Credit Repair – The simple truth As well as the Myth
Credit Repair – Fiction or Fact?
In this particular world of tv and internet it’s extremely tough at times to decipher fact from fiction. Furthermore, as a result of the speed at which information travels word gets around at an astonishing rate (whether good or bad). One of those topics which may have received negative press lately has been the credit repair business.
You’ve heard such things as, “Start a new credit file today!”, or perhaps “Improve the FICO of yours by 300 points!”. But, you’ve furthermore heard many negative things. Several of them associated with those 2 sayings above. First, I’d like to sort fact from fiction.
Fact
You are able to repair the own credit of yours. You can also hire someone to help you repair your credit. But let me describe the difference between the two. For starters, having a specialist could run you hundreds if not thousands of dollars with “no guarantee” that whatever will likely be fixed. Furthermore, there have been many so-called specialist giving out illegal repair info!
The truth is that often you’ll be asked to dispute everything on the credit file of yours as erroneous. These days, 80 % of info reported on the 3 major credit bureaus (Trans Union, Experian, & Equifax) is erroneous info. However, based on the FTC this’s fraud, which what is credit repair and how does it work against the law.
The simple fact is you do not need a credit repair company or any specialist within an industry (legal or otherwise) to help you repair the own credit of yours. You have within the hand of yours the capability to self repair the credit of yours. With only a small time investment you are able to repair the own credit of yours.
Repair Myth
The myth is not difficult, you cannot repair your own credit. This has become a myth perpetuated by unethical folks who have marred the credit repair industry. Are many credit repair specialist this way? No more, they are not. Some people are incredibly professional, courteous and honest. They don’t ask for funds prior to the repair has taken place and often will work with you with your credit repair must have.
But, you can repair your very own credit. Right now there have been recorded instances of credit repair businesses informing their clients to not go straight to the credit bureaus (when it’s your right to do this). It’s also your right (according to the FTC) to get a free annual credit report (of all three major bureaus).
As you can observe, you will find excellent resources available (directly from the Federal Trade Commission) to aid you in your credit repair needs.