On a daily average we come across numerous advertisements that offer to repair our credit. There are numerous credit consolidation companies. But make sure that they are genuine and not a scam. The FTC always advises to repair your credit on your own and save some money in the bargain.
Every day credit consolidation companies target consumers to take charge of their poor credit report for a fee.The truth is, these companies hardly accomplish the task. After paying the fees the credit report is not up to your satisfaction.
First and foremost the law gives you the right to ask for an investigation of the information that is incomplete. Remember you need not have to pay anything for this. Some people hire a credit consolidation company to do this but actually it can be done by you.
As per the Fair Credit Reporting Act (FCRA) everybody is entitled to get a free report if a company takes steps such as denying application for credit, insurance or employment. You can ask for the report within 60 days after receiving the action
1. Find out any inaccuracies in your credit report and try and fix your credit to a better position. Research on your own, write dispute letters and making verifications.
2. To repair your credit get all the credit reports. The credit reports comes from three different credit bureaus, so you have three reports in hand. The credit report will show your credit activities, which will show any loan that you had taken and the regularity of your payments. It shows unpaid balances too.
3. After finding the incorrect entries write a credit dispute letter to the bureau that issued the report.Write a good dispute letter. Sending a report is actually a means of telling the bureau that you do not agree with the details mentioned in the report. The dispute letter should have name, account number and residential address.The bureau should get back to you in about 30 to 45 days.
4. If your credit rating is not that good try and fix your credit report as soon as possible. The quicker you finish it the faster you will be able to enjoy a higher credit score. There are several credit consolidation companies at work so do not hesitate to take their help when things spins out of control.
Debt settlement companies are widely available in just about every state however some are just flat out more experienced than others in debt negotiation. That's why it's so important for consumers to use debt relief networks. These networks qualify and only accept the best performing debt settlement companies. To find a legitimate debt settlement company in your state check out the following link:
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