Can I repair my credit?

01.07.2009 | Author: admin | Posted in Credit

Yes. While no one can legally remove accurate and timely negative information from your credit message, the law allows you to investigate and dispute information you see as inaccurate or incomplete. There is no charge for this.

You are legally entitled to a free credit message once a year. You are also entitled to a copy of a credit message if a firm takes adverse action against you, like denying your application, because of your credit.

For more information on how to improve your credit or dispute something on your credit message, see the Federal Trade Commission” site at Credit Crunch Fix

What are some of these “credit repair” companies doing?

They speak that they can raise your credit score by 50, 100, 200 points in a very short amount of time. This will price you thousands of dollars. They do this by adding you as an approved user on somebody else” credit. This face has better credit than you do, so it artificially inflates your score.

Don’t these companies speak that adding an approved user is legal?

Adding somebody as an approved user is legal, however, when it is done for the purpose of defrauding a lender, then that misrepresentation is fraud. When you do this raise your score artifically in order to have better credit, you are purposely misrepresenting your credit to a lender, and that is not legal.

How do I create certain I don’t commit fraud?

There are ways that you can legally repair your credit, which you can do without a credit repair firm. There are also some warning signs if which you can look for if you are considering using a credit repair firm. For more information, see the Federal Trade Commission” site at Credit Crunch Fix

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