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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="" target="_blank"></a>
gt##I WAS SEARCHING FOR FINANCIAL FREEDOM AND I FOUND IT AT <a href="" target="_blank"></a>

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Article Added on Friday, July 13, 2012
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