Credit Report Repair…..Do It Yourself.
Article by Dennis Green
Credit Report Repair…..Do It Yourself
How many of us have gone through the embarrassment of having a loan officer say “I’m sorry we can’t give you a loan at this time, your credit report came up with a few things”. Maybe you were told “yes we can finance you, but we will need a larger down payment”, or worse yet told “Yes we can give you a loan but, your interest rate will be 18%”.
Thousands of people every day experience this because of information given out from a credit report company. Credit report companies are a multi million dollar business, collecting information on consumers and businesses alike. They are nothing more than a large clearing house of stored information, with years of credit histories, some up to date and correct, some not correct and outdated. One of the problems with their system is even though information may be collected against your will, the credit bureau is not held to make sure, without a doubt the information is correct, or even yours and belongs on your account. The burden of proof falls to the consumer or business once something is placed on your report by the credit bureaus, to have it removed or investigated.
There are rules and consumer rights set by the “Federal Fair Credit Reporting Act”, which gives YOU, the consumer, a lot more power and control over your own credit report, but it is something you have to research yourself. Credit bureaus don’t want you to know a lot about your rights, when it comes to credit collection, or what can and can’t appear on a credit report. They don’t want you to know there’s a time frame for information on your report to be taken off. They don’t want you to know you can place a claim for an investigation on items on your report that you believe are not yours, or past credit problems you have cleared up, but the company who placed it there never bothered to notify the bureau to have it removed.
There are companies out there offering to clean people’s credit for anything from 0 up to 00, using the word “GUARANTEED”. First thing is they can’t guarantee something they have no control over, only YOU have the control and second, only YOU can correspond with a credit bureau about your credit report for privacy reasons. A lot of these “credit clean up companies” after receiving your credit bureau information, type up a letter disputing things on your report and some use gorilla type tactics in their wording, then they send that letter to you so you can sign, attach your photo and a copy of your drivers license and mail it to the bureau(s) in question, since credit bureaus won’t deal with anyone but the person who’s credit report is being questioned. After the credit bureau investigates the information in the dispute they have a period of 5-10 business days to respond back to you on their findings. After they send that response back to you, YOU must forward it to the company doing your credit clean up and they will move to the next item you want to dispute and the same above described process is done again. Do you see a problem with this? Is it worth 0-00 to have someone type a letter and place the address on the envelope, for something you are for the most part, doing yourself? Not only the cost factor, but the lost time involved of you receiving the information from the “credit clean up company”, sending that information on to the credit bureau, the bureau sending information back to you, that you then have to send BACK to the “credit clean up company”! What if you have different disputes on other credit bureau reports? The back and forth mail after a period of time would be enough to discourage the most patient of people.
What if there was a way for you to “Do It Yourself” and save the 0-00, which in a lot of instances, people with less than perfect credit don’t have anyway. Not only save money but, cut the time involved in half. You could do it in the privacy of your own home at your own pace. With a little knowledge you can do it yourself! The laws of fair credit reporting favor YOU the consumer and you have rights that no one tells you about. You have rights against collection harassment and abuse. You have rights pertaining to bankruptcy and foreclosure, with options to avoid both. There is a ton of information available to benefit you when it comes to credit repair rights and with this information you can do the credit report repairs yourself.
About the Author
The author has researched over the years to find information that is priceless, saves you a ton of money and can be done in half the time. He has related sites to this topic at http://www.onlinehomecredit.com, also visit http://www.LivingWillTemplate.com, for printable Living Will Forms
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