The purpose of a credit repair agency is first and foremost to increase your credit rating. But how can they go about doing this? No it’s possible to legally make your accurate poor credit items disappear. Unfortunately inaccuracies do happen and they can negatively affect your credit rating. Here’s the thing though, erroneous items can be taken off. Here we will go over how to remove these items and improve your credit rating.
The Fair Credit rating Act (FCRA) is within spot to protect you. It places requirements on creditors who report to Equifax, Experion, and Transunion. All creditors are required report accurate credit information. They have to investigate and resolve disputes and to correct any information that’s wrong. Does this mean they catch all errors or make sure every charge? Well no, they process an incredible number of transactions every day, and errors do happen.
The creditor doesn’t review every item for accuracy. It’s your work, or your credit repair agency’s job to locate inaccurate items and dispute them.
Once you receive and research your credit report locate any inaccurate items. It could be a bill that’s reported late that was paid promptly, false charges, or payments you made which were reported as missed. These are just a few examples of the variety of errors that may adversely affect you credit rating.
At this time you’ll have to contact the creditor of the account with your disputes. As an over-all rule the creditor should resolve the dispute within 30 days, with a 15 day extension if addition information requires additional time. Be aware that this method may take longer. If they cannot validate the item it must be removed and the change should be reported towards the credit agencies.
Basically a credit repair company steps in place of you. They will discover, write, file, and comply with your credit disputes. If you’ve just a couple errors it can be taken care of fairly easily by yourself. If you are coping with multiple accounts and creditors it can become very time consuming and frustrating.
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