Monthly Archives: September 2008

The truth about credit repair

When you are thinking of repairing your bad credit, don’t be carried away by the scams that tell that your credit can be easily fixed. Be aware of such companies. No one can legally remove accurate and timely negative information from your credit report. You can investigate a negative item if it is reported incorrectly on your file. As per the fair credit reporting act, the credit bureau has to verify the information with your credit grantors and see if they have reported the correct item. If your dispute is found to be correct, the incorrect item has to be immediately removed from your file and a fresh credit copy will be sent to your mailing address. You can do this on your own without paying any fee to outside company.

If some creditor is taking adverse actions against you, you are entitled for a free credit copy from the credit bureau. You can also get a free copy if you are unemployed and plan to look for a job within 60 days or if you are on welfare, or if your report is showing incorrect information from some creditor, including identity theft.

Once you have reviewed your credit report thoroughly, dispute the items that are reported incorrectly or even if the negative information is past the seven years time period. By laws, accurate negative information can stay on your credit report for seven years. Under the laws in fair credit reporting act, the credit bureau as well as the information provider has to report accurate information so that you are not denied of getting new credit from a potential lender.