Many people have seen a decrease in their credit scores in the past few years due to the ailing economy. Credit is often necessary for major purchases so many of these people may be interested in credit repair and how it can help them. As a consumer you have the right to question and dispute negative credit information that is showing up on your credit report.
Right now there many different credit repair solutions that are being advertised heavily on the Internet and other outlets. However, any bold promises such as restoration of your past perfect credit or even significant increases in your credit score within a short period of time should be cautiously reviewed.
They’re popping up everywhere.
It seems that credit repair businesses are cropping up all over just in time to take advantage of opportunity that the recession created years ago. Most of these companies are lacking in the expertise and experience that a credit repair business or law firm needs to be successful at credit repair.
There are some excellent companies and law firms that have been doing credit repair for years and year and if you hire a professional to assist you with credit repair you need to look for past experience, knowledge and expertise.
As you are looking for credit repair solutions you will discover that there are also many do-it-yourself kits that will show you how you can complete the credit repair process on your own. It is possible to repair your own credit and you can often do everything a professional can do however, it is highly unlikely that you possess the same level of expertise and knowledge as a professional and you need to also consider the excessive time and energy that it will take.
You have the right to pursue credit repair largely because of the Fair Credit Reporting Act that was passed back in the 1970?s. However, there are some credit repair techniques that you may come across that are illegal. It is important to check all of your options very thoroughly to make sure that you are getting a legal solution. Also make sure that it is the best solution for you and your current circumstances taking into consideration the money that it will cost you.
Your initial consultation with a credit repair business or law firm should be free. They should be able to tell you what they can do and what you should reasonably be able to expect right up front. Be leery of bold promises, however. There are no guarantees with credit repair. You and the credit repair professional can complete some actions that can lead to good results but ultimately you are both at the mercy of the credit bureaus. It can be done but it may take more time and energy than you can predict.
Make sure that you are able to designate the negative items on your account that need to be disputed. The positive credit that helps you should remain on your report; only the erroneous and negative items should be deleted. You should also be aware that it is against the law to create a new identity with an Employer Identification number instead of using your own Social Security number. There are steps you can take to repair your credit but erasing or hiding from your history is not one of them.
The credit repair industry is highly regulated. Back in 1996, the Credit Repair Organizations Act or the CROA was put into law to protect consumers from deceptive and unfair practices throughout the industry. However, if you are shopping for a good credit repair solution the best thing to do is to check out all of your options and find an experienced and reliable credit repair law firm.