Repair Your Credit and Take On the Big Three … by neil smith
http://www.takingstuffapart.com/articles/144/1/Repair-Your-Credit-and-Take-On-the-Big-Three-hellip-by-neil-smith/Page1.html
Neil Smith
LET'S GET AHEAD is dedicated to finding new and creative ways to make money, save money and live better. Neil Smith researches and reports on Home Matters, Auto, Banking, Money Saving Strategies and much more! Your input is always welcome and LET'S GET AHEAD is intended to be a community where ideas are shared. By Neil Smith
Published on 11/7/2007
Repair Your Credit and Take On the Big Three … by neil smith
Repair Your Credit and Take On the Big Three … by neil smith
TransUnion, Experian and Equifax. The three reporting agencies for credit and a pain in the butt for nearly anyone who has ever had to rely on their reports for things like buying a car, owning a home and even getting a job!
Some companies claim to be able to repair your credit. Can a company actually repair your credit? Technically no, but you can hire a company that can guide you through challenging errors on your report that may have contributed to lowering your score.
Credit repair companies uaually charge an upfront fee that will secure their services for one year. They start by reviewing your credit reports from the big 3 reporting agencies, Equifax, TransUnion and Experian, and going over them in detail to see if there were any noticeable errors.
They would then guide you through writing letters to the 3 agencies disputing certain items, including proof of things corrected, and asking for verification of certain procedures that supposedly were, by law, required to be followed in order to place the bad marks on the credit report. The agencies would eventually respond via the mail. Sometimes things would be corrected and the score would be improved, and other times, there would be no change.
Then the letters would be re-generated and re-sent over the course of the next year continually attempting to have bad marks removed, challenging procedures and attempting to have mistakes corrected. A bad mark appearing in more than one agency’s report, once removed, could then be used as proof the mark should not be included on the others.
Supposedly there are 16 different procedures required under the Fair Credit Reporting Act that an agency must adhere to before putting a negative mark on a person’s credit report according to the sales literature I had read. I have not personally read through the FAIR CREDIT REPORTING ACT, (nor do I intend to, because quite frankly, it’s time consuming and mind-numbing.) but the strategy is pretty much to continually bombard the agencies with letters in hopes of reversing bad marks mostly on technicalities.
The overall idea sounds as though it could be plausible and have merit, but obviously from the experience I personally had in this area, my advice would be - be very careful about who you deal with out there and check the backgrounds of people and companies before handing over your hard-earned dollars for a service you may or may not receive.
Please visit my flagship website at http://www.letsgetahead.com for more great articles like this one!
Some companies claim to be able to repair your credit. Can a company actually repair your credit? Technically no, but you can hire a company that can guide you through challenging errors on your report that may have contributed to lowering your score.
Credit repair companies uaually charge an upfront fee that will secure their services for one year. They start by reviewing your credit reports from the big 3 reporting agencies, Equifax, TransUnion and Experian, and going over them in detail to see if there were any noticeable errors.
They would then guide you through writing letters to the 3 agencies disputing certain items, including proof of things corrected, and asking for verification of certain procedures that supposedly were, by law, required to be followed in order to place the bad marks on the credit report. The agencies would eventually respond via the mail. Sometimes things would be corrected and the score would be improved, and other times, there would be no change.
Then the letters would be re-generated and re-sent over the course of the next year continually attempting to have bad marks removed, challenging procedures and attempting to have mistakes corrected. A bad mark appearing in more than one agency’s report, once removed, could then be used as proof the mark should not be included on the others.
Supposedly there are 16 different procedures required under the Fair Credit Reporting Act that an agency must adhere to before putting a negative mark on a person’s credit report according to the sales literature I had read. I have not personally read through the FAIR CREDIT REPORTING ACT, (nor do I intend to, because quite frankly, it’s time consuming and mind-numbing.) but the strategy is pretty much to continually bombard the agencies with letters in hopes of reversing bad marks mostly on technicalities.
The overall idea sounds as though it could be plausible and have merit, but obviously from the experience I personally had in this area, my advice would be - be very careful about who you deal with out there and check the backgrounds of people and companies before handing over your hard-earned dollars for a service you may or may not receive.
Please visit my flagship website at http://www.letsgetahead.com for more great articles like this one!