Friday, December 21, 2007

Legal Credit Repair Methods

Legal Credit Repair Methods
If you are anything like me, legal issues when it comes to
credit repair are way over my head. After being in debt
for years, I decided to do a great deal of research on what
is legal and what is not and here are some answers I found.
The advise I am sharing with you below could be of great
help to you to get you on the right track when it comes to
repairing your credit.

To better understand what legal credit repair is, it would
be helpful to understand a few types of illegal credit
repair:

Illegal:

Changing your social security number to obtain a clean bill
of credit. If any company should suggest this type of
credit repair, report them to the authorities.

Illegal:

Disputing every item on your credit report, regardless of
nature. The Fair Credit Reporting Act specifically states
that only items that are unverifiable, inaccurate or
misleading should be disputed. Items that are clearly
yours, and reflect your credit history should not be
disputed.

Illegal:

Charging for services that have not yet been completed.
This is to protect the consumer from fraudulent companies
that charge for services that never get completed (charging
to "repair your credit", then hitting the road...)

So, what exactly is Legal Credit Repair? Legal Credit
Repair consists of removing the negative items on a credit
report. There are a few different methods of going about
this, the most common and effective are:

"Goodwill" Negotiation

Negotiating directly with creditors and asking them to
"please" remove negative items from your credit reports is
a viable method of credit repair for mild late-pay
accounts. There are no laws that require that negative
items stay on your reports for any amount of time, and
creditors have the ability to simply remove these items if
they see that it could somehow work to their benefit, even
if that simply means a pleased customer.

Credit Disputation

The Fair Credit Reporting Act gives you the right to
contact credit bureaus directly and dispute items on your
credit reports. Just as in a court of law, you have the
right to plead "not guilty" to negative information on your
credit reports, and leave the burden of proof to the credit
bureaus. You can dispute any and all items on your credit
reports that you feel classify as inaccurate, unverifiable,
or misleading. If the bureaus can not verify that the
information on your reports is indeed correct, then those
items must be deleted.


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Mike Powers is a self employed internet marketer who has
developed a website to help people address the issue of
repairing their credit. You can visit Mike's website at:

http://www.mwpowersnet.com

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