The Truth About Credit Repair

Have you ever heard this before?“Credit Problems? No Problem!”

“Your Bad Credit Erased…100% Guaranteed”

If you have ever read this type of advertisement BEWARE! There are numerous companies throughout the United States that claim they can “fix” your credit reports for a fee. In most cases they do little or nothing to fix your credit reports. What ends up happening is these companies take your money and disappear with it and you’re left with bad credit and less money in your possession. Many companies also claim that they can create a new credit file for you by getting you a “New” Social Security number. This is illegal and never actually works.

Did You Know?

Your credit history is maintained by companies called credit bureaus. These are private companies that collect information reported to them by mortgage companies, banks, department stores and other creditors. These bureaus can legally report any accurate negative information for 7 years and bankruptcy information for 10 years. Any accurate negative items that are within the 7 (or 10) year reporting period cannot be erased from your report by anyone. Not even companies that advertise to “repair credit” can erase this information.

Time is the only thing that will heal your credit report. By making consecutive payments when they are due, you will be able to show a more positive rating on your report, but your negative marks will not be removed.

Steps to Check Your Credit

You are entitled to see any information that the credit bureaus have on file about you. This is required by law. To find out what is listed on your credit report, you can follow these simple steps:

  • Contact the local credit bureaus.
  • Obtain a copy of your credit report. There may be a small fee if you haven’t been denied credit within the last 30 days, during which time it is free.
  • You can visit the credit bureau office to review your credit report in person.
  • Review your credit report for any mistakes.

    • If you do not understand something, you can ask. By law, the credit bureaus are required to explain your report to you. If a mistake is found, notify the credit bureau of the mistake and provide them with as much information regarding that problem. A reinvestigation will be done to dispute the information (if legitimately incorrect) and make all necessary corrections needed. A corrected copy of your report should be sent to anyone who has received the incorrect version within the past 6 months.

    Are You A Victim?

    If you have ever encountered a serious problem with a credit repair company, you CAN report them. You can contact your local consumer affairs office or your state attorney general. Check with your local directory assistance to see if a toll-free number is available.

    You can also contact the Federal Trade Commission (FTC) to report any situations. Although the Commission cannot rectify individual credit problems for the consumer, it can act against a company if they see a pattern of possible law violations. If you feel a company has engaged in credit fraud you can send complaints to:

    Correspondence Branch

    Federal Trade Commissions

    Washington, DC 20580

    Myth

    Credit Clinics and/or Credit Repair Services can “clean up” your credit report.

    Fact

    No one can legally remove accurate information from a credit report. However, you can request a reinvestigation on any of the information in your file that you dispute as inaccurate or incomplete.

    You are entitled to a free copy of your personal
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