Bad credit becomes a commonplace for millions of people who lost their jobs due to the global economic crisis that started in 2008. For this reason, many properties are foreclosed and mortgages are unpaid resulting to the decline of demand in the real estate industry. Granting that the situation is inevitable, still, many people are not ready to embrace the fact that the economic crisis is making negative marks on their credit score. Even a slight error on the credit report is subject to dispute and correction should be made as soon as the concerned person receives it.
A person's credit report can be acquired through credit reporting agencies such as Transunion, Equifax and Experian. Credit scores from any of these credit reporting agencies may vary and therefore, it is essential to obtain reports from each of them. The bottom line here is that these agencies base their reports from information supplied by creditors and lending institutions through the E-OSCAR system. They are governed and regulated by FCRA (Fair Credit Reporting Act), a federal agency that protects the consumers against erroneous credit reporting. Credit scores are based on FICO, which stands for Fair and Isaac Corporation. This credit scoring system is established in 1956.
It is peculiar to think that some people are willing to spend much in order to improve their credit score. They do not know that the truth of the matter is that they do not need any third party intervention in order to fix their bad credit. Credit repair by attorneys can be enticing to those who are desperate for a credit fix but remember that credit repair can be initiated by anybody else. This is not to discourage anybody in acquiring the services of credit repair by attorneys but to inform people that the basic thing to remember in establishing a good credit is pay the bills on time. Late payments or non-payment are the grounds for disapproval of future credit or loans. Negative remarks such as non-payment of student loans, mortgages and credit card purchases can stay on the credit report for several years, with ten years at most (for mortgages).