Understanding the myths and truths about your credit repair
About the author:This is a guest post by Rebecca.s who is a professional writer & member of online debt community Debtconsolidationcare.com.With her experience & knowledge she shared valuable tips & solution regarding debt related problems with the visitors & community members.
Your credit rating is the most important thing in regards to your finances. If you apply for new credit, the creditor or the lender will check with your credit report and then give you the required money. If you have bad credit, you will be considered as high risk borrower and the creditor might refuse to give you a credit card. Even if you apply for a new job, your employer will check with your credit report. Your credit report reflects your responsibility as a debtor and so it is better for you to try and repair your credit; even through debt consolidation; if you think that your credit is not in good shape.
How to repair your credit report
In order to repair your credit report, you will have to get copies of your credit report and scrutinize those in order to find out if there are any such wrong listings. If you find that there are wrong listings on your credit report you will have to try and dispute those off your credit reports. But, before you start repairing your credit, it is important for you to check with the mouths and truths in relation to credit repair.
Myth: You can remove any negative items from your credit report.
Truth: As per the FCRA, you as a consumer have the legal right to dispute any piece of information on your credit report with a credit bureau. The credit bureaus have 30 days to investigate and then they will have to update the item as per the investigation. But the main thing is that if there are any negative items on your credit report which have been rightfully listed, you cannot remove that from the credit reports.
Myth: Collection agencies can call you anytime.
Truth: As per the Fair Debt Collections Practices ACT, the collection agencies cannot call you at any time, they are supposed to call you only between 8 A.M. in the morning and P.M. If you think that the debt is not a valid one, you can stop the collection agencies from calling you by sending them a debt validation letter. If they aren’t able to validate the debt, you can dispute the debt off your credit report and simply send them a cease and desist letter.
Myth: Paying a collection agency will help you to improve your score.
Truth: A paid collection account is more or less the same as your unpaid accounts. This does not help you credit score much because an account is sent to collections only after you have severely defaulted on the account. Now, when you make payments on that negative account, the negative aspect comes at the present and affects your credit negatively.
Myth: You must pay any debt that is there on your credit report.
Truth: This is not the truth. Under the law you as a consumer have the right to challenge the legitimacy of debts through validation (validation letter to be sent only to the collection agencies and not to the creditors). Other than this, the law also provides you to dispute with the debts that are past the SOL or Statute of Limitations. SOL is the time limit within which the creditors or the collection agency can sue for failing to make the payments on the accounts. The SOL varies according to the states.
So, it is important for you to be aware of the myths and truths that are associated with repairing your credit.
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How do I fix my credit report Free
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Thank You,
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With the economy where it is at this point in history, (read: “bad point in history”), people are often very confused as to what to do to change their circumstances; in regards to bad credit reports and improving upon borderline credit reports.
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Please visit our site and, if we are helpful to you, leave us a comment here! We have a hands-on, personalized approach to everything that we do!