Credit Repair Folklore, Fallacies And Legitimacy
You have the right to argue items showing up on your credit report. In 1970 the FCRA or the Fair Credit Reporting Act was enacted that gave consumers the right to dispute any item showing on their credit report that is incorrect, unfinished, untimely, deceptive, unverifiable, biased, ambiguous or unclear. This includes such things as bankruptcies and foreclosures.
The fact is that inaccurate credit such as forged identities; wrong balances, untimely listing, overly vague listings and more are very frequent on credit reports. It is estimated that as many as 75% of all credit reports contain mistakes. You can dispute anything that shows up on your credit report for any reason if you feel that it is not quite truthful. The creditor and credit bureau will then have a certain amount of time to verify the truth of the listing. If it cannot be verified within the time frame then it must be removed from the account.
However, the FCRA does not give you the right to “debt repair”. If there is a legal and truthful debt showing on your credit you cannot lawfully get it removed. When you owe a debt you are liable for it until it is paid off. Credit repair cannot be used in a case of someone trying to avoid a legal debt.
There are critics of credit repair that tend to fail to differentiate the two issues. Debt repair is not lawful and it is not above-board. Nonetheless, credit repair is a handy and valid service that many people can profit from.
Credit repair does not give you the right to have a legal, legitimate and true listing on your report to be deleted. However, many times the listings are incorrect, ambiguous, misleading, unverifiable, biased and outdated and in that case you have every right to dispute it and get it removed. Valid debts however, lawfully must stay.
If you have too much debt that there are a couple of legal things that you can do. You can pay it down or pay it off. You can combine all of your debts into one, fixed-rate loan or you can work with your creditors to see if they will agree to you to resolve your debt, which will relieve you of the debt but will also injure your credit.
You cannot use a credit repair service to get out of paying a rightful debt. Credit repair is not debt repair and it should the two should not be confused. However, do not let the critics of credit repair put off you from taking advantage of your rights. If you have harmful credit showing on your report you can take the steps to try to get it removed.
You can dispute your negative credit on your own or you can use a lawful credit repair organization. A few outstanding companies operate within full compliance of the law and provide a highly beneficial service that can be constructive to you if you have credit that is inaccurate, false, prejudiced, unfinished, vague or unclear.
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