Credit Repair Tips
Credit repair is a huge challege for most of us trying to get inaccurate or
old information off of our credit report. But if you know what legal rights
you have you may be surprised at what you can accomplish.
In 1971 the United States Congress enacted the Fair Credit Reporting Act
to insure that the credit bureaus investigate the credit items disputed by
consumers.
This federal law gives the consumer the right to challenge the accuracy,
validity, and verifiability of the credit listings appearing in their
credit report. It also requires that the credit bureau repair any credit listing if it is inaccurate or can not be verified.
But people continue to be negatively effected by credit bureaus
everyday. The main reason is lack of knowlege on how to correct or
change their credit information. This very important information could
even save many from bankruptcy.
The problem is the entire dispute system is designed to frustrate and
discourage the consumer. Credit bureaus use many stall tactics,
including requests for more information, further clarification and even
identity clarification.
The majority of us give up before even receiving a copy of our
credit report. Even if a consumer manages to get their credit report, decipher the coded information, write a coherent dispute, and mail it, the credit bureaus may still find some reason to disregard the challenge.
Some people even have the idea that credit bureaus must complete their
investigation within thirty days or be forced to remove all disputed
information. The reality is no one forces the credit bureaus to do
anything.
Believe it or not, accuracy of your information actually has little to do with
the deletion of negative items. Many creditor grantors are simply
reluctant to take the time to verify the data. While the credit bureaus may
be in the business of reporting credit histories, creditor grantors are not.
However, if you submit a valid dispute letter, and the credit bureau
investigates your dispute, the chances of success are good. If a credit
bureau cannot verify an item before completing its investigation, that item
must be removed.
If you would more like more information on how to correct, change or
dispute your credit information we recommend this top resource.
Top Credit Repair Resource
About The Author
Gary Gresham is a mortgage loan officer and the webmaster for
Credit Repair Facts.com. He offers you credit information, debt elimination programs and informative facts that give you the knowledge to correct your own credit and credit report. For more credit related articles go to: Credit Related Articles
old information off of our credit report. But if you know what legal rights
you have you may be surprised at what you can accomplish.
In 1971 the United States Congress enacted the Fair Credit Reporting Act
to insure that the credit bureaus investigate the credit items disputed by
consumers.
This federal law gives the consumer the right to challenge the accuracy,
validity, and verifiability of the credit listings appearing in their
credit report. It also requires that the credit bureau repair any credit listing if it is inaccurate or can not be verified.
But people continue to be negatively effected by credit bureaus
everyday. The main reason is lack of knowlege on how to correct or
change their credit information. This very important information could
even save many from bankruptcy.
The problem is the entire dispute system is designed to frustrate and
discourage the consumer. Credit bureaus use many stall tactics,
including requests for more information, further clarification and even
identity clarification.
The majority of us give up before even receiving a copy of our
credit report. Even if a consumer manages to get their credit report, decipher the coded information, write a coherent dispute, and mail it, the credit bureaus may still find some reason to disregard the challenge.
Some people even have the idea that credit bureaus must complete their
investigation within thirty days or be forced to remove all disputed
information. The reality is no one forces the credit bureaus to do
anything.
Believe it or not, accuracy of your information actually has little to do with
the deletion of negative items. Many creditor grantors are simply
reluctant to take the time to verify the data. While the credit bureaus may
be in the business of reporting credit histories, creditor grantors are not.
However, if you submit a valid dispute letter, and the credit bureau
investigates your dispute, the chances of success are good. If a credit
bureau cannot verify an item before completing its investigation, that item
must be removed.
If you would more like more information on how to correct, change or
dispute your credit information we recommend this top resource.
Top Credit Repair Resource
About The Author
Gary Gresham is a mortgage loan officer and the webmaster for
Credit Repair Facts.com. He offers you credit information, debt elimination programs and informative facts that give you the knowledge to correct your own credit and credit report. For more credit related articles go to: Credit Related Articles
posted by Gary at 8:28 PM
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