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How Exact Credit Listings Influence Credit Repair


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If you have inaccuracies or problematical listings on your credit report, you may have considered the credit repair choice. The Fair Credit Reporting Act or the FCRA was enacted back in 1979 to "promote the fairness, accuracy and privacy of personal information on credit reports". This law also allows consumers to dispute information on their credit reports, which is imperative because it is likely that as many as 75% of all credit reports hold inaccuracies and invalid credit.

You have the right to dispute the errors on your credit and if the credit bureaus and lenders cannot verify the accuracy of the information it must be removed from your file. You can do credit repair on your own or you can also hire a professional service to help you.

Be alert however, that the Federal Trade Commission states clearly on their website that "No one can legally remove accurate and timely information from a credit report. The law allows you to ask for an investigation of information in your file that you dispute as inaccurate or incomplete".

On the outside, this statement seems fairly uncomplicated. This is one cause why the critics of credit repair and credit repair services try to tell you that there is little that you can do about your bad credit and any attempts to repair your credit may be unsuccessful. The truth is that you can do quite a bit when it comes to repairing your credit.

The FTC quote may seem to be clear but there is actually quite a bit of indistinctness. In fact, up to 75% of all reports contain mistakes and invalid information. Credit repair companies actually offer a beneficial service. You can always take the steps to repair your credit yourself also, but it can be protracted and maddening and you may not want to try such a project if you are like many folks these days and short on time.

And then again, while you are not supposed to be able to eradicate accurate and timely information from a credit report, who determines exactly what is "accurate and timely". Mistakes and miscommunications occur regularly between lenders and consumers. In many instances, something that is considered to be "true" may not be entirely so.

Frequently, there are items that show up on a credit report that are completely incorrect. Listings showing on your report that belong to someone else, are duplicate entries, are the result of identity theft or have been listed longer than 7 years, are obviously inaccurate and need to be removed from your account. These types of items commonly show up on credit reports.

As a consumer you also have the right to dispute any item that you think is misleading, ambiguous, unverifiable, biased or questionable. Infrequently there may even be issues that the lender feels are true but you were never able to protect yourself with your side of the tale. One motive why it is so imperative that a consumer can dispute destructive listings is because of the fact that there are always two sides to a story. You can dispute anything showing on your report that is inaccurate, untimely, misleading, incomplete, ambiguous or questionable either on your own or by employing a expert credit repair service.
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