Credit Repair Part 1

Credit repair companies often advertise on television, in newspapers and even on match-books. Sometimes they require consumers to dial a "900" telephone number to get more information. Credit repair made simple. The dispute process is done online and very simple. Credit repair is something you can do on your own, but it’s very time consuming and from what I’ve heard, very frustrating.

Credit repair information and free credit reports for debt consolidation and debt management counseling. Understand consumer credit counseling and debt consolidation credit counseling. Credit repair, fix bad debts and other terms used to designate the clean up of your reports only adds to the negative status you find yourself in with negative debts. Credit report repair work is not easy but it's worth the effort. Credit repair companies claim they can erase negative entries on your credit report -- even if those entries are accurate. Sorry, nobody can do that for you.

Credit repair organizations say they can fix your bad credit report. But do those credit repair outfits actually deliver? Credit repair is not only legal, it is your right. The Fair Credit Reporting Act grants you the right to dispute questionable items on your credit report and allows you to have assistance with the process. Credit repair does take time; the average time is usually about 6 months.

Credit repair is a legal way to clean up and improve your credit report. However, it is important to choose a firm that is both experienced and reliable. Credit Repair can make things a lot easier on you. Repairing bad credit is not easy, but you should repair your credit if you want to get back on your feet again. Credit repair agencies offer the assurance of a better life with an improved credit rating. The Federal Trade Commission recently issued a statement saying that credit repair agencies that advertise these pledges in an effort to get money from consumers are committing fraud.

Credit repair and credit counseling are completely different things. In fact, credit counseling can actually hurt your credit scores. Credit repair is used to make your credit report as perfect and as up to date as it could possibly be. It is particularly useful for anyone who has filed for bankruptcy and wants to start the task of rebuilding their credit.

Legally, it can't be done. Accurate negative information may stay on your credit report seven to ten years. Legal challenges are implemented around each individual's credit situation.

Companies typically sought out by the public for assistance are banks/ other lenders, the credit bureaus, credit counselling and debt consolidation clinics, and credit attorneys. Companies examine your credit report before deciding whether to give you credit. When a company denies your request for credit because of your credit report, it must tell you so and identify the credit bureau that supplied the report.

Consumers have reported that TransUnion treats their investigations with respect and thoroughly carry out their obligations to resolve any disputes. Consumers whose scores are above 700 receive relatively low rates. The best interest rates, though, are reserved for scores of 760 and above.

Disputes can be submitted online at the credit bureaus site or simply sent via postal mail, my recommendation is to do it online since it is normally much faster. Disputes sent in based on the free credit report now provided under FACTA are given 45 days to resolve.

Bad credit repair program is not a science, but it is a huge timesaver. You can certainly repair bad credit yourself without software applications to examine and check your online history, but really bad credit will take many letters and tedious days and weeks to optimize, whereas a software program can automate the process considerably. You can have bad credit erased legally and quickly. Bad credit becomes an issue, when you need to make a major purchase such as a home, car, appliances, etc. When you apply for a loan or a line of credit, the creditor with whom you are applying for a loan, immediately pulls your credit history file. Bad credit loans can help you solve this problem. Banks, credit unions and finance companies are lenders of bad credit loan.

Bad debts may be noted on your credit report. You need to repay these debts and, once this has been done it will be noted on your credit report.

Debt settlement is an alternative solution for people who legitimately cannot afford to repay their debts and are looking for an honest way out of a debt-burdened life. Debt is one of the biggest worries for most families and small businesses qualified professionals may have solutions to help set you free from debts forever through debt elimination. Not debt consolidation, not debt management--debt elimination!

Real credit repair is very legal and can be very powerful, if done right. Fixing your credit the right way is a combination of credit laws, education and follows through. Credit Repair is a real power to take back control of your life.

Bankruptcy is a serious mark on your credit report and will devastate your credit score. That said, bankruptcy has built in protection from creditors. Bankruptcy information can be reported for 10 years.

Loans will be hard to come by and life will become a misery. Before you do anything you must first find a way to improve your credit score. Loan Modification Agreement is arguably the most effective tool you can use if you are behind on your mortgage. Don’t lose your home due to foreclosure when you can take out a Mortgage Loan Modification that will help you keep your home and reduce your monthly expenses.

Financial counsellors all agree about one thing: maintaining a good credit is important to conducting a healthy financial life. Financial burdens such as divorce and paying for a child's secondary education may have lowered your once flawless credit score, and with today's current economic state, it's easy to fall behind and lose sight of your credit rating. But regardless of the reasons that you may have let things slide, just relax, and know that with a little time and effort on your part, free credit repair is possible and doable.

Ask them how long before your credit will be repaired and back on the road to recovery. Ask yourself this: What's more likely to be effective: A dispute letter from me or a letter from a law firm on my behalf?

Thank you for taking your time to read this article. Your comments on this article will be highly appreciated. To access hundreds of Gurmit’s articles please visit http://gurmittoor.blogspot.com.

Information shared here does not constitute financial, legal, or other professional advice, and no attorney-client or confidential relationship is or should be formed by use of the site. This article is intended to provide general information only and does not give advice which relates to your specific individual circumstances. Information in this document is subject to change without notice. Any link-listing or ad-listing on this site does not constitute any type of endorsement.

Gurmit loves travelling; he has been over 70 countries. He speaks fluent Cantonese, Polish, Hindi, Punjabi and English. Gurmit is an author, writer, insurance and mortgage expert. He frequently writes on various topics of interest to his readers. Gurmit Singh is a licensed mortgage expert with Dominion Lending Centres Mortgage Villa.

Gurmit Singh, mba
Mortgage Expert
M08009905
Dominion Lending Centres Mortgage Villa (11574)
Email:gurmit@gurmitsingh.ca
Website: http://www.gurmitsingh.ca