Posted on April - 12 - 2011
Is credit repair legal?
Of course it is. You have the right to address all creditor accounts through an audit and verification process scheduled throughout our 30-day intervals. Every line item needs investigating first and foremost for the information needed for an audit validating the account as required by law under The Federal Credit Reporting Act (FCRA1987 revised 2004) and The Fair and Accuracy Credit Transaction Act of (FACT2004) to show that the account belongs to you and that the specific derogatory reference is entitled to remain. Once you get that out of the way and have dealt with the bad credit, any remaining accounts will need the same type of investigation, but towards the balances reflected, to include an audit of any additional fees and interest. These investigations are conducted to ensure that the accounts conform to the established guidelines and statues of the Federal Fair Billing Act (FBCA1974 revised 2002).
If you have filed Bankruptcy to get rid of the bad debt then you also can exercise your rights to verify that information as being corrected too. Information that does not belong, such as late pay history and outstanding charge-off balances can be eliminated completely.
We have found it is not always that by focusing on derogatory credit information will we see an increase to the credit score, but developing the strategic plan that encompasses the entire credit report and managing the information and working towards understanding that everything affects the score is what will increase the score, if done properly. Some of the other things that we pay attention to that are not related to a creditor but can help increase the score are errors in personal information, looking for identity theft, duplicate accounts, statute of limitation issues and you should do this too.
There is a 30 to 45 day investigative period, which concludes with a disclosure credit report from the 3 bureaus listing the results of the investigations. This disclosure shows the updated information to include deletions and corrections made by the bureau(s). Any remaining accounts with balances can be negotiated for a lesser amount through offer and compromise for a one-time settlement or structured payment plans.
This all is called credit repair and falls under Federal Law.
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