Have you ever stopped to consider that the credit report repair business may be just a huge fraud scamming the unaware American Consumer? This blog post has been written to delve a little deeper into what was discussed in Part 1 of "Credit Report Repair A to Z".
Many of the companies and individuals, which have bilked you he consumer, out of thousands of dollars have been put out of business and locked up for fraud. However, for every one that has been shut down it seems that three more pop up. The sad thing is when the feds or the local state has shut them down; they simply pack a suitcase and move across the state line.
In some cases they simply change the name of the company and file for a new business license. In most states it is relatively easy to get a business license and open up for business.
It is important for you to understand there are legitimate credit report repair companies. These companies will charge you a fee for doing the same thing you can do. This can be great if time is a factor. We are all aware that time is money and you might be earning more money in that time than the cost of using the legitimate credit report repair company.
But assuming that does not apply to your situation, here are some truths that you can do yourself without paying some one else to do it.
1. Disputed Debt: If you believe the amount of the money owed, shown on your credit transcript is wrong, you have the right to challenge it. You contact the lender with a letter or phone call, they have 30 days to respond. If they fail to do so you have the right to have it removed from your credit report.
Once the 30 days have passed it is your responsibility to call the credit reporting company and request it to be removed. Be sure you have a record of when and where you contacted the lender; you will need this for the credit reporting company to remove it from your report.
2. Bad debt shown but loan paid in full: Again if the loan has been paid off you have the right to negotiate with the lender and have it changed to "Loan Satisfied" or "Loan Paid In Full". Even though it will remain on the credit report it will show others checking your credit you made it right.
3. Loan Negotiation: If you have failed to pay a loan on time or have defaulted on the loan, you have the right to try and make it right.
You can call the collection company or the lender and negotiate a settlement of the loan. Often times this could end up reducing the loan to pennies on the dollar. Once you have the reduced amount paid off, it will appear on your credit report as paid. Although it will reflect a reduced pay back it will show you have taken the necessary steps to try to make it right.
Folks you need to understand that the only way to do a legal credit report repair is to pay your debts. The debts you have paid late and defaulted on are going to be around for 7 years or longer. You heard right or longer being the keyword.
An example of this would be say if you have a defaulted loan in the year 2004. Normally it could drop off your credit report this year 2011. However, you started trying to clean up your credit report in 2009 and started a new pay back. Guess what? Its going to be on your credit report until 2016. But yet if you clean it up it will be for your good.
Attempting to tackle the problem of credit report repair yourself may seem a little overwhelming, however it can prove to be very rewarding in the long run.
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