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Credit Repair

 More about Credit Repair

With out good credit, it becomes harder or even impossible to find housing even if  you are renting as most landlords require a credit report. It will make it harder if not impossible to finance a car or obtain credit for any reason. With bad credit  the cost of all of these things will rise. That is why credit repair is an expense that more than pays for itself.

 There are several myths surrounding credit repair. For example: If you have something taken off many people believe that it will just return later. Well this does happen from time to time. but done properly credit repair is permanent in most cases. It also happens when doing credit repair on an open account. That is because the credit reporting companies get their information from the creditor's computer. Which keeps reporting the same information over and over again.

Having aged accounts on the credit report does improve the credit scores, so it may become a question of whether to close down the accounts or keep the open for the credit scores.

 Many people who do credit repair, do so based on the law that says your creditors must verify the disputed items within 30 days or remove it. The problem is that the credit reporting companies verify the information electronically by simply accessing the same computer that put the blemish on there in the first place. Using this method of credit repair only accounts that are so old that they computer no longer references them will be removed, not doing much good for your credit.

I have personally done a lot of credit repair work for my customers over the  years. I still do from time to time, but for customers with major problems I have learned to use professional credit repair companies. They know that when it comes to credit repair there are more reporting rules than the 30 day rule that most people use when trying to repair credit, and that 99% of the people who report to the credit reporting companies do not comply with these rules. 

When doing credit repair it is important to keep in mind your goal. For example if you are doing a FHA loan the credit score is not as important as getting the trade lines cleaned. As FHA holds late payments less than a year old against the borrower. With a conventional mortgage the credit score is more important than the lates.

When doing credit repair there is no item that can not be removed from your credit report including, judgments, bankruptcy, foreclosure, liens can be removed but when doing a mortgage the title company will find the liens. So credit repair is of some use when it comes to liens as it does improve the credit report, it will not get you out of paying them though.

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