Credit Repair – How To Protect Yourself From Credit Repair Fraud

Credit Repair – How To Protect Yourself From Credit Repair Fraud

Credit repair is a common service provided by credit report agencies (RRA) today. This service allows consumers to improve their credit scores and to fix errors and other mistakes in their credit history. As consumers are increasingly facing financial difficulties, they may also face the frustration of inaccurate and extraneous information on their credit reports that make their scores low and their loan approvals low. Consumers Strongcreditrepair can get a free credit report from an accredited agency once per year and most agencies offer a detailed credit report with detailed profiles of your payment habits and financial history. A good credit repair company will help you make sense out of this confusing information and work with you to improve your scores.

Some credit repair companies advertise services that seem too good to be true; unfortunately, many of these are. The companies advertise that they can remove information from your credit reports for you. They promise that the changes they make to your credit reports will be “amazing”. The reality is that the only way to achieve this impossible feat is to file a legal claim for illegal acts or fraud, which is very unlikely. Most credit repair companies simply send a dispute letter to the credit bureau in an attempt to get the information removed.

It is not uncommon for credit repair organizations to mislead consumers into believing that the credit bureau has actually removed the information. If the dispute is filed with the same credit bureau that has listed the error, there is a possibility that it may be removed. If this happens, the consumer will be notified that this information was removed from their credit reports, but the changes will not take place until they make a formal complaint with the credit bureau. It is important to note that legal action cannot be filed against the credit repair companies involved if the error was caused by fraudulent activity.

When a dispute is submitted via the internet, it is sent to the credit bureau for review and is then either deleted or marked “unsubmitted” or “OK”. This does not mean that the dispute has been removed from the report. There are a number of different procedures that must be followed in order for this to happen. First, the dispute needs to be filed with the creditor that initially reported the error. After the dispute has been received, it is inspected by the credit repair company. In some cases, the company will assign an independent inspector to thoroughly examine the matter to determine whether or not the item is legitimate.

If the item is deemed valid, the company will then work on creating a personalized payment plan for the consumer. In many instances, the debt management company will work directly with the creditors in order to ensure that the debt is paid off. There are a number of reputable credit counseling agencies that work with these types of creditors on a daily basis. When a debt is paid off, the consumer will receive a letter confirming that the debt has been paid. The reputable credit counseling agencies also offer budget planning services in an effort to prevent future debt problems.

Some credit repair companies may offer free consultation services in an effort to prevent potential identity theft. While identity theft is a serious issue, the most important concern for most consumers is being able to avoid potential financial difficulties due to identity theft. Many people do not realize how easy it is for someone to obtain information that can be used to open up lines of credit. With a little diligence, it is quite easy for someone to gain access to your private information and use it to make purchases.

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