Credit Restoration Information!

Credit Repair is legal but people who are looking to repair their credit must be very careful when talking to a “credit repair expert”. There are 2 truths when it comes to repairing your credit and they are: you cannot remove everything on a credit report even though companies claim to be able to and the second is that dispute letters rarely work.

 Disputing them generally proves to be more difficult and harmful than anything else because it will reduce some of the laws you can use in your favor like the Statue of limitations law. Just as we have rules for which items we can dispute, the credit bureaus have rules for which disputes they are required to investigate. According to the FCRA, the credit bureaus are not required to investigate disputes they feel are frivolous or irrelevant.

Since the credit bureaus are for profit companies and not government agencies as many people think they are, they do their best to avoid investigating disputes because they do not make money from this practice. Interpreting the meaning of "frivolous or irrelevant" the credit bureaus can legally deny large numbers of requests for an investigation. Getting your dispute to to become an investigation becomes very difficult.

 That’s why the newspapers all have negative things to say about the practice of credit repair. Credit repair should be handled through an attorney or a licensed Credit Repair company who know the laws and not the guy down the street or the guy with the cool web page. Here is a way you can tell a true credit expert from the rest. Ask for a copy of their Surety Bond and their Business license. If they are not bonded: DON’T USE THEM! The reason is simple of why not to use them: most likely they cannot qualify for one due to a lack of experience or they have been proven not to work. A bond will generally cost at least a few thousand a month and up to $10,000 a month, so if they do have a Bond you know they have the business to back up what they are saying.

Here are some of the things that can be removed from you credit report if you know the laws…

Negative Items

• Late Payments
• Charge Offs
• Collections
• Repossessions
• Foreclosures
• Negative Settlements
• Medical Collections
• Student Loans
• Mortgage Lates

Public Record Items

• Bankruptcy
• Foreclosures
• Child Support
• Spousal Support
• Judgments
• Tax Liens

Now having listed those items, you must know each one of them has to have a reason to be taken off, you cannot just go online and dispute it. Disputes are made for things like duplicates or a paid credit card that shows a balance. What “dispute type” companies do, a consumer can do themselves if they know what they are doing. If you have a lot of older items on your credit report or things you would like to know if they could come off then give us a call and we will be happy to assist you with any questions you have. Now if you just don’t have the time or need it real fast, then you should hire a company to help you but when you do, make sure to get a copy of their bond, business license and most of all ask for proof of work.