Bad Credit Repair – How the Bad Credit Repair Process Really Works
Credit repair is a growing service as Americans struggle with the economic downturn. Many people are finding it difficult to get a loan or credit card because of the poor economy, along with record job losses. A credit repair service is often the answer to these problems. There are many companies that offer this service online, and they usually do a reasonable job when it comes to credit repair. The services offered vary but a good credit repair service will offer some or all of the following for their customers:
- Ensure correct information is included in your credit reports. This includes updating and correcting incorrect information, deleting inaccurate data, and reporting late payments or other negative actions to the credit bureaus strongCreditrepair.com. Most credit repair companies offer this service, which is why there are so many of them available online. Often, a bad credit report can be corrected by simply asking the company to remove bad or erroneous information from your credit scores.
- Have inaccurate, false, or outdated information removed from your credit reports. Many credit repair organizations specialize in removing outdated information that is harming your scores. A good service will verify that outdated information is either false or inaccurate, and then remove it. They may also require you to provide proof that the negative item is not accurate. This proof could be as simple as a fax number showing that the outdated information was not taken out of your file, or a copy of your credit report showing that it is not correct.
- Remove duplicate entries from your credit reports. Many times credit repair customers find that they have a number of similar items on their reports that are actually the same person, or are listed in different names. A good service will check your credit reports for duplicates and other misleading information. Sometimes they will even remove the irrelevant items. These companies may require you to provide proof that the duplicate entry is not your account. If not you may be required to remove the account immediately.
- Remove all dispute letters and dispute statements. This is another way that many bad credit repair companies will ruin your score. When you dispute an item on your credit report, the agency has to investigate. If they cannot verify the item is disputed properly, then they remove the disputed item from your report. You should only need to have one dispute related to each account, but if you have several negative items this can damage your score.
- Do not sign up for any new lines of credit. While it is possible to re-establish accounts with inaccurate information removed from your credit report, this process can take years. It is much better to wait until your score is high and then apply for another line of credit. Also, never allow anyone to pull your credit report. This is the most important part of the credit repair process.