What is Credit "Repair" (disputing)?
It is the process of disputing information contained on a credit report to improve the overall condition of a consumer's credit status. The process is described in detail in the Fair Credit Reporting Act and is the EXACT same process available whether conducted by the consumer, a consumer's appointed representative, a credit repair company or an attorney. Any representation or advertisement of a unique or proprietary process simply is not allowed and does not exist. This is not to say that some individuals and/or companies are not better than others, but rather to be careful to avoid simply being 'hooked' by a sales tactic that is not true. The best option is to rely on professionals who will explain the entire process as published in the Fair Credit Reporting Act, tell you the truth (even when the truth is difficult) and not simply try to sell you something.
Credit Repair (dispute) vs Rapid Repair/Rescore......disputing credit is described above while rapid repair/rescore is a process unique to the mortgage industry after making an application for a mortgage loan. Professional loan officers know the difference and will usually guide you in the best direction depending on your overall credit report as it relates to being approved for and closing your home loan. After you close on a mortgage and you still have negative information on your credit report, this is where disputing those items helps in the long run. We work with a great number of banks and mortgage professionals around the country helping their clients after securing a home loan.
Misrepresentations & Yellow Flags.....
There is a tremendous amount of misleading, incorrect, unethical and just simply bad information on many websites and via the internet in general. While the credit bureaus are not very good at basic administration at times and many creditors can be very difficult to work with.....the last thing you need is to be misled by any individual or company involved with your credit dispute case. There are many publications that are to be followed when marketing and subsequently handling a credit dispute case. We are always happy to discuss the details with you to clarify any questions and concerns you may have, whether we are handing your case or you are working with someone else. To keep this section brief, here is a list of terms that are either false and/or not allowed and considered misleading by the various 'Acts' that define and govern the industry......
Proprietary - Accelerated - Faster - Aggressive - Remove
Delete - Fix - Restore - Fast Track - Guarantee.....and many more
Watch out for these when researching "credit repair" companies as any/all of the words/terms listed are simply to 'hook' and sell you. The mere mention and/or publication of most of the terms listed above are considered unfair trade practices. In most cases they are blatant violations of the Fair Credit Reporting Act and Federal Trade Commission policies. Remember, the process is described and defined in the Fair Credit Reporting Act and is available to all. This is the only dispute (credit repair) process allowed. Whether we help you or you make a different decision, it is critical that you find a company who knows the rules, represents the process correctly, follows the rules and will tell you the truth about your situation.
Sound general advice....
If/when any 3rd party is assisting you with disputes on your credit report, they are not allowed to pull your credit report. If you should ever experience this, know that you are not dealing with a professional and it is in your best interest to go to your next choice. There is no need to sign up for a credit monitoring service with all the free choices available. If/when a company suggests or offers it as part of their service, again, this is good reason to make a different choice. There is simply a tremendous amount of unethical, misleading and sometimes illegal representations being made in the "credit repair" (dispute) industry. While we are very confident in our ability to help, as we have for the past 30 years, we welcome calls from any consumer if only educate and clarify any questions
There are so many factors in determining what type of help you made need and being certain you are choosing the right solution. We urge you to contact us to get all the correct information you need to make the best informed.
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