bharatbhasha.com

Click here for Special Web hosting packages for visitors of this website only!

Free Articles  >>  Miscellaneous >>  Page 1  >> 

Can Credit Repair Companies Repair Your Bad Credit





?

Let's talk about credit repair. This is not something new, but a "service" that has been around for many years. Within the last 4 plus years, credit repair companies have become very popular especially with families that have been suffering because of bad credit. Our whole financial system is based on CREDIT. That is the truth of the matter.

There are so called credit repair companies advertising that they can repair a persons damaged credit. Damaged credit can come in all shapes and sizes for example late payments on credit cards or revolving credit that are noted on a credit report being 30 days, 60 days, 90 day or more late. Damaged credit can be student loans, car loans, store credits, mortgage loans, anything that is not paid on time. If a company is advertising that they can repair this damaged credit, it means that they can convince the different credit bureaus to change what they are reporting. This is misleading the consumer. The most vulnerable to this misleading information are consumers who have had a bankrupcy and are trying to start over again, and consumers who have had bad credit and are trying to rebuild better credit and better credit scores, consumers that are trying to make a purchase. There are companies out there that may claim to be able to clean your credit as well as perhaps claiming to raise your credit score, but you may become a victim of theirs instead of a client. There have been documented cases where the so called "company" takes the clients hard earned money and runs. Doing some research you will find that the 3 main credit bureaus, Equifax, Trans Union and Experian will not remove negative credit from a credit report if the reporting agency was in fact reporting correctly documented information. A consumer thinking that by paying, let's say X amount of dollars to a "credit repair" company will have the derrogatory credit removed may be in for a rude awakening.

Now with this knowledge in hand what can be done?

From research obtained by interviewing consumers suffering from credit damage, the consensus is to talk to several credit counseling agencies. They should all give the same advise and not guarantee any resolution. Credit repair is very difficult. Credit reporting agencies do make many mistakes and refuse to backtrack on those mistakes unless you have documented proof that they are wrong. The only way to realistically remove bad credit from a credit report is by having proof that the derrogatory credit was reported incorrectly or by waiting for time to do it's work. Time, 7 years or more. After this amount of time, the derrogatory credit should be dropping off of a persons credit report.

The truth is that no one can legally remove accurate negative information from a credit report. Credit reporting agencies are obligated under the Fair Credit Reporting Act (FCRA) to correct or delete inaccurate, incomplete, or unverifiable information, usually within 30 days. They are not required to remove ACCURATE information unless it is more than seven years old (or bankruptcies that are over ten years old). This is the reality of the situation.

The consumer has a right to dispute the negative information reported on the credit report and the credit reporting agencies must investigate the negative report at no cost to the consumer.

You the consumer can do all this. It takes time and patience but you can work towards cleaning up your wrongfully reported negative credit at little cost to you. This is exactly what a credit repair company will do. Remember, it is highly unlikely that negative credit reported correctly to the credit bureaus will be removed. In order to remove it, only TIME can help. NO ONE CAN REMOVE IT.

In my next blog I will write more in depth regarding "scamm" companies trying to rip the consumer off promising clean credit.


About Author Marilu G. Nieto :

Marilu Nieto, The Home Biz Diva, is an experienced Real Estate Broker having helped countless families in the span of 24 years of service. If you would like more information regarding debt relief and debt relief services, visit my informative site at <a href="http://www.consumer-debt-relief.com" target="_blank">http://www.consumer-debt-relief.com</a>
##lt
gt####lt
gt##I WAS SEARCHING FOR FINANCIAL FREEDOM AND I FOUND IT AT <a href="http://www.1moneyprofitsite.com" target="_blank">http://www.1moneyprofitsite.com</a>


Article Source: https://www.bharatbhasha.com
Article Url: https://www.bharatbhasha.com/miscellaneous.php/376688


Article Added on Friday, July 13, 2012
LD
Other Articles by Marilu G. Nieto

How Does The Credit Repair Organization Act Help The Consumer
? Let's talk a bit about consumer protection. The Credit Repair Oranization Act or (CROA) defines how credit repair organizations are allowed to operate. The CROA as we will refer to the organization in this article, was enacted to ensure consumers of services of credit repair organizations, or companies are provided with information necessary to make informed decisions regarding the purchase of such services. Also, and most important the CROA's duty is to protect the public from unfair or...

Have You Been Scammed By A Credit Repair Company
? As promised on an earlier blog, let's talk about credit repair scamms. Of course scamms are ilegal but none the less they exist. We have already established the fact that derrogatory credit can not be removed from a credit report if it is reported correctly and if not enough time has elapsed since the recording. That would be around 7 years for the majority of the derrogatory credit and 10 years for bankruptcies. We have also established that the credit repair companies claiming to clean...

