Credit Repair – Fact or Fiction?
In this world of television and the Internet, it is sometimes very difficult to decipher the truth from fiction. In addition, because of the speed at which information travels, the word travels at amazing speed (good or bad). One of the topics that had a negative press was the credit repair industry.
You have heard things like "Launch a new credit file today!" Or "Improve your FICO by 300 points!" But you also heard a lot of negative things. Some of them related to these two words above. First of all, I would like to separate facts from fiction.
You can repair your own credit. You can also hire someone to help you repair your credit. But let me explain the difference between the two. First of all, hiring a specialist can cost you hundreds or even thousands of dollars with "no guarantee" that everything will be settled. In addition, there have been many so-called specialists giving illegal repair information!
The truth is that many times you will be asked to dispute anything on your credit report as being wrong. However, 80% of the information provided to the three major credit reporting agencies (Trans Union, Experian and Equifax) is misinformation. But, according to the FTC, it is a fraud that is against the law.
The truth is that you do not need a credit repair company or specialist within an industry (legal or otherwise) to help you repair your own credit. You have the opportunity to repair your credit. With a small investment of time, you can repair your own credit.
The myth is simple, you can not repair your own credit. This has been a myth perpetuated by unethical people who have tainted the credit repair industry. Are all credit repair specialists like that? No they are not. Some are very professional, courteous and honest. They do not ask for funds until the repair has taken place and they will help you with your credit repair needs.
However, you can repair your own credit. There have been recorded cases of credit repair companies who have told their clients not to go directly to the credit bureaus (when that is your right to do so). It is also your right (according to the FTC) to receive a free annual credit report (from the three main offices).
As you can see, excellent resources are available (directly from the Federal Trade Commission) to help you with your credit repair needs.
In conclusion, you have the right to repair your own credit. The remedy is not a fiction or a myth, but the truth can change your life for the better.