Credit Repair:
Know Your Rights

One of the greatest consumer benefits left unclaimed is the benefit of an accurate credit bureau and credit bureau score.  There has never been a more important time to be concerned about your credit score since it determines how much you will pay for money you borrow, or even if you can get the money you need when you need it all. 

Due to the financial industry meltdown resulting in mass layoffs and foreclosures, nearly every aspect of the credit industry has been negatively affected.  Credit Card balances are increasing, Delinquincies are increasing and consumer credit scores are plummeting.  

But what is your "real" credit score?  Your real credit score is the score that exists after all of your accounts which are outdated, not yours, inaccurate or unverifiable have been removed or corrected on your credit bureau.  Due to the confusion in the credit markets and other factors like a lender's inability to accurately calculate delinguent finance charges to the penny, credit experts estimate that nearly 80% of all reported items on a credit bureau are inaccurate and unverifible - and therefore may be legally removed from the credit bureaus. 

There are many credit repair scams being ran across the country.  Avoid Credit Repair programs that offer to give you "free credit lines" or a new identity or social security number.  They are technically illegal and usually do not provide what is promised and and you could be liable for participating in credit fraud.  Also, beware of companies who charge minimal monthly fees who will only pick and choose accounts to work on so that you have to remain on their service for two or three years.  Also, avoid any companies who encourage you to send letters making statements that are not true such as; 'This is not my account, please remove it from my bureau", when in fact it is really your account.  Also, for those who are up to the challenge and know how to read a credit report, understand where to find the inaccuracies embedded in most credit reporting files, and with nothing but time on their hands, there are tips for doing your own credit repair at www.ftc.gov.   If you decide to seek help from a professional credit repair company, look for a company that tells you your rights up front, lets you cancel anytime, knows where the inaccuracies are in most credit reporting files, provides letters that will dispute those inaccuracies without making false statements about who's credit it really is, works all potentially inaccurate files at once to help you complete your credit correction process as quickly as possible and is properly licensed and bonded.

What is your REAL credit score?  It is probably higher than you think and it can only be revealed once you exercise your legal right to have every negative credit file that is outdated, inaccurate or unverifiable removed from your credit bureaus.