Repairing your credit with the credit bureau is definitely your right and it is completely legal. In reality, “credit repair” may be a poor description. Who knows where the term originated. What consumers are really doing is making certain the credit bureau reports accurate information about their debt management. Credit bureaus cannot report information that is not true. They cannot report you owe $3,000 if you only owe $2,500. They can’t report you had/have a Visa credit card if the debt is a line of credit.
There are people who believe it is unfair that supposedly legitimate debts are erased from credit files. But when it comes to credit reporting, ”legitimacy” is based on accuracy. If it isn’t accurate, it must be corrected or removed. Fair is fair.
Compare this to a court of law. If a defendant is indicted for 1st degree murder, but the jury determines it was 3rd degree murder, the defendant will likely (and should) be found innocent of the crime of 1st degree murder. The information (charge) must be accurate. Otherwise, it is unfair to the consumer (defendant).
A lien for $7,500 must be reported as a lien for that amount. Otherwise, it must be corrected or removed. A debt that is 60 days late cannot be reported as 90 days late. An account that was paid in full cannot show on credit with any amount still due.
The errors we see on credit reports are off the charts. But consumers are not certain what to do about it. It’s not easy. Much time and follow up and attention to detail are required.
A low credit score will cost thousands of dollars in higher interest rates over many, many years. In some cases, a lower score means the difference between getting or not getting a mortgage loan. Not long ago, even those with low scores could get a mortgage or an auto loan – just at a higher rate. Today, a low score can mean you don’t get a loan at all.
Any consumer equipped with the proper information along with time and patience can get their credit repaired. Endless sources of help are available online that give instructions how to repair credit.
Consumers can also enlist the help of third party specialists who do nothing but tackle with the three major credit bureaus all day every day. For more information about credit repair, click here.
If your credit has blemishes, start working on a plan of action today.
Until my next post . . .
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so there are people who think credit repair is illegal?