Credit restoration – Fact or fiction?
In this world of television and internet it is extremely difficult at times to decipher truth from fiction. Also, because of the speed at which information travels word gets around at an astonishing rate (whether good or bad). Some of those subjects who have gotten negative press lately may be the credit repair industry.
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You’ve probably heard such things as, “Start a new credit profile today!”, or “Improve your FICO by 300 points!”. But, you’ve got also heard many negative things. A number of them related to those two sayings above. First, I have to separate fiction from fact.
You are able to repair your own personal credit. You can also hire someone to assist you repair your credit. But allow me to explain the real difference between your two. First, hiring a specialist might cost you hundreds or even thousands of dollars with “no guarantee” that anything is going to be fixed. Also, there have been many so-called specialist supplying illegal repair information!
The truth is that perhaps you is going to be asked to dispute everything on your own credit report as erroneous. Now, 80% of data reported to the three major credit reporting agencies (Trans Union, Experian, & Equifax) is erroneous information. But, based on the FTC this is fraud, which can be illegal.
The simple truth is you do not need a credit repair company or any specialist within an industry (legal or otherwise) to help you repair your own personal credit. You’ve got within your hand the ability to self improve your credit. With merely a small time investment you are able to repair your own personal credit.
The myth is easy, which you cannot repair your own credit. This has been a myth perpetuated by unethical folks who suffer from marred the financing repair industry. Are typical credit restoration specialist like this? No, they are not. Some are extremely professional, courteous and honest. They do not require funds before the repair has brought place and will help you understand your credit improvement needs.
However, you are able to repair your own personal credit. There has been recorded instances of credit repair companies telling their clients to not go right to the loan bureaus (if it is your to do this). It’s also your right (based on the FTC) to obtain a totally free annual credit file (of all three major bureaus).
As you can tell, you can find excellent resources available (directly from the Federal Trade Commission) to work with you inside your credit repair needs.
To conclude, you will find the to repair your personal credit. Repair is not fiction or myth, but truth that will make positive changes to life for your better.