The fine people of Tulsa are getting some biased information. In a recent article in the Tulsa World one of their columnists claimed that ?credit repair is a swindle?. Unfortunately, he apparently did not do all of his homework and due diligence because he didn?t take into consideration the various potential situations. He also failed to consider the “Fair Credit Reporting Act” that was enacted to protect consumers.
He claimed that, “No one can remove accurate negative information from your credit report?.
Yes, that is correct. He is absolutely right. If the information is completely and totally accurate it should stay on your report until time passes and it drops off.
But that does not automatically make credit repair a swindle as he claims.
The truth of the matter is that over 75% of all credit reports contain errors, mistakes and discrepancies that can and should be repaired. The Fair Credit Reporting Act gives you the consumer the right to repair those discrepancies.
For example, your parents may have given you the fine name of Russell Smith. In the city you live in there are 47 other people who share your same name of Russell Smith. Of those 47 people there may be 10 who also share your same middle initial of L. So with 47 people who share the same name and 10 people who share the same name and same initial, what are the odds that some other Russell Smith?s credit could end up showing on your account? Probably pretty good. And when that happens you may want to get some help to repair your credit to get that inaccurate information off of your report.
And another scenario, someone who has a similar Social Security Number, it?s just one number different, and a somewhat similar name or not, defaults on their auto loan and by mistake it shows up on your credit report. Who you gonna call? Ghostbusters probably can?t help you but a good credit repair law firm probably can.
Oh, and what about the Divorce, where your ex-spouse was awarded the bill for that fancy red truck, and then defaulted? Should you still be responsible for that? Did you ever even drive that truck again? What did the judge say? Is that fair and right? A good credit repair law firm can advise you and assist you in that situation also.
Or, say you have a loan and for some reason, the lender started reporting you as paying late, even though you actually have proof that you paid on time every time? Who you gonna call this time? You have the proof, should you just allow them to report you as late when you never were? If credit repair is a swindle, how is anybody supposed to fix that type of thing?
Millions and maybe even billions of items of information go through the credit bureaus every single day. It is not even possible that everything could be recorded perfectly. The likelihood that there is inaccurate, erroneous, misleading or mistaken information showing on your credit report is high, very high. And you have the right to dispute that inaccurate, erroneous and mistaken information and the credit bureaus have to verify the accuracy of their reporting within 30 days or it must be removed from your report.
Of course, you can try to get it removed on your own and you may be successful but it does take time, energy and expertise and you may have better things to do with your extra time, like playing with your family, enjoying life and maybe even relaxing and kicking back.
A good credit repair law firm can help you clean up and repair your credit. And to quote the ads from the credit card, good credit is priceless.