Credit Repair

You see the ads everywhere for credit repair services. You see ads on TV, Radio, News paper, Tele marketing calls etc etc. They all make few promises.

• “Credit problems? No problem!”
  
• “We can fix your bad credit — 100% guaranteed.”
  
• “Create a new credit identity — legally.”
  
• “We can deal with bankruptcies, judgments, liens, and bad loans from your credit file forever!”
  

In my opinion, anyone can help themselves. They no doubt will do some stuff for you, but when anyone in any situation like this, the make mistakes and then blunders and then everything is gone. So my best bet would be, relax and take control of your credit and follow some advise here and I hope your issues can be resolved.

Get Your File Investigated:
The law allows you to ask for an investigation of information in your file that you dispute as inaccurate or incomplete. There is no charge for this. According to the Fair Credit Reporting Act (FCRA)
Get your Free Report:
You’re entitled to a free report if a company takes adverse action against you, like denying your application for credit, insurance, or employment, and you ask for your report within 60 days of receiving notice of the action. The notice will give you the name, address, and phone number of the consumer reporting company. You’re also entitled to one free report a year if you’re unemployed and plan to look for a job within 60 days, if you’re on welfare, or if your report is inaccurate because of fraud, including identity theft.

Each of the nationwide consumer reporting companies — Equifax, Experian, and TransUnion — is required to provide you with a free copy of your credit report, at your request, once every 12 months.

• Write to consumer reporting company, what information you think is inaccurate. Include copies (NOT originals) of documents that support your position.
  
• Your letter should identify each item in your report you dispute, It should have your name address etc. You must state the facts and explain why you dispute the information, and request that it be removed or corrected. Send your letter by certified mail, “return receipt requested,” so you can document what the consumer reporting company received. Always make copies and file the properly.

• Consumer reporting companies usually answers within 30 days. They also forward all the relevant data you provide about the inaccuracy to the organization that provided the information. Then that organization investigates, review the relevant information, and report the results back to the consumer reporting company. If the information provider finds the disputed information is inaccurate, it must notify all three nationwide consumer reporting companies so they can correct the information in your file.

• After the complete investigation, the consumer reporting company gives you the results in writing and a free copy of your report if the dispute results in a change.
  

• If an investigation doesn’t resolve your dispute with the consumer reporting company, you can ask that a statement of the dispute be included in your file and in future reports. You also can ask the consumer reporting company to provide your statement to anyone who received a copy of your report in the recent past. You can expect to pay a fee for this service.

After you deal with consumer reporting company, now its turn to

Deal with creditors.
Tell the creditor or other information provider, in writing, that you dispute an item. As I said earlier, be sure to include copies (NOT originals) of documents that support your position. Many providers give a specific address for disputes. Include a notice of your dispute if any. And if the information is found to be inaccurate – the information provider may not report it again.

When negative information in your report is correct, only time is remedy. A consumer reporting company can report negative information for seven years and bankruptcy information for Ten years.
There is no time limit on reporting

• information about criminal convictions
• information reported in response to your application for a job that pays more than $75,000 a year
• information reported because you’ve applied for more than $150,000 worth of credit or life insurance.

There is a standard method for calculating the seven-year reporting period. Generally, the period runs from the date that the event took place.

So these are few details, will discuss this further. Individual problems are more than welcome.