Q: Is Credit Repair Legal?
Surprisingly, this is still often asked. It is because of consumer complaints about inaccuracies
and incomplete credit reports that congress passed laws allowing for, and specifying the
procedures, for credit repair. credit repair process is 100% legal. In
fact, one of the key laws (The Fair And Accurate Credit Transactions Act) was recently updated
with many important provisions. Congress has also created law, The Credit Repair
Organizations Act, which authorizes a third party to assist you in challenging inaccurate credit
reports.
Q: Are There Other Laws That Affect The Credit Repair Process?
Yes, some laws directly impact the reporting on your credit reports. Others have an indirect
affect by clarifying processes for disputes and collection procedures between consumers and
creditors. These include: The Fair Debt Collections Practice Act, The Consumer Credit
Reporting Reform Act, The Consumer Reporting Employment Clarification Act, as well as many
state laws.
Q: How Does The Credit Repair Process Work?
The credit bureaus, as well as creditors, are required to follow accuracy procedures before
they can legally place information on your credit report. Any information that is not complete, or
not accurate, or no verifiable is not supposed to remain. During the process we force the
creditors and credit bureaus to back up their claims of accuracy. Once an error is identified, if it
can't be proven 100% accurate, the item must be removed.
There are other methods also used in special situations. These are explained on a case-by-
case basis.
We start by examining our client’s personal credit file held by each of the major credit reporting
bureaus (TransUnion, Equifax and Experian). Then, we identify any accounts that contain
information that could be considered adverse.
Next, upon the client’s request, we dispute all of the accounts that contain inaccurate,
erroneous, or obsolete information on the client’s behalf and have the accounts deleted or
updated accordingly. Finally we consult our clients on how to avoid future negative credit
listings while educating them with helpful tips on how to use their credit to their advantage and
boost their scores.
Q: Does Paying Off Old Bills Repair My Credit?
Old debts need to be handled very carefully. It would take too long to explain in detail here, but
to summarize one key problem: When you pay an old debt off, it does NOT remove it from your
credit report, as many consumers assume.
Instead, it is updated as a PAID collection or PAID charge-off, etc. This Is better than unpaid,
but not as good as it being removed entirely. Sometimes PAID is the best you can do, other
times you can do better.
There are other factors that need to be weighed before approaching old debts. Collection
statues need be considered and will vary from state to state. Your Case Advisor can help you
better understand some of the considerations.
Q: How Will I Know When The Negatives Come Off My Reports?
You will receive an update from the credit bureaus themselves for each issue that we initiate an
action on.
Q: How Long Will The Whole Process Take?
In the vast majority of cases, our clients see results in as little as 60 days. The length of time to
complete the full program will vary from client to client. Each case is unique. The number of
issues, the type of issues, and the participation level of the creditors and bureaus will all have
an impact on the speed of the process. Typically, the range will be from 3-9 months. You can
help insure the fastest process with timely participation when necessary.
Q: Is It Possible For An Item That Was Removed To Be Put Back On My
Credit Report?
It is possible, but extremely rare. The credit bureaus are required by law to send a 5-day notice
before placing something back on a consumer’s credit report. In addition, there is a higher
burden of verification placed on the credit bureau. Because of these added provisions, it is
extremely rare for the same item to be reinserted. Naturally, if this situation ever occurred, you
should forward any such notice to us.
Surprisingly, this is still often asked. It is because of consumer complaints about inaccuracies
and incomplete credit reports that congress passed laws allowing for, and specifying the
procedures, for credit repair. credit repair process is 100% legal. In
fact, one of the key laws (The Fair And Accurate Credit Transactions Act) was recently updated
with many important provisions. Congress has also created law, The Credit Repair
Organizations Act, which authorizes a third party to assist you in challenging inaccurate credit
reports.
Q: Are There Other Laws That Affect The Credit Repair Process?
Yes, some laws directly impact the reporting on your credit reports. Others have an indirect
affect by clarifying processes for disputes and collection procedures between consumers and
creditors. These include: The Fair Debt Collections Practice Act, The Consumer Credit
Reporting Reform Act, The Consumer Reporting Employment Clarification Act, as well as many
state laws.
Q: How Does The Credit Repair Process Work?
The credit bureaus, as well as creditors, are required to follow accuracy procedures before
they can legally place information on your credit report. Any information that is not complete, or
not accurate, or no verifiable is not supposed to remain. During the process we force the
creditors and credit bureaus to back up their claims of accuracy. Once an error is identified, if it
can't be proven 100% accurate, the item must be removed.
There are other methods also used in special situations. These are explained on a case-by-
case basis.
We start by examining our client’s personal credit file held by each of the major credit reporting
bureaus (TransUnion, Equifax and Experian). Then, we identify any accounts that contain
information that could be considered adverse.
Next, upon the client’s request, we dispute all of the accounts that contain inaccurate,
erroneous, or obsolete information on the client’s behalf and have the accounts deleted or
updated accordingly. Finally we consult our clients on how to avoid future negative credit
listings while educating them with helpful tips on how to use their credit to their advantage and
boost their scores.
Q: Does Paying Off Old Bills Repair My Credit?
Old debts need to be handled very carefully. It would take too long to explain in detail here, but
to summarize one key problem: When you pay an old debt off, it does NOT remove it from your
credit report, as many consumers assume.
Instead, it is updated as a PAID collection or PAID charge-off, etc. This Is better than unpaid,
but not as good as it being removed entirely. Sometimes PAID is the best you can do, other
times you can do better.
There are other factors that need to be weighed before approaching old debts. Collection
statues need be considered and will vary from state to state. Your Case Advisor can help you
better understand some of the considerations.
Q: How Will I Know When The Negatives Come Off My Reports?
You will receive an update from the credit bureaus themselves for each issue that we initiate an
action on.
Q: How Long Will The Whole Process Take?
In the vast majority of cases, our clients see results in as little as 60 days. The length of time to
complete the full program will vary from client to client. Each case is unique. The number of
issues, the type of issues, and the participation level of the creditors and bureaus will all have
an impact on the speed of the process. Typically, the range will be from 3-9 months. You can
help insure the fastest process with timely participation when necessary.
Q: Is It Possible For An Item That Was Removed To Be Put Back On My
Credit Report?
It is possible, but extremely rare. The credit bureaus are required by law to send a 5-day notice
before placing something back on a consumer’s credit report. In addition, there is a higher
burden of verification placed on the credit bureau. Because of these added provisions, it is
extremely rare for the same item to be reinserted. Naturally, if this situation ever occurred, you
should forward any such notice to us.
Frequent ask questions.
Call NOW : (786) 267 4397
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| -The Credit Doctor- Credit Advisor Director (786) 267 4397 info@ljproservice.com |