Tips to Remember when doing Credit Repair
Credit Repair Negative information that is accurate can not be erased.
Information that is not correct can be removed. Information that is correct and accurate will remain on your record for 7 years starting when it was first reported (Bankruptcy will remain on your records for10 years). Bills that you put off or fall behind in your payments will also remain on your credit reports for the same periods of time.
Payment for credit repair services can not be paid until promises are kept by the one requesting the service. Credit repair services must also, according to Federal law, give you a complete explanation of your legal rights, a detailed written contract, and three days to cancel. (This rule is applicable to for- profit services, but does not apply to nonprofit organizations, banks and credit unions, or to the creditors.
Be suspicious about emails from credit services. There are a lot of fraudulent emails that come to you unwanted.
Mistakes on your credit report can be corrected by yourself. You may request a free copy of your credit report if you are denied credit but, sometimes you may be charged a small fee unless your state law provides you with one report free per year. There is no charge to question or feel the information is not correct in your report. You need to follow the instructions given you by your credit bureau. Here is a list, web site and phone numbers of the major credit bureaus: Equifax, 800- 685-1111, www.equifax.com; Experian, 800-682-7654, www.experian.com; and TransUnion, 800-916-8800, www.transunion.com. It is wise to contact all three because their information may not be the same.
An explanation can be added to your report. Late payments of bill can be explained if there is a good reason like job loss, sudden illness and things like that or you didn’t pay for something because you had a good reason not to accept the service or merchandise. Give the credit bureau a written explanation of your dispute.
Credit Repair Tips
It is important to know that you can not create a second credit file. There are some companies that will fraudulently offer to provide you with a different tax identification or social security number to create a new credit file. This technique called “file segregation” will not work because it is illegal.
Getting the right Credit Counseling is very important. The best place to go is your local Consumer Credit Counseling Service (CCCS) and they can give you the correct advice to building a good credit record. The CCCS can also provide you with a planned program to make payment to creditors you have fallen behind in making payments. The services from the CCCS offices are usually free of provided at a minimal cost. Contacting your nearest CCCS office, call toll-free, 800-388-2227, or go to www.nfcc.org.