Credit restoration may be necessary for you. If you have terrible credit, it is important to repair it. Bad credit will affect whether you are given a new credit card or new loan.
Bad credit affects you in other ways besides whether you can get loans or new lines of credit. It can also affect whether or not you get the job you are qualified for. Or perhaps you can't get life insurance because of it.
It is important to take charge and find a way for credit restoration. When you have bad credit you are protected by the Fair Credit Reporting Act. The act specifies that you can have a free credit report when you are denied credit, employment, or insurance in the past two months. It is the law for the agencies that denied you to provide you with the credit bureaus information so you can contact them for your free report.
You can check the report to see how accurate the information is. You might have information on the report that is inaccurate or incomplete. If that is the case, then it is important to correct these problems.
You can dispute any information on the report that is outdated, inaccurate or incorrect. The credit bureau has 30 days to investigate your claims of the problem. After it is fixed you will be given a new report to allow you to follow up on it and make sure there are no other problems.
Another law to be aware of is the Credit Repair Organizations Act. This is important when you are working with a credit restoration company. The act states that when can receive a free copy of the Consumer Credit Files Rights before you sign any type of credit restoration contract with the repair company.
The Credit Files Right states that the repair company cannot make false claims about the types of services they offer. They cannot even charge you money until after they complete the service they told you they would provide. They also need to have your signature on a contract before they can start working.
Knowing your rights can help you not be taken advantage of. These acts are in place to protect you. Know what your rights are before jumping in the game.