Learn How True Credit Listings Affect Repairing Your Credit

By Sonia Francis

If you have inaccuracies or problematic listings on your credit report, you may have considered the credit repair option. The Fair Credit Reporting Act or the FCRA was enacted back in'79 to "promote the fairness, accuracy and privacy of personal information on credit reports". This law also allows consumers to dispute information on their credit reports, which is important because it is projected that as many as 75% of all credit reports have inaccuracies and erroneous credit.

You can dispute errors on your credit report and the lenders and credit bureaus have a specific quantity of time to authenticate the authenticity of the information or it must be removed from your credit. You can undertake credit repair by submitting the disputes on your own or you can employ the services of a professional credit repair company.

Be aware however, that the Federal Trade Commission states clearly on their website that "No one can legally remove accurate and timely information from a credit report. The law allows you to ask for an investigation of information in your file that you dispute as inaccurate or incomplete".

On the outside, this statement seems quite clear-cut. This is one motive why the critics of credit repair and credit repair services try to tell you that there is little that you can do about your bad credit and any attempts to repair your credit may be useless. The truth is that you can do quite a bit when it comes to repairing your credit.

The FTC quote may seem to be clear but there is actually quite a bit of doubt. In fact, up to 75% of all reports contain mistakes and incorrect information. Credit repair companies actually offer a worthwhile service. You can always take the steps to repair your credit yourself also, but it can be lengthy and exasperating and you may not want to attempt such a project if you are like many folks these days and short on time.

Since "accurate and timely" information should not be removed from a credit report, what are the criteria to define "accurate and timely"? Many times miscommunications or mistakes occur between consumers and lenders and something that may be considered "accurate" may not be that at all.

Many credit reports have issues that are utterly inaccurate. Listings that belong to someone else, duplicate entries, listings that have been on your report for longer than 7 years, and anything that is the effect of identity theft need to be removed from your account. These issues commonly show up on credit reports.

You have the right to dispute anything on your credit that you reckon to be misleading, ambiguous, unverifiable, biased or questionable. Sporadically there may even be issues that the lender believes are accurate but that you were never able to defend yourself from because your side of the story was never told. Lenders don't always get things right just as consumers also make mistakes. That is one motive why it is so crucial to have the occasion to be able to dispute anything on your report that is inaccurate, untimely, misleading, incomplete, ambiguous or questionable either on your own or with the assistance of a pro credit repair service. - 31382

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