Understanding Credit Repair and your options! No one wants to be known among their creditors and lenders let alone their family as a deadbeat. Nobody intentionally sets out to be irresponsible with their credit or accumulate so much debt that it?s almost impossible to climb out. There?s bankruptcy as last resort to debt problems, but what about bad credit? That?s where credit repair enters as an option. Because you are ultimately responsible for ensuring that your credit report is accurate, laws were enacted -- specifically the Fair Credit Reporting Act (FCRA) -- to assist you. The FCRA gives you the right to contact the credit bureaus directly to dispute items on your credit reports. You can dispute any and all items that are inaccurate, untimely, misleading, biased, incomplete or unverifiable. What?s more is that any item that cannot be verified on your credit report must be deleted. You can also address an item on your credit report directly with your creditor. Creditor communications can lead to even faster results. Also, the Fair and Accurate Credit Transactions Act (FACTA) may be utilized primarily in situations where identity theft is concerned. To provide a little more perspective: 79% of credit reports contain some type of error. 25% of all credit reports contain errors serious enough to result in the denial of credit. 29% of consumers have variances of 50 points or more in their credit scores as reported by each of the three major credit bureaus. 54% of credit reports contain personal demographic identifying information that was misspelled, long-outdated, belonged to a stranger, or was otherwise incorrect 30% of credit reports contain credit accounts that had been closed by the consumer but incorrectly remained listed as open. Experience plays a role in credit report repair as it relates to raising your credit score. There are many factors that affect a credit score, and understanding these factors is critical to your success. Debt to income ratios, credit type ratios, and of course, credit history, are just a few of the big ones. Your credit score is based on an algorithm which takes these factors into account. ?Credit Repair? is when you improve your credit report using methods such as disputes, establishing positive credit, among other tactics. Biz Cash Brokers does not offer credit repair but we can refer you to some of the best credit repair companies in the BIZ... CALL US TODAY At: (888) 714 1964
Posted on: Tue, 24 Sep 2013 16:09:52 +0000