– No one can legally remove 100% correct, and timely items on your credit report. Just because you may send a letter or have a company on your behalf challenge it will not remove items that have been placed there completely and accurately. The only issue this brings up is that there are times where the information is not completely accurate or that it is old enough to be removed.
– Credit Bureaus are NOT branches of Government. While it is a common misconception, and many people are shocked to hear, Credit Bureaus are public companies that you can buy shares in on the stockmarket. They make money by selling credit information on people to potential creditors. These credit reports have become the key piece of information that creditors will refer to when lending out money.
– A legit Credit Repair Company must provide you with a copy of the ” Consumer Credit File Rights Under State and Federal Law” prior to you signing any contract. You must also see your rights and obligations to explain everything. If you have any questions, ask them or ask someone you know that could perhaps explain it better.
– Not all creditors will view your credit report/ score the same way. While your credit report and score tell a story of your past credit, they can be interpreted slightly differently by individual companies looking to lend you credit. If you don’t like what you are being offered, consider looking elsewhere or see if they can budge at all on any offers.
– Non profit organizations created to help you are not necessarily free of charge. Just because they are non profit, they still may not be affordable or even credible.
– Bankruptcies can be removed from a credit report. If they are incorrectly reported in any way or if they bankruptcy happened 10 years ago.
– You can take on the task of improving your credit report yourself. After obtaining your credit report you can write a letter with all supporting documentation to fight any inaccurate information. The consumer reporting company must by law investigate it within 30 days and get back to you about it. However if your claim is complete foolishness you may not hear back.
– Too many inquiries into your credit report can actually hurt your score. But don’t be too caught up in this, one or two will not do enough damage to make any real difference but if there are multiple ones over a short time it can indicate to creditors that you are, in a sense, frantically seeking credit which can flag a warning to them.