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Credit Repair

The Truth about Credit Repair

In today's economic climate, an increasing number of Americans are showing negative information on their credit history (late payments, collections, judgments, liens and bankruptcies).  It is a major problem, since it prevents consumers from obtaining credit when they need it most, and also obliges them to other penalties, such as higher interest rates and fees, credit line reductions, etc.

It would be unfair to quickly conclude that "people are irresponsible" or "consumers do not want to pay their bills".  In fact, they probably did maintain a good credit history until a sudden event (divorce, health problem or loss of job) impeded them from keeping payments current.

If we think about it, the great majority of consumers try, with great effort, to stay afloat.  Simply put, sometimes income is not enough to cover the expenses of the moment.  Even worse, if this scenario is not corrected right away, consumers may be forced to declare bankruptcy or lose their home.

Today, more than ever (considering that available credit is extremely limited), a high credit score is required.  To maintain high scores on the credit report, consumers are encouraged, among other things, to give great attention to timely payments.

Paradoxically, recent government studies show that less than 1/3 of Americans have seen their credit report within the last year, even though financial experts recommend consumers to review their credit report to confirm accuracy.

CAUTION: Companies offering free credit reports might "open a can of worms" for the consumer: very often, they profit by selling private consumers' information to advertising companies (the basis of "junk mail"), which is exactly the opposite of what consumers expect.  Much worse, they provide scores for a fee, but in most cases those "scores" are not the real ones (the FICO model, used by lenders);  therefore, they are useless for all practical purposes.

More importantly, other recent study reveals that almost 80% of credit reports contain serious errors or outdated information of some kind.  This is preventing many Americans from the ability to purchase a home or a new car, or even obtaining a personal loan.

According to the "Fair Credit Reporting Act", negative items that are inaccurate, incomplete, outdated or unverifiable must be deleted from the credit report.

The service of Credit Repair is probably the most important tool available to consumers, to improve their "FICO" scores.  Unfortunately, this process has been tarnished by dishonest companies.  It is always advisable to investigate the company's rating with the Better Business Bureau.

Our company has been in business since 1997, operating in all 50 states.  We work directly with Experian, TransUnion and Equifax to remove derogatory items from credit reports, greatly improving the FICO scores.

Our rating with the Better Business Bureau is "A" To verify this information, visit:

www.BBB.org  →  Find  "Financial Education Services"   Near  "Farmington, MI"




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