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Frequently Asked Questions about Credit Repair
"You may have heard of credit repair companies, which offer to help improve or fix your credit history for a fee. Credit repair companies often claim that they can 'clean up' or 'erase' a bad credit record and help you get credit. Before you pay for their services, which can range from hundreds to more than a thousand dollars, there are several points that you should consider. First, under the Fair Credit Reporting Act, credit repair companies cannot do anything that you cannot do for yourself at little or no cost. You do not have to pay a credit repair company to learn what is in your file or to correct inaccurate or incomplete information."
United States Federal Trade Commission
The truth is, no one can legally remove accurate and timely negative information from a credit report. But the law does allow the American consumer to request an reinvestigation of information in your files that you can dispute as inaccurate or incomplete. There is no charge for this. Everything a credit repair company or attorney can do for you legally, you can do for yourself at little or no cost. According to the Fair Credit Reporting Act, you are entitled to a free copy of your credit report if you've been denied credit within the last 30 days. You can also dispute mistakes or outdated items to a credit bureau for free. You must submit your dispute in writing, along with any supporting documentation.
A good credit history enables you to obtain a fair amount of credit on reasonable terms at the lowest interest rate possible. When you apply to a lender to ask for credit for a bank loan, mortgage, or a credit card; that lender wants to be sure that you are a good credit risk.
Our Self-Help Credit Report Repair Software and instructions, will guide you through the use of your rights under the federal laws pertaining to The Fair Credit Reporting Act (FCRA) and The Fair and Accurate Credit Transactions Act (FACT). The Fair and Accurate Credit Transactions Act (FACT Act) was signed by President George W. Bush on December 4, 2003, amending certain provisions of the federal Fair Credit Reporting Act (FCRA).
The FACT Act requires each of the three nationwide consumer reporting agencies (Experian, Equifax and Trans Union) to provide consumers with a free copy of their credit report as often as once every twelve months. A consumer can request their credit reports in one of three ways - online, by phone or by mail.
To request a copy of your credit report, please contact the centralized processing center for the three credit bureaus at (877) 322-8228 or online at: www.annualcreditreport.com.
Your rights in this law force the credit bureaus to remove most types of negative information from your personal credit report that cannot be verified by the creditor in a defined time period. Your Credit Report Repair Software contains the information about legislative changes to the FCRA, and the legal form credit repair letters that require the credit bureaus to honor your request to remove negative unverifiable information from your credit reports.
The Fair and Accurate Credit Transactions Act, known as The FACT Act or FCRA does not replace the Fair Credit Reporting Act (FCRA). However, any deletions or additions to FRCA are now neatly packaged in the new FACT Act and specifically address how consumer report information must be handled. The first change is there is a new provision that prohibits a company from sharing with "consumer report information" for marketing or solicitation purposes without first providing a notice.
How Can I repair my credit reports myself?
The Fair Credit Reporting Act, section 661 (A) states: "If a consumer's personal credit information is incomplete, inaccurate, or cannot be verified by the creditor in a specified time period after written request from the consumer, the credit reporting agency or bureau shall promptly remove and delete such information as requested, and only by the consumer."
Briefly, what does the Fair Credit Reporting Act say?
The Fair Credit Reporting Act states that a credit reporting bureau may post most of the negative information on your credit report for 7 years if the consumer does not challenge or dispute the accuracy and completeness of the information. Late payments rejections, and inquires can be removed in far less time but only if requested by the consumer.
What is the purpose of the The Fair Credit Reporting Act?
The purpose of the The Fair Credit Reporting Act is for consumers who truly have erroneous information on their credit reports. When the credit reporting agency or their customer, the creditor, does not follow all the proper guidelines and procedures of verifying the accuracy of the information in a defined time period, the credit reporting agency is required to delete the credit report information if requested by the consumer.
How long does it take to repair your credit reports?
You should be able to see most of the results and changes of removal of negative unverifyable information from your personal credit report in 30 to 40 days after your request. The credit reporting agency is required to send you a free updated copy of the changes.
Can information come back after being removed?
Only if you are currently paying a bill and it becomes past due after you once had it removed from your credit report. Or, if you include a debt in a bankruptcy after it was already removed from your credit report.
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