subject: Credit Law Firm - How Do They Work? [print this page] When you turn to a credit attorney to help you fix your report you are making a wise move. These lawyers are experts on credit laws, which are always changing. Further, they bring the power of a law degree to back them up and can use court intervention if needed.
The Cost
You can typically expect an upfront deposit around $100 and then you will be billed monthly around $50. It really depends on how much work your report requires to get an idea of how long you will need this service, but in general you should anticipate anywhere from 6 - 12 months.
It's going to cost a few hundred dollars at the end of the day to clear your credit file. However compare that to the cost you are paying in higher interest rates and fees. Plus all the purchases that you can't get financing for; mortgage, automobile, furniture, and we can't forget about the embarrassment and dread you feel when your credit is checked. On a side note, we have seen a growing trend in employers checking an applicant's report before offering them a position.
How Does It Work
The first thing you do is forward the law firm a copy of all three credit reports. You can go to annual credit report and get these for free once a year. When you have these you need to examine them and figure out what items are questionable to you.
An item can be questionable for a variety of reasons including; the amount, the dates, it's been paid, not your account In other words it would be in your best interest to identify all the negative items as questionable.
The service is going to file a credit dispute with each bureau and get them to investigate the items you identified as questionable. In an investigation the bureau will contact the lender or creator of the item and ask them to verify the account, the amount, and the dates. If the lender is unable to verify the account then the bureau must remove it from your report.
This is according to the Fair Credit Reporting Act. This act is law and was passed to protect you the consumer from the bureaus and aggressive debt collectors. It gives you the right to challenge the validity of any item on your report. With good reason you have been given this right, as it is estimated one in every four reports has an error on it.
Unfortunately the long wealthy influential reach of the bureaus have gotten to law makers. Now before a dispute is investigated the bureau must declare it valid. In other words the bureau is going to avoid this at all costs, because they are only going to spend money in an investigation. Their is no financial incentive to ensure the information they have about you is accurate.
This is a lot of the reason why you hear how hard it is to fix your credit. However if you have a professional that is an expert in consumer credit laws with the resources of legal action you can rest assured that your dispute will get investigated.
by: Jason Abmramsons
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