In 1970 the Fair Credit Reporting Act or the FCRA was enacted. This law gives consumers the right to dispute any item showing on their credit report that may be incorrect, incomplete, untimely, misleading, unverifiable, unfair, ambiguous or unclear. This includes foreclosures, charge-offs and bankruptcies.
The fact is that erroneous credit such as forged identities; incorrect balances, untimely listing, overly vague listings and more are very widespread 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 truthful. The creditor and credit bureau will then have a certain amount of time to verify the accurateness of the listing. If it cannot be verified within the time frame then it must be removed from the account.
However, there seems to be some perplexity about credit repair and “debt repair”. The FCRA does not give you the right to “debt repair”. If there is a valid debt or a legal listing on your report you do not necessarily have the right to get it removed. If you owe the debt you are responsible to pay it until it is paid off. Credit repair does not give you the right to overlook a legal debt that you owe.
Many times there are critics who tend to complicate the two issues. Debt repair is not officially permitted nor is it legitimate, however, credit repair is a legitimate and useful service that many people can benefit from. The difficulty arises when critics and others mistake the two.
If you have an honest, reliable and true listing showing on your credit report you do not have the right to get it removed. However, if the listing is fully incorrect, ambiguous, misleading, unverifiable, biased or outdated you have the right to issue a dispute. You just don’t have the right to eradicate a legitimate debt from your credit report.
If you have awkward debt, there are a few options that you can take advantage of. You can pay the balance due down or pay it off. You can combine all of your debts into one, fixed rate loan or you can talk with your creditors and see if they are willing to settle the debt in any way. This can relieve you of your debt but it can harm your credit.
You cannot use a credit repair service to get out of paying a lawful 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 discourage 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 superior companies operate within full compliance of the law and they offer an extremely valuable service that can benefit you in your credit repair.
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