What Can Credit Repair Services Do?
In short you can do everything that a professional service can do for you. You will file a credit dispute with the bureaus and they will have to respond accordingly.
The Fair Credit Reporting Act of 1970 is what gives the right to dispute an item on your report. This law also says an item can remain for a maximum of seven years on your credit file. Additionally it requires the bureaus to investigate you dispute.
If I can do this why should I pay someone? You don’t have to but let’s look at the dispute process in detail. The first step is getting a copy of your report from each bureau, in other words all three reports.
Now you have to look at them in detail and identify what items on each report you want to challenge. Contrary to popular belief your reports will not all three be the same, only in very rare instances are they.
This is a result of an imperfect credit system, however if you dispute an item from your TransUnion report with Equifax and they don’t have it listed on your report, they will not ever find your dispute valid and thus investigate.
This brings on the next step once you have your items, you must write a dispute letter to the bureaus. In each letter you need to include the items, the reason you for the dispute, the dates, and any supporting documentation.
When the bureau gets your letter they will deem it valid and investigate or invalid and respond by asking you for more information. This is routine for the bureaus and they don’t ask for it because they necessarily need it.
The bureaus in fact don’t have any financial interests in if the information they collect about you is correct or not. When the bureaus correct information and even just investigate disputes they only spend money, there is no revenue that can be gained.
This means you are going to have some trouble getting your dispute deemed valid. This is why you hear how hard or impossible credit repair is. Most importantly this is exactly what the bureaus goal is, to get you frustrated and give up. That way the bureau will put another dollar in their coffers.
This is when many individuals turn to a professional service. They can be very helpful because they will handle all communications with the bureaus. They will have legal resources as they will have attorneys on staff to go to ensure your dispute and the credit laws are followed.
Don’t get the wrong idea; it is not going to be expensive just because you have lawyers working for you. In fact the lawyers probably won’t get involved with your case unless the circumstances call for it, instead a paralegal will do the majority of the work.
These individuals will be accessible to you, so you can keep up with your progress. They way it works is you just send them a copy of all three of your reports and tell them what items you feel are inaccurate.
Next you will get letter from the bureaus telling you the results of their investigations, if the items were verified or erased from your credit file. Make sure you find a good reputable firm.
You should not pay any more than $100 upfront and then a monthly fee of about $50. You should expect to need the service for 8-12 months; it is entirely dependent upon how much work needs to be done. You don’t have to just live with the expense, humiliation, and embarrassment of a low score.
For a free credit consultation call 1-800-232-2903 or for more about a professional credit repair service or credit lawyers visit these links.