Is credit repair legal, or are you stuck with years of bad credit "karma" if you miss a few payments? Will a bankruptcy, charge-off or a foreclosure ruin your financial future, and if so... for how long? Are there really legitimate ways to improve your credit file after hitting on hard times, or those offers more marketing myth, rather than genuinely legitimate ways to raise your credit score?
The truth is, if you've ever suffered from the deleterious effects of a negative credit rating, you know the questions above ALL too well. After all, in today's plastic economy, there is nothing worse than not being able to get credit, or having to pay MORE for less (I believe higher interest rates and lending restrictions on the credit challenged are one of the many unfair ways that banks KEEP many disadvantaged people poor and punished LONG after the payment problems occurred).
The good news is THIS:
Credit repair is completely legal. It's not only something that every credit challenged consumer should learn about, it's actually guaranteed by law. Believe it or not, the FCRA (Fair Credit Reporting Act) has been around for well over 25 years at this point, and it gives each and every American citizen the right to dispute or challenge ANYTHING on our credit file we DON'T think is 100% accurate.
As a matter of fact...
Every legitimate credit restoration company, clinic or attorney uses this law to do work in your behalf. And while there are certainly many companies that over-promise and under deliver, and many credit improvement "offers" that are shady and should be avoided, at it's core... the ability to challenge negative information on your file is not only 100% legal, it's outlined in great detail in the law.
The "Lie" the credit bureaus WANT you to believe that's 100% false?
This KILLS me whenever I see it published... even by mainstream news outlets. It's always worded a little bit differently, but the core message is this:
"the only way to improve your credit after missing payments, or going through a rough spot, is TIME"
When they say time, they mean the 7 years something negative can be reported on your credit file.
That statement is 100% FALSE and very misleading.
Why?
Because ANYTHING on your credit file that you challenge, that is NOT 100% accurate, or able to be verified in a timely manner (30 days) MUST come off your report, or be changed to reflect what you argued it should have read in your dispute.
And there are of course, a whole host of other legal loopholes that many credit repair pros use to expedite and accelerate this process.
All of this is FACT. And every year many MILLIONS of negative items come off of hundreds of thousands of credit reports around the globe.
It's completely legal. You deserve to know that.
The BEST news?
You can do MOST of the work yourself if you so choose. It's not hard to learn what to dispute, and with a little bit of practice, you can actually get pretty good at advocating on your own behalf.
Or you can hire a legitimate credit repair company as well... it's totally your choice, both options are allocated for in the law, something else most credit bureaus DON'T want you to know!
The truth is, if you've ever suffered from the deleterious effects of a negative credit rating, you know the questions above ALL too well. After all, in today's plastic economy, there is nothing worse than not being able to get credit, or having to pay MORE for less (I believe higher interest rates and lending restrictions on the credit challenged are one of the many unfair ways that banks KEEP many disadvantaged people poor and punished LONG after the payment problems occurred).
The good news is THIS:
Credit repair is completely legal. It's not only something that every credit challenged consumer should learn about, it's actually guaranteed by law. Believe it or not, the FCRA (Fair Credit Reporting Act) has been around for well over 25 years at this point, and it gives each and every American citizen the right to dispute or challenge ANYTHING on our credit file we DON'T think is 100% accurate.
As a matter of fact...
Every legitimate credit restoration company, clinic or attorney uses this law to do work in your behalf. And while there are certainly many companies that over-promise and under deliver, and many credit improvement "offers" that are shady and should be avoided, at it's core... the ability to challenge negative information on your file is not only 100% legal, it's outlined in great detail in the law.
The "Lie" the credit bureaus WANT you to believe that's 100% false?
This KILLS me whenever I see it published... even by mainstream news outlets. It's always worded a little bit differently, but the core message is this:
"the only way to improve your credit after missing payments, or going through a rough spot, is TIME"
When they say time, they mean the 7 years something negative can be reported on your credit file.
That statement is 100% FALSE and very misleading.
Why?
Because ANYTHING on your credit file that you challenge, that is NOT 100% accurate, or able to be verified in a timely manner (30 days) MUST come off your report, or be changed to reflect what you argued it should have read in your dispute.
And there are of course, a whole host of other legal loopholes that many credit repair pros use to expedite and accelerate this process.
All of this is FACT. And every year many MILLIONS of negative items come off of hundreds of thousands of credit reports around the globe.
It's completely legal. You deserve to know that.
The BEST news?
You can do MOST of the work yourself if you so choose. It's not hard to learn what to dispute, and with a little bit of practice, you can actually get pretty good at advocating on your own behalf.
Or you can hire a legitimate credit repair company as well... it's totally your choice, both options are allocated for in the law, something else most credit bureaus DON'T want you to know!
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