Click Here to Apply For a Mortgage, CD's, IRA's or other Financial Needs
Surprisingly, this is still often asked. It is because of consumer complaints about inaccuracies and incomplete credit reports that congress passed laws allowing for, and specifying the procedures, for credit repair. Restoring The Years Credit Repair’s credit repair process is 100% legal. In fact, one of the key laws (The Fair And Accurate Credit Transactions Act) was recently updated with many important provisions. Congress has also created law, The Credit Repair Organizations Act, which authorizes a third party to assist you in challenging inaccurate credit reports.
Yes, some laws directly impact the reporting on your credit reports. Others have an indirect affect by clarifying processes for disputes and collection procedures between consumers and creditors. These include: The Fair Debt Collections Practice Act, The Consumer Credit Reporting Reform Act, The Consumer Reporting Employment Clarification Act, as well as many state laws.
The credit bureaus, and creditors, are required to follow accuracy procedures before they can legally place information on your credit report. Any information that is not complete, or not accurate, or not verifiable is not supposed to remain. During the process we force the creditors and credit bureaus to support their claims of accuracy. Once an error is identified, if it can't be proven 100% accurate, the item must be removed.
There are other methods also used in special situations. These are explained on a case-by-case basis.
We begin by examining our client’s personal credit file held by each of the major credit reporting bureaus (Transunion, Equifax and Experian). Then, we identify any accounts that contain information that could be considered adverse.
Next, upon the client’s request, we dispute all of the accounts that contain inaccurate, erroneous, or obsolete information on the client’s behalf and have the accounts deleted or updated accordingly. Finally we consult our clients on how to avoid future negative credit listings while educating them with helpful tips on how to use their credit to their advantage and boost their scores.
Old debts need to be handled very carefully. It would take too long to explain in detail here, but to summarize one key problem: When you pay an old debt off, it does NOT remove it from your credit report, as many consumers assume.
Instead, it is updated as a PAID collection or PAID charge-off, etc. This Is better than unpaid, but not as good as it being removed entirely. Sometimes PAID is the best you can do, other times you can do better.
There are other factors that need to be weighed before approaching old debts. Collection statues need be considered and will vary from state to state. Your Credit Specialist can help you better understand some of the considerations.
You will receive an update from the credit bureaus themselves for each issue that we initiate an action on.
In the vast majority of cases, our clients see results in as little as 60 days. The length of time to complete the full program will vary from client to client. Each case is unique. The number of issues, the type of issues, and the participation level of the creditors and bureaus will all have an impact on the speed of the process. Typically, the range will be from 6-10 months. You can help insure the fastest process with timely participation when necessary.
It is possible, but extremely rare. The credit bureaus are required by law to send a 5-day notice before placing something back on a consumer’s credit report. In addition, there is a higher burden of verification placed on the credit bureau. Because of these added provisions, it is extremely rare for the same item to be reinserted. Naturally, if this situation ever occurred, you should forward any such notice to us
Click Here to Apply For a Mortgage, CD's, IRA's or
other Financial Needs