The Truth About Credit Repair

It is important to learn what is possible with credit repair and what is impossible.   This way you will know if a company is making claims that should be warning signs for you not to work with them.

The Truth About Credit Repair

There is no way to legally remove negative information from a credit report if it is accurate historically information.   However, if the information on your report is wrong or inaccurate you are able to request that an investigation take place to resolve the dispute.   There should be no charge for this service.   What is important to note with this is that everything a credit repair company can do for you to clean up an inaccuracies in your credit report is something that you can do yourself for almost no cost.   The Fair Credit Reporting Act entitles consumers to the following:

  • A free copy of you credit report if you have been denied credit insurance or employment within the last 60 days for credit reasons.  If your application for credit, insurance, or employment is denied because of information supplied by a credit bureau, the company you applied to must provide you with that credit bureau’s name, address, and telephone number.
  • There is no cost to dispute an item on your credit report.  You just need to request a dispute form from the credit reporting agency or you can submit your dispute in writing.  Any documents that you can send that help support your dispute should be included (make sure to send copies and keep the original documents for yourself).
     

Take the following steps to dispute a claim on your credit report:

1)  Clearly identify the item on your credit report that you are disputing.

2)  Explain why you are disputing the item along with a request for an investigation.

3)  If the investigation concludes that there is an error on your report  you should request they send a corrected version of the report to any party that received the old report within the past 6 months.  NOTE:  Job applicants can have new reports sent to any party that was sent a report for employment purposes in the previous two years.

4)  At the completion of the investigation the credit bureau is required to send you the updated written results and a copy of your report if the dispute has resulted in a change to your credit report.  This should not cost you anything.