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Credit Report Repair Services - How They Work To Fix Your Bad Credit If you are suffering from a bad credit score or are just looking to improve your credit score then an expert credit report repair service may be the right choice. These services provide you with a hands-off, headache free way to to correct your credit report. How Do They Work Companies that work to fix your bad credit report are going to primarily use two methods to clean your credit history. 1. Credit Report Dispute The first step a service is going to do on your behalf is to dispute items on your credit report that you believe are questionable or incorrect. Many consumers wonder what items they can legally dispute and challenge with the credit bureaus? Just as you have the right to freedom, life, liberty, and happiness granted by Congress and federal laws. You are also given the right to dispute any item on your credit report that you believe is incorrect. Your right to dispute your credit report is also given to you by Congress and federal laws. Specifically the Fair Credit Reporting Act which was originally passed in 1970, this is what protects your right to have an accurate information on your credit report. This law additionally says that in item can only remain on your credit report for a maximum of seven years and that any item on your credit report must be verifiable with the lender or collection agency reporting the negative information. Once you file your dispute and the credit bureaus deem it valid, they will investigate the item. The bureaus will first contact the lender and ask them to verify your account, the dates reported on the account, and of course the balance due. It is estimated that 4 out of 5 credit bureau investigations result in the lender not verifying an account. If this is the result of your dispute then the credit bureaus must, according to the Fair Credit Reporting Act, remove that item from your credit report. Removing negative information from your credit history has been shown to be the most efficient and effective way to repair a bad credit score. 2. Debt Validation The other common tool used by credit repair agencies to fix your bad credit is requesting debt validation with any outstanding collection agencies. This will require the collection agency to provide you the legal evidence that they own your debt and can collect payment upon it. If your debt is not validated then you don't have to pay and it will be relatively easy to have the item erased from your credit history. One of the biggest mistakes and money wasters, is many consumers mistakenly believe that just paying old debts will improve their credit. This could not be further from the truth! The reality is when you pay an old debt you must get the collection agency to agree that in exchange for your payment they will stop reporting negative information about your account to the credit bureaus. This is the only way you can settle your debts and effectively improve your credit score. We also must briefly mentioned that you should never settle an old debt for the full amount due. This is because the collection agency that is contacting you regarding payment has purchased your debt for just pennies on the dollar. And when we say pennies we are not exaggerating. There are reports of one of the larger collection agencies in the U.S. buying debts for less than $.03 on the dollar. For example if they were contacting you about a $3000 debt, they purchased that debt for $90. Therefore any amount of money you pay them above $90 would be pure profit. We do acknowledge this is potentially an extreme example however even on new debt accounts, they are only worth a fraction of the total balance owed. The point here is you can and always should negotiate a settlement for less. You can do this and still have the debt removed from your credit report. If you are getting frustrated trying to fix your credit report yourself or just simply want to avoid the frustration, time, and instead pay someone an affordable amount then a credit report repair service may be ideal.
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