Credit Repair, Does it REALLY work?
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As a well known credit guru people regularly ask me if credit repair really works. Credit repair can be very effective if performed the right way.
Be careful which credit repair company you choose because many collect money from consumers for credit services, but the credit services they perform are nothing more than mailing simple dispute credit letters.
Some companies perform only a few basic disputes, for example it might be disputed that the consumer was never late on an account. The hope and intent is that the creditor will not reply to the dispute and the item will be deleted off the credit report. These types of disputes depend on human error to be effective.
Over the last few years the credit bureaus have wised up to these credit repair methods. To counter, the credit bureaus now use sophisticated computer systems named E-Oscar and OCR.
The credit bureaus E-Oscar and OCR computers sniff out letters which appear to come from credit companies and then automatically respond to those disputes calling them frivolous. The credit bureaus E-Oscar computer then electronically processes the dispute nearly eliminating human error.
The credit bureau computers now render these types of disputes minimally effective. Some items will get deleted to simply be placed back on the report a short time later, and typically the only accounts that will be permanently removed are older accounts creditors no longer care about.
BUT, all hope is not lost
TRUE credit repair is actually very effective, but it also is time consuming. Accounts have to be disputed to the credit bureaus in a mythological manner and the most effective disputes are done direct with the creditor themselves.
There are hundreds of consumer protection laws designed to protect consumers such as FACTA, The Fair Credit Billing Act, The Fair Debt Collection Practices Act, HIPPA, , and many more which can be used to get your negative credit items deleted.
Many creditors blatantly ignore and violate multiple Federal laws with the hopes that you will not have the knowledge or time to be able to challenge them.
Truthfully, most consumers do not possess the legal knowledge to defend themselves. You would have to spend endless hours learning all of the hundreds of consumer laws to know enough to challenge your creditors successfully.
Using Federal and state law violations as leverage to force creditors to delete negative items is a VERY effective repair tactic. Credit companies who do this and participate in direct creditor disputing typically see deletion rates of 70% or higher.
The drawback is in order to delete your negative accounts; you will spend endless hours learning how to dispute your own credit items. Or you can find a highly recommended professional credit repair company to do it for you. But make sure you find a very reputable credit company.
There are only a few truly 100% legal credit repair companies in the United States. One of the largest and best companies who produce the fastest results is Elite Credit out of the Tampa Bay area in Florida (www.perfectcreditfast.com.) I have personally seen their credit results, and even I am impressed. You will not find better or stronger results at such an affordable price anywhere.
Or you can visit credit forums and start learning how to try to fix your credit your own. Whatever you do, do not decide to do NOTHING. Credit problems are estimated to cost an individual consumer over $1,000,000 over a 30 year time period.
Strong dispute methods should remove over 70% of your negative items, and this could be the difference between you just struggling living paycheck to paycheck or living the life of your dreams.
Get started right now with fixing your own credit, or hire a professional. Whichever you chose get started today on rebuilding your credit and your families financial security.
Blake Kinsing has spent over a decadein the finance sector and has spent much of his career helping his clients overcome credit issues and qualify for loans. He has been operating his own Credit Forum and credit repair review sites for the last 7 years. Select here for more information on ethical credit repair.
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