Are you wondering how credit repair works and what it is? I’m going to start off by telling you what credit repair isn’t, Credit Repair, isn’t magic. Today you’re going to learn how credit repair actually works, because a lot of people have some misconceptions on what they think, or about how it’s supposed to work or what Credit Repair really Is.
It’s, not magic. You see with credit repair; It’s, not likely to just work overnight. It takes time to actually have bad items removed because it’s, a process. Many people hear that it’s supposed to be something that will wipe away everything on your own credit report in week or two or something similar to that, and that’s not the case. It’s, not just magic.
Now another inaccurate point that people hear a whole lot, is that credit repair companies simply send template letters to the credit reporting agencies. They send out the same dispute for everybody for each and every item. Well, that’s incorrect if the company is a quality credit repair company. That’s because a good credit repair organization understands that template letters and letters off the internet, aren’t likely to work when you send them to the credit bureaus. That is because your letters are not actually read by people, but by a system that uses optical character recognition. That is right, they scan the letter into their system, and it checks to see if this is the template letter it has seen before. If the system determines that it is, the dispute is often automatically marked as “frivolous” and they will not even investigate your dispute. You will get something back saying that the item was verified or that your whole dispute was frivolous, and you will not see any results.
The third thing, that credit repair isn’t, is a scam. A lot of people listen to this from what they feel just like are reliable resources, like mortgage brokers, bank lenders or bankruptcy, attorneys. Many people that you would take their advice seriously, however they don’t really understand the credit repair procedure. They really just only know what they’ve heard. They’ll call it a scam, and in the event that you go online to verify it, you will likely see plenty of information also saying this is a scam. There are some companies out there that in fact do scam and take advantage of people however most credit repair companies are owned by people just like you who just want to help others improve their lives.
Another thing you are likely to hear is that nothing could be removed from your credit file for seven years and there’s, no making your way around it. Again that’s just not true.
They think It’s a law therefore that is why credit repair cannot work! But the truth is that laws are in fact what make credit repair possible and laws and regulations are what help us get negative items removed from your credit report before seven years has passed. You see, the law says that seven years is the longest time that some items can be reported on your credit report, and that they must be removed after seven years not that they must be reported for seven years!
Some of the laws and regulations that are used for credit repair result from the Fair Credit Reporting Act and The Fair Debt Collection Practices Act. In factor there are many more, but these are the most significant laws that makes credit repair possible.
The Fair Credit Reporting Act says accounts on your credit report should be accurate, timely and verifiable. Now, predicated on this law, if accounts in your credit file, aren’t accurate, timely and verifiable, you have the right to request they be removed from your credit report. When this law addresses accuracy every little bit of data on an account in your credit report must be Accurate. When it discusses timely, it means that the account is still within the correct timeframe for this to be reporting on your credit file. Now with regards to the account being verifiable, this means that all the information contained is accurate and verifiable. Every account has to be in a position to be verified that it’s, actually correct and belongs to you or it must be removed.
These three issues combined is part of why credit repair will work! And also can help you get accounts eliminated from your credit report prior to the seven-year time frames explained earlier.
A lot of my customers while reviewing their credit reports with me, see a merchant account and recognize it and think “well, that accounts mine, so it is accurate” but, like We said it’s, not only about this portion of the account, be it yours or not. The law says that ALL the information on that account needs to be accurate or it must be removed.
That’s how inaccuracies might help get accounts on your credit file removed using The Fair Credit Reporting Act.
Ok, by now you can imagine how credit repair has the capacity to achieve success and getting items removed from someone’s credit file. And unless you know the laws that are out there, you’re, not really able to successfully do credit repair, whether you are a firm or simply a person attempting to focus on your own credit.
You really do need to know what these laws say in order to actually do credit repair, it’s just not enough to locate a letter online and download it and then send it into the credit bureaus and expect your credit score to improve.
Something most people don’t know is that, 79 % of credit reports have errors, that’s right 79 percent of them have errors! Do you think yours does?
For just one Dollar we can help you find out! Visit: CreditRepair.MBA and Click “Get Started Now” .
That’s Visit: CreditRepair.MBA and Click “Get Started Now” .
