Credit Repair – The simple truth As well as the Myth
In this world of television and internet it is very difficult at times to decipher fact from fiction. Also, as a result of the pace at which info travels word gets around at an astonishing rate (whether good or bad). One of those topics which may have gotten bad press lately has been the credit repair agencies (Resource) repair business.
You have found out things such as, “Start a new credit file today!”, or perhaps “Improve your FICO by 300 points!”. But, you’ve furthermore heard numerous negative things. Some of them related to those 2 sayings above. First, I’d like to separate fact from fiction.
Fact
You are able to repair the own credit of yours. You can likewise hire someone to help you repair the credit of yours. But let me explain the difference between the two. For starters, having a professional could cost you hundreds if not lots of money with “no guarantee” that anything will be fixed. Also, there have been quite a few so called specialist providing out illegal repair information!
The truth is that often times you’ll be asked to dispute everything on the credit file of yours as erroneous. These days, 80 % of information found on the three major credit bureaus (Trans Union, Experian, & Equifax) is incorrect information. Nevertheless, according to the FTC this’s fraud, which is resistant to the law.
The simple fact is you don’t need a credit repair company or any professional within an industry (legal or otherwise) to help you fix your own credit. You have within your hand the capability to self repair the credit of yours. With just a small time investment you are able to repair your own personal credit.
Repair Myth
The myth is not difficult, that you cannot repair the own credit of yours. This has become a myth perpetuated by unethical people who have marred the credit repair business. Are all credit repair specialist like this? No, they’re not. Some are very professional, honest and courteous. They do not request funds prior to the repair has taken place and will work with you with your credit repair needs.
However, you can repair your own credit. At this time there are recorded instances of credit repair organizations revealing to the clients of theirs not to go directly to the credit bureaus (when it is your right to perform this). It’s also your right (according to the FTC) to receive a complimentary yearly credit report (of all 3 major bureaus).
As you can see, there are excellent resources offered (directly from the Federal Trade Commission) to assist you in your credit repair must have.