In 1970 the Fair Credit Reporting Act or the FCRA was enacted. This law gives consumers the right to contest any item showing on their credit report that may be erroneous, incomplete, untimely, misleading, unverifiable, biased, ambiguous or unclear. This includes foreclosures, charge-offs and bankruptcies.
False identities, inaccurate balances, untimely listing, overly ambiguous listings and more often show up on credit reports. You can dispute anything that shows up on your credit for any reason if you feel that it is not absolutely accurate. After you issue a dispute the creditor and the credit bureau have a certain amount of time to attest to the accurateness of the listing. If it cannot be verified within the time frame then it must be removed from your account.
The FCRA gives you the right to credit repair however, it does not give you the right to “debt repair”. You do not have the right to remove valid and accurate debt that is showing on your report. If you owe a legitimate debt you are legally responsible for it until it is paid off. You cannot legally use credit repair to evade a legitimate debt.
Many times there are critics who tend to fail to differentiate the two issues. Debt repair is not lawful nor is it lawful, however, credit repair is a valid and helpful service that many people can benefit from. The problem arises when critics and others mix up the two.
If you have an truthful, reliable and accurate listing showing on your credit report you do not have the right to get it removed. However, if the listing is entirely inaccurate, ambiguous, misleading, unverifiable, biased or outdated you have the right to issue a dispute. You just don’t have the right to get rid of a valid debt from your credit report.
If you have excessive debt that there are a couple of lawful things that you can do. You can pay it down or pay it off. You can merge all of your debts into one, fixed-rate loan or you can work with your creditors to see if they will consent to you to reconcile 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 legitimate 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 discourage you from taking advantage of your rights. If you have negative credit showing on your report you can take the steps to try to get it removed.
You can issue disputes and do credit repair on your own or you can use a legitimate credit repair outfit. There are a few great companies that operate within full observance of the law. These companies offer a valuable and valuable service that can help you clean up your credit if you have listings that are inaccurate, misleading, incomplete, biased, or ambiguous.
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