Low On Cash Should You Request A Pay Day Loan
? Payday loans and how they can affect you. First of all, a cash advance is advisable only in emergency situations because they can be quite troublesome at a later date when repayment is required. It is advisable to look for other alternatives first rather than applying for a payday loan. The cost is quite high. Determine the extent of the emergency, (which does sound a bit ridiculous) and determine whether the cost is worth it. There are many situations that may warrant a payday loan. Let...

Credit Card Debt Is Here And On The Rise
Let's talk about consumer credit card debt. Credit cards are an invitation to buy now and pay later. At first glance, this is an excellent idea. Finance what you need or want at the time you need and want it, with the promise to make your monthly payments and or to pay off in one lump sum. This is all well and good, but the problem results when life gets in the way. There are many reasons why a person can be affected by credit card debt especially when it becomes impossible to make the...

How Does Divorce Affect My Credit
? Let's talk about the what can happen with your credit if you have to go through a divorce. Divorce in an uncomfortable subject but nonetheless, people go through separation and divorce every day. This is very common in our society. There are many things in displacement because of the situation, and one of them is certainly your credit.You should know that even the most amicable divorce can leave you in financial ruin. During your marriage, you probably, merged all of your finances, from...

Problems With Your Credit After Divorce
? This author has discussed dealing with your credit prior to a divorce. This article discusses what can happen with your credit after a divorce. As we all know if we could predict the future and we knew in advance what the future would bring, it is most probable that the majority of the people would prepare their finances before the divorce. Emotions being involved, this may be quite difficult but getting finances in order prior to a divorce is a must, however, not completing such an...

Before Divorce Protect Your Credit
Protecting your financial reputation before a divorce. Most people do not think about their finances before a difficult decision as separation and divorce, but it is absolutely necessary. While you may not want to think about money when you are experiencing a traumatic life change such as divorce, being practical may save you from even more heartache somewhere down the road. Keeping your credit safe before a separation and divorce is critical. The following steps should be taken: Document...

Don t Sign Until You Consider Alternatives To A Payday Loan
Before you decide to take out a payday loan, consider some alternatives. There may be other options that you have not thought about so let's brain storm them together. Even though a quick payday loan may seem attractive, it is a better recommendation to find an alternative than to risk problems down the line. Start by shopping for credit with the lowest cost. You are looking for the lowest APR. The APR is a combination of the finance charge, that includes loan fees, interest rate cost and...

What You Should Expect When Requesting A Payday Loan
Many times in our lives emergency situations come up and we do not have the cash on hand to handle the emergency. In emergency situations fast cash may be necessary. If obtaining a loan from a family member or friend is not an option, then it may be necessary to obtain cash by borrowing from a payday lender. This may not be the most favorable way to obtain cash, but in emergency situations, it could be the only and most efficient way to obtain money when needed. If you look around, payday...

The Consumer Is In Need Of Debt Relief
Consumer debt brings out a great passion in me and that is why I am dedicating myself to writing about the different problems we as consumers are facing with the current economic situation. I say it brings out a great passion in me because I have been there. Burried in debt with no where to turn. Many households across this nation are suffering from consumer debt that is out of control. As families suffer from foreclosure, new bankrupcy reforms making it harder to file for bankrupcy...

Click here to see More Articles by Marilu G. Nieto
Publishers / Webmasters
Article ID: 376688
DELINK URL from Authors Bio
REMOVE Article
Tell A Friend
Leave A Comment!
Download this article in PDF
Report Article!
Search through all the articles:


207 Users Online!!
Related Articles:
Latest Articles:
 
Miscellaneous >> Top 50 Articles on miscellaneous
Category - >
Advertising Advice Affiliate Programs Automobiles
Be Your Own Mentor Careers Communication Consumers
CopyWriting Crime Domain Names DoT com Entrepreneur Corner
Ebooks Ecommerce Education Email
Entertainment Environment Family Finance And Business
Food & Drink Gardening Health & Fitness Hobbies
Home Business Home Improvement Humour House Holds
Internet And Computers Kiddos and Teens Legal Matters Mail Order
Management Marketing Marriage MetaPhysical
Motivational MultiMedia Multi Level Marketing NewsLetters
Pets Psychology Religion Parenting
Politics Sales Science Search Engine Optimization
Site Promotion Sports Technology Travel
Web Development Web Hosting WeightLoss Women's Corner
Writing Miscellaneous Articles Real Estate Arts And Crafts
Aging


Disclaimer: The information presented and opinions expressed in the articles are those of the authors
and do not necessarily represent the views of bharatbhasha.com and/or its owners.


Copyright AwareINDIA. All rights reserved || Privacy Policy || Terms Of Use || Author Guidelines || Free Articles
FAQs Link To Us || Submit An Article || Free Downloads|| Contact Us || Site Map  || Advertise with Us ||
Click here for Special webhosting packages for visitors of this website only!
Vastu Shastra

Cheap Linux VPS Provided By AwareIndia







Company IDS