Credit Repair: Facts and Fallacies
News from National Mortgage Professional Magazine:
In the world of credit repair, there is so much conflicting information that it confuses consumers. Consumers look to mortgage professionals for help and guidance when it comes cleaning up their credit. So, in order to help clear up some confusion, here are five facts and fallacies about credit repair.
1. Can only time change the information on a credit report?
No! The Fair Credit Reporting Act (FCRA) was put in place so that consumers would have the right to challenge a reporting agency for the accuracy of their credit report. People make mistakes, and there could very well be mistakes on the report when someone enters the information. The government realized that these credit bureaus play a vital role in whether or not a consumer could get access to credit. They developed the FCRA to force the credit bureaus to act fairly when it comes to fairness and impartiality. When it comes to credit repair, the recommendation from the Federal Trade Commission (FTC) is that consumers NOT use credit repair services. The FTC says that “everything that a credit repair clinic can do for you, you can d…………… continues on National Mortgage Professional Magazine