they give you to use are created to be unproductive because the bureaus do not want you to succeed in repairing your credit.
When you talk to employees of the credit bureaus or credit grantors, you will undoubtedly be told that all negative entries MUST appear on your report for 7 1/2 years before they are automatically taken off.
However, the law does not say that.
The law only says that negative entries CAN remain on your credit report for UP TO 7 1/2 years.
The fact is that the credit bureau or the credit grantor can decide to take off any negative entry at any time.
In fact, tens of thousands of negative items are removed every day.
Most big credit repair companies are staffed by costly attorneys.
Their only job is to send out letters about your case to the credit bureaus.
You are charged on a monthly basis for this, so there is little incentive for the attorneys to rush the process.
It could take years to see results from these corporations.
Simply paying off a debt won't make the negative entry vanish from your credit report.
However, there is a correct procedure for paying off debts, including collections and past due accounts.
It is possible to have your negative entry updated to positive status by making this a condition of acceptance of your payment.
Even a few negative items can be destructive to your credit report for the reason that they will maintain a strong, downward pull on your credit score which is the number lenders use to accept or deny credit to would-be borrowers.
These items HAVE TO be taken off your report if your credit score if it is to progress into positive territory.
With even a few negative items on your report, you will pay a MUCH higher rate of interest on your loan, if you get the loan at all.
While certain items are more difficult to get erased than others, there is no type of negative item that has not been repaired.
Credit bureaus will try to discourage you from trying to repair your credit by telling you that even if you are successful in removing a negative item, it will just re-appear on your credit report later.
The fact is that the law now requires the bureaus to notify you in writing if they make a decision to re-report any item that has been deleted.
Since this law has been in place, there has been a big drop in the re-reporting of negative items because the bureaus recognize that by doing this, they may be exposing themselves to costly lawsuits.
Finally, you should NEVER try to repair your credit report by applying for a new Social Security number.
This is extremely illegal and may send you to jail.
Also, avoid filing bankruptcy as this will be destructive to your credit rating in the future.
Every single credit item you attach to your bankruptcy will be marked "included in bankruptcy.
" Because so many items will end up containing the word "bankruptcy," it now will be very difficult to erase them all.
Bankruptcies remain on your credit report for ten years if not successfully deleted before then.
By filing bankruptcy, you've just made it a whole lot more difficult to re-establish good credit.
Bob Gillespie © 2011 Robert M.
Gillespie, Jr.
About the Author:
This law was approved to correct and counteract the misdeeds of the credit reporting bureaus.
More complaints are filed against credit bureaus than against any other kind of business.
The credit bureaus have declared war against credit repair firms.
They pass judgment on them in the media and they send out literature that is biased against credit repair to everybody they think is getting assistance in repairing their credit.
Credit reporting bureaus, like any other type of corporate entity, are mainly concerned with shielding their profits.
Following up on the complaints of consumers costs them money.
Since the credit reporting bureaus will do anything they can to stop consumers from progressing with the credit repair procedure, you, as a consumer, need to do whatever you can to shield your own interests.
Credit reporting bureaus would like you to think that you can quickly and easily repair your own credit because they recognize that you won't ever be able to yield the same results by yourself as you might with professional help.
The forms and web pages they give you to use are created to be unproductive because the bureaus do not want you to succeed in repairing your credit.
When you talk to employees of the credit bureaus or credit grantors, you will undoubtedly be told that all negative entries MUST appear on your report for 7 1/2 years before they are automatically taken off.
However, the law does not say that.
The law only says that negative entries CAN remain on your credit report for UP TO 7 1/2 years.
The fact is that the credit bureau or the credit grantor can decide to take off any negative entry at any time.
In fact, tens of thousands of negative items are removed every day.
Most big credit repair companies are staffed by costly attorneys.
Their only job is to send out letters about your case to the credit bureaus.
You are charged on a monthly basis for this, so there is little incentive for the attorneys to rush the process.
It could take years to see results from these corporations.
Simply paying off a debt won't make the negative entry vanish from your credit report.
However, there is a correct procedure for paying off debts, including collections and past due accounts.
It is possible to have your negative entry updated to positive status by making this a condition of acceptance of your payment.
Even a few negative items can be destructive to your credit report for the reason that they will maintain a strong, downward pull on your credit score which is the number lenders use to accept or deny credit to would-be borrowers.
These items HAVE TO be taken off your report if your credit score if it is to progress into positive territory.
With even a few negative items on your report, you will pay a MUCH higher rate of interest on your loan, if you get the loan at all.
While certain items are more difficult to get erased than others, there is no type of negative item that has not been repaired.
Credit bureaus will try to discourage you from trying to repair your credit by telling you that even if you are successful in removing a negative item, it will just re-appear on your credit report later.
The fact is that the law now requires the bureaus to notify you in writing if they make a decision to re-report any item that has been deleted.
Since this law has been in place, there has been a big drop in the re-reporting of negative items because the bureaus recognize that by doing this, they may be exposing themselves to costly lawsuits.
Finally, you should NEVER try to repair your credit report by applying for a new Social Security number.
This is extremely illegal and may send you to jail.
Also, avoid filing bankruptcy as this will be destructive to your credit rating in the future.
Every single credit item you attach to your bankruptcy will be marked "included in bankruptcy.
" Because so many items will end up containing the word "bankruptcy," it now will be very difficult to erase them all.
Bankruptcies remain on your credit report for ten years if not successfully deleted before then.
By filing bankruptcy, you've just made it a whole lot more difficult to re-establish good credit.
Bob Gillespie © 2011 Robert M.
Gillespie, Jr.
About the Author: