Millions of Americans May Have Credit File Problems
The Truth About Credit Repair
(Excerpted from the Do-It-Yourself
Credit File Correction Guide
Federal Trade Commission (FTC) recently announced action being
taken in 15 different cases against credit repair firms that still
are bilking consumers out of millions of dollars annually. It
also announced a new consumer education program. Here are some
facts on credit repair.
No one can legally remove accurate and timely negative information
from a credit report. The law, does however allow consumers
to request an investigation or reinvestigation of the facts
and information in your credit file that you dispute as inaccurate
or incomplete. There is no charge for this investigation.
Everyday, companies nationwide appeal to consumers with poor
credit histories. They promise, for a fee, - usually paid up-front
- to clean up your credit report so you can get a car loan,
a home mortgage, insurance or even a job.
The Warning Signs
If you decide to respond to a credit repair offer, beware of companies that:
Reporting Negative Information
|Bankruptcy information can be reported for up to ten years.|
|Information reported because of an application for a job with a salary of more than $20,000 has no time limit.|
|Information reported because of an application for more than $50,000 worth of credit line or life insurance has no time limitation|
|Default information concerning a US Government insured or guaranteed loan can be reported for seven years after certain guarantor actions|
concerning a lawsuit or a judgment against you can be reported
for seven years or until the statute of limitations runs
out, whichever is longer.
Credit File Correction Guide", Copyright 2003.
All Rights Reserved by Paul S. Richard -
PO Box 34070. San Diego, CA. 92163-4070