It has been likely that as many as 75% of all credit reports hold errors and inaccuracies. The FCRA is the Fair Credit Reporting Act and it was enacted back in 1979 to allow consumers the occasion to dispute problems on their credit report and to encourage the fairness, accuracy and privacy of personal information on credit reports. With so many possible errors on credit reports it is possible that at some point you may need to consider credit repair as an choice to get rid of the erroneous listings on your report.
You can dispute errors on your credit report and the lenders and credit bureaus have a certain sum of time to validate the validity of the information or it must be removed from your credit. You can finish credit repair by submitting the disputes on your own or you can appoint the services of a professional credit repair company.
Be conscious 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 face, this proclamation seems fairly upfront. 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 fact is that you can do quite a bit when it comes to repairing your credit.
The FTC quote may seem to be understandable but there is actually quite a bit of haziness. In fact, up to 75% of all reports contain mistakes and wrong 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 long and exasperating and you may not want to attempt 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 get rid of truthful and timely information from a credit report, who determines exactly what is "accurate and timely". Mistakes and miscommunications happen often between lenders and consumers. In many instances, something that is considered to be "true" may not be entirely so.
Many credit reports have issues that are completely inaccurate. Listings that belong to someone else, matching entries, listings that have been on your report for longer than 7 years, and anything that is the product of identity theft need to be removed from your account. These issues recurrently show up on credit reports.
You have the right to dispute anything on your credit that you estimate to be misleading, ambiguous, unverifiable, biased or questionable. Sporadically there may even be issues that the lender believes are accurate but that you were never able to stand up for yourself from because your side of the story was never told. Lenders don't always get things right just as consumers also make mistakes. That is one explanation why it is so imperative to have the occasion to be able to dispute anything on your report that is inaccurate, untimely, misleading, incomplete, ambiguous or questionable either on your own or with the assist of a proficient credit repair service.
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