Tips and Tricks for DIY Credit Repair
Home & Mortgage
You may be wondering why you should go through the time and trouble of doing credit repair by yourself. That is certainly the kind of decision that you should make for yourself, but you should at least get a good overview of do-it-yourself credit repair before you decide.
First of all, you should know that do-it-yourself own credit repair is actually not as difficult as you might think, although it can be somewhat inconvenient and time-consuming. You will need to take some time to familiarize yourself with the laws and statutes that deal with credit repair and fair credit reporting. But if you take the trouble, you can do credit repair on your own without having to pay someone to do it for you.
If you are going to do credit repair, you first need to get a copy your own credit report. You need a copy of your credit report so that you can track the discrepancies in your record that need to be fixed. You can get a copy for free under several circumstances from a lending institution or a consumer reporting agency. If you have been turned down for credit, employment, or insurance, within 60 days of receiving a notice of denial, whoever turned you down should be able to let you know how you can get your credit report for free. You are also entitled to a free report once every 12 months from each of the major credit reporting agencies--Equifax, Experian, and TransUnion. You can request your credit report from them through a central website at annualcreditreport.com, or order your report from a toll-free phone number or a mailing address.
Under the law, you have every right to dispute items on your credit report for free with the credit reporting agency responsible for compiling it. The responsibility for the accuracy of a person?s report lies with the consumer reporting agencies and their information providers, the creditors who send your credit information to the agencies. Under the law, these entities must be able to verify all the information listed on your credit report. If there are any corrections made, you are then entitled to receive a free copy of the corrected report. You should read up on the laws relating to consumer credit information, which include the Fair and Accurate Credit Transactions Act and the Fair Credit Reporting Act.
Another helpful law would be the Credit Repair Organizations Act. This law is meant to protect you from unfair and unlawful practices by credit repair professionals. For example, it demands that credit repair firms let you know of your rights and obligations before they can give you a contract to sign. The law also makes it illegal for credit repair organizations to make false claims about their services or to demand a fee before providing their services. The Act also specifies a five day waiting period from the contract signing during which you are allowed to be released from your contract without having to pay any fee.
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