I wish I could tell you there are some Credit Repair Secrets.
No real secrets exist about credit repair for a couple of reasons.
The first and foremost is the whole credit scenario is dictated by
laws. Credit Bureaus and consumers have a set of rules put into
law back in the 70's all about credit reporting and all related
activities.
That being said, there are some common misunderstandings and
frequently overlooked methods that might be considered secrets.
Many don't understand the laws, which is understandable since they
are not the easiest to read and interrupt.
There are three main elements to start with in doing credit
repair. You have a document called a credit report that is
maintained by the credit bureau. There are three major credit
bureaus:
Each one of these credit bureaus may use a slightly different
scoring method and may have different companies providing credit
information on you. This can give you possible different credit
reports on all three major bureaus. So that's one of the often
overlooked facts. So it's necessary to get a credit report from
all three for an accurate appraisal of your credit records.
The next element is your Credit Score, as determined by each
credit bureau based on your credit report. Since information and
method of scoring might be different at each bureau, each Credit
Score can be different from each bureau. And you will need to
address each issue and score with the individual credit bureaus.
The third element and the most overlooked is that you can have
both good and bad information on any credit report. So it is
extremely important to make sure that the positive information is
accurately reported to all three bureaus. Positive information on
your credit report can have a huge impact on your Credit Score.
The method that all credit bureaus do have in common are the
procedures for you to dispute the information found on your credit
report. This is one of the areas that is governed by law. There
are specific time elements, required action, and rights of the
consumer specified in these laws. You can read more about this
information here (you will need the Adobe Acrobat Reader to view
this document, you can get it on Adobe website here):
Summary of Your Rights Under the Fair Credit Reporting Act
This is a summary of the high points and has links to any and
all procedures for credit reporting for all involved. It's a quick
read and can answer many questions most people have about credit
repair options and requirements under the law.
Since all of the methods are clearly outlined in this law and
other associated laws, it's very difficult to have any secrets.
Some less than honorable or legal methods might be recommended,
and stated as secrets. Some companies will offer to create an
entire new credit record under a different identity. Or put
information that is not true and will fool the reporting methods
of the bureaus. If you choose that road, be prepared to accept the
consequences at some point, because it's only a matter of time
before you're caught.
Credit Repair is not that difficult to do the right way. It
does take a little time and effort on the consumer's part. If you
choose to use a Credit Repair company or service, please go read
our section on Credit Repair scams first. You'll be glad you did.
Forget Credit Repair Secrets, they don't exist. If someone
claims there are, it would be a good idea to immediately head the
other way. If you need to repair your credit, do your research and
follow the procedures recommended. You can click on our link below
to our free online Credit Repair Guide
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Use
Our Free Online
Repair Your Credit
In 30 Days Guide
From
Our Credit Repair Section
by starting here:
Credit
Repair Guide
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