The federal legislature has passed laws to regulate the reporting of credit information
as well as laws to protect the consumer and the banking industry. As a consumer
we have the right view our credit reports
and challenge or dispute any inaccurate
information. Inaccurate information is more than the whether we owe the bill
or our payments are made in the manner reported. Inaccurate information includes
the reporting of your personal information. There have been studies to show that
nearly 80% of all credit reports have some inaccurate information on their credit
report.
Disputing Inaccurate Information
The law requires that the credit reporting agencies provide an opportunity for every
debtor to dispute
inaccurate information reported on their credit bureau report. There are two ways
to dispute erroneous or inaccurate information on your credit profile. The easiest
way is to dispute the inaccurate items online. If you go to
http://annualcreditreport.com and get a
free copy of your credit report from all three bureaus you can review
the report for accuracy and dispute any errors. When you dispute items this way
you do not write letters or provide proof or any support, you just dispute the items
and wait 30 to 45 days for a response.
The second way and preferred method is to actually send a certified letter to the
credit reporting agency and dispute
all inaccurate items. I prefer this method because I believe when you write
letters if worded properly you get the best results and attention.
Do it Your Self Legal Credit Repair.
The dispute of any errors on your credit
report is the first step to restoring your credit. You can do it yourself.
Or you can hire a professional. A
professional credit restoration company would
know the
Fair Credit Reporting Act and other laws governing the reporting of your
credit information and should know how to properly word any disputes for you.
Hire a Professional.
If you do not have time or you do not want to learn the laws associated with the
credit reporting agencies then you should hire a profession legal
credit repair company. Legal credit repair companies are regulated by the
Federal Trade Commission and are governed by the Credit Repair
Organizations Act. There are also professional organizations that
set high standards of excellence and service for their member organizations. These
companies generally provide service above and beyond the minimums as prescribed
by the law.