Credit Repair Myths

Get honest information about repairing your credit. Find out what can be deleted from your credit report and what can't.

What is the FCRA?

The FCRA or the Fair Credit Reporting Act gives consumers the right to dispute any items showing on their credit report, including bankruptcies and foreclosures that may be inexact, untimely, partial, misleading, unverifiable, biased, indefinite or unclear. This law gives you the right to credit repair.

The fact is that incorrect credit such as false identities; inaccurate balances, untimely listing, overly vague listings and more are very frequent on credit reports. It is estimated that as many as 75% of all credit reports contain mistakes. You can dispute anything that shows up on your credit report for any reason if you feel that it is not quite accurate. The creditor and credit bureau will then have a certain amount of time to verify the correctness of the listing. If it cannot be verified within the time frame then it must be removed from the account.

Is credit repair legal?

The FCRA gives you the rights to credit repair however, it does not give you the right to "debt repair". You do not have the right to remove legitimate and accurate debt that is showing on your report. If you owe a legitimate debt you are liable for it until it is paid off. You cannot legally use credit repair to evade a valid debt.

There are critics of credit repair that tend to fail to differentiate the two issues. Debt repair is not lawful and it is not above-board. Nonetheless, credit repair is a helpful and legitimate service that many people can benefit from.

You do not have the right to question any truthful, reliable and accurate listing on your credit report. However, if the listing is indefinite or ambiguous, unverifiable or prejudiced, or even outdated you have the right to issue a dispute. But you cannot just get rid of legal debt because you have a right to credit repair.

When you have debt problems you can do a few above-board things. You can pay down the debt or you can pay if off. You have the option to unite all of your debt into one, fixed rate loan. You can also talk to your creditors and see if they would be willing to settle your debt. This may relieve you of your debt but it could also give you bad credit.

You cannot use a credit repair service to get out of paying a justifiable debt. Credit repair is not debt repair and it should the two should not be confused. However, do not let the critics of credit repair deter you from taking advantage of your rights. If you have negative credit showing on your report you can take the steps to try to get it removed.

You can try to do credit repair on your own or you can also take on the services of a legitimate credit repair organization. A few great companies operate within full compliance of the law and they offer an particularly helpful service that can benefit you in your credit repair.

Do you have bad credit? Do you need honest information? Get more information about credit repair at http://creditexert.com