Exposed! The Real Truth About Credit Repair Attorneys

Maybe you just discovered some ugly surprises on your credit files and are looking into repairing your credit and want to learn a little about the basics of credit repair. There’s an amazing amount of information to be found online, but much of it is contradictory – and confusing. This wealth of information often just presents more questions for you such as Is credit repair possible? Is it legal? Where do you start?

Many people jump to conclusions when it comes to credit repair. Even the term "credit repair" makes it sound like this is simply an underhanded strategy used to evade debt and escape liability. However, as with anything else, you must where this mis-information is coming from.

Simply put - It is not in the (financial) interest of large banking gians, creditors like collectors and so forth and especially credit bureaus for you to pursue your legal right to remove questionable items from your credit report. This is something to remember when you come across any of the common myths about online credit repair. In other words, if your local banker tells you it is impossible to fix your credit, take it with a HUGE grain of salt.

The problem with the Internet is that there are thousands of websites claiming that it’s not possible to fix your credit score, that credit repair simply isn’t possible – or even legal. This of course scares many hard working American consumers and discourages you from pursuing your legal rights.

Of course, it is absurd to think of somebody going to jail for disputing a questionable item on their credit! However, this is just what the large for-profit credit bureaus will have you believe!

Of course, it’s in the financial interest of lenders, collection agencies, creditors and even credit bureaus to protect their profits and make sure that anything on your credit is not challenged by you. This game is set up so that you are the little guy and you must educate yourself in order to prevail.

Credit bureaus want to please their shareholders and they know that they’ll lose money if consumers know – and pursue – their rights to legal credit correction.

According to the Fair Credit Reporting Act, otherwise known as the FCRA, you are fully permitted to challenge anything on your file for free. You can also ask for and recieve a proper and thorough investigation into any questionable entries on your three credit reports - Experian, Equifax and Transunion.

The consumer reporting company (the credit bureau - we note there are three major bureaus that lenders use most often) and the information provider (usually the creditor) are legally required to investigate, verify, and correct incomplete or inaccurate information in your credit file. This legal right is a precious gem that everyone is legally entitled to. Of course, this is legal because the government expressly gave you this right!

You can and should use this technique and strategy to your benefit. Removing bad items is bound to improve your credit score – and it’s perfectly legal. Negative items like charge offs and collections, contrary to common belief, do NOT have to stay on your report - and in turn ruining your reputation for 7 years.

To the contrary, the law states that when you challenge an entry and request verification, credit bureaus and creditors must investigate within 30 days of receiving your written request. If they can’t verify an item, it must be deleted! A deletion is the best result with entries like collections and charge offs.

This gives consumers quasi-judicial recourse to dispute mistakes, errors and misleading information in their credit reports. Such mistakes happen more often than not. For instance, consider a case of an entry that belongs on someone else’s credit report, to bills that you have already been paid, or even a negative entry that you have every legal right to question for any of the many reasons that exist in your personal case. These are mistakes that could cause you to be denied the credit you deserve like a home or car - or worse, a new job.

In many cases, legal advice and assistance can help you find a solution to credit repair. You may also consider speaking with the legal experts at Lexington Law. Lexington Law has experience helping thousands of Americans repair their credit – legally. Lexington Law is open seven days a week to answer your repair questions.