subject: Get a Good Fix for Your Bad Credit [print this page] Get a Good Fix for Your Bad Credit Get a Good Fix for Your Bad Credit
Sometimes, it's a little bit peculiar to think that some people are willing to spend extra money to obtain credit repair by attorneys. The bottom line here is that, what do these lawyers do in order to fix your credit score? If you are desperate to improve your credit score, the services of these lawyers are badly needed. However, in deeper analysis, have you ever wondered their secret?
First and foremost, every consumer is protected by FCRA (Fair Credit Reporting Act). In this governing law regarding consumer credit reporting, every lender or creditor is advised to furnish truthful information about their client's credit report to the three major credit reporting agencies: Equifax, Esperian and Transunion. Every consumer can obtain their credit report information from these CRAs once every year for free. The credit score is based on FICO, which stands for Fair Isaac and Company, the company who created the mathematical formula for consumer credit score.
In the consumer credit report, these are the events that can lower your credit score:
Late payments
Unpaid and past due accounts
Purchases/loans that exceeded the credit limit. Purchases can be from credit card companies and department store credit cards. Loans can be acquired from banks, automobile financing companies or student loans.
Any error in the posting of your credit payments should be disputed right away. This can be done by writing correspondences to the respective lender or creditor. In the event that your request for correction is ignored, this should be the time wherein you can acquire the services of a credit repair lawyer.
Any other companies offering credit repair services should be thoroughly scrutinized first. The company should comply with Credit Repair Organizations Act. If you opt to avail the services of a credit lawyer, the lawyer must abide the rules and regulations such as:
Never make an untruthful alteration of your credit score to you all of your creditors
Never collect advance payment for services that have not been rendered
Advise you to alter your identity in order to claim for as new credit
Always remember that if lawyers are able to fix your credit report score by merely sending letters or correspondences to your creditors, then you can also do the same.
