Tuesday, July 17, 2012

What Can Credit Repair Services Do For You?

Credit cards Français : Cartes de crédit Itali...(Photo credit: Wikipedia)
In today's world your credit report is so integral to your financial life. It used to be that your credit report was only used to see if you credit worthy to take on new debt. Today, your credit report is reviewed when you sign up for car insurance. If your credit report is bad you will definitely pay a higher rate on your car insurance. When you sign a lease for a new apartment or start a new cell phone plan, your credit is checked and if it is bad you will be denied your apartment lease or new cell phone plan.

If your credit is bad, is it possible for someone do credit repair on your report? There are many companies who can help you fix your credit report and improve it for you. 

Most people think that magically you can just remove the negative items. No one can erase negative information if it’s accurate. Only incorrect information can be removed. Accurate information stays on your record for 7 years from the time it’s reported (10 years for bankruptcy). Even information about bills you fell behind on but now are paid will remain on your report for these time periods.

Remember only incorrect entries in your credit report can be removed. If you have legitimate negative marks on your report, the only thing that will remove them is settling with those creditors. After that's done the settlement will be reflected on your report. In time your credit score will climb to a more appropriate level.

By law you have the right to dispute inaccurate, misleading, biased, incomplete, unverifiable, and questionable listings on your credit report. With a little time and energy you can work on getting these blemishes off your credit report. If it is too time consuming or confusing for you to do the credit repair yourself there are good companies that can do it for you. 



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