subject: How Do a Credit Repair Advice Company Work? [print this page] Many people are unaware that credit repair advice companies fall into two separate types.
They think that all the credit repair agencies are exactly the same but the difference between the two types is huge.
In this article, we will look at the difference between the two types and see if they are of any use to you.
Firstly, let's get rid of the out and out scammers. These are the con men, and con women, that have the ads which claimed to be able to remove any adverse credit information from your credit report including bankruptcies.
Let's for a minute consider that.
Bankruptcies are a process of federal law. If it was possible to remove them sooner than the statutory 10 years that they have to remain on your credit report don't you think the authorities would step in and close the loophole?
And let us consider that, even if it were possible, by some amazing magical way, to remove them. What would happen when you next applied for credit? When you were asked on the application have you ever been made bankrupt what you do, lie?
The second type of credit repair agency, however, operates quite legally providing they make it clear that the only information, they can "repair" is the incorrect type. What that means is that if you find someone has placed incorrect information on your file you can get it removed under the Fair Credit Reporting Act, otherwise known as the FCRA.
The thing is you need to know what the information is which incorrect and to find that out you need to get hold of an "up to date" copy of your credit report. Once you've done that and found that part which requires changing you all you need to do is raise a dispute with both the credit bureau and the company which placed it there.
In fact, the credit repair agencies only handle that dispute part on your behalf so the question is; why would you pay them to do something so simple when you can easily do it yourself?
