The Truth About Credit Repair Part 1 (As Told by an Industry Professional)

Have you ever seen advertisements guaranteeing you a high credit score in as little as 30 days? Or maybe you have seen a do it yourself credit repair book. The truth is credit repair does NOT work. At least not the way you want it to or the way unscrupulous  companies sell it to you. I have been in the credit industry for 10+ years; I actually used to own a credit assistance company (educational), prior to that, a collection agency. Guess what, I am going to tell you the whole truth for absolutely NOTHING! Well actually, almost nothing, I want you to read my article. So here it is.

When you owe money to a creditor you actually owe them the money.... Unless there has truly been some kind of error, i.e. the account is not yours; you are a victim of identity theft, etc. By law you are entitled to dispute the validity of an account, this can be done by logging into experian.com, transunion.com and Equifax.com. If you have been denied credit in the past 30 days.... Or a company has pulled your credit; you are entitled to a free online copy of your credit report, (which you can use to dispute online).

By law a consumer can dispute an account and the creditor has 30 days to respond. They then have a 15 day reinvestigation period. This means that if a dispute is received from the bureau by the creditor and they do not respond in time, even if the item comes off, if it is reverified within the 15 day time frame it will go back on. Many credit repair companies sent a barrage of erroneous disputes in the hopes that a creditor will neglect to respond. Make no mistake about this: "Just because an item is deleted from your report does not mean you do not owe the money" That's right; even if an item does get deleted the creditor still has legal recourse. Any deleted items on your report are strictly cosmetic unless it is deleted legitimately. The FCRA (Fair Credit Reporting Act) States:

Read the rest of this article