The big “secret” is that you can repair credit scores that are bad, damaged, less than perfect, etc.
Many companies are selling credit repair secrets, credit repair “kits” and other information about credit issues. They are able to sell this information, because everyone wants good credit, many people have bad credit and most people do not know where to go for information or who to contact if they need help.
One of the credit repair secrets that companies are selling is information about obtaining your credit report. You are entitled to a yearly free copy of your credit report. Each of the three major credit bureaus accumulates information about you and your “creditworthiness”. If you want to attempt to repair credit issues, obtaining your credit report is the first step. Even if you have excellent credit, it is a good idea to review the information on your credit reports on a regular basis. A recent law has made it easier. You can view and print copies of your credit reports at www.annualcreditreport.com. Credit repair “secrets” are not really secrets, they are just sometimes not well known.
There are many things that can negatively affect your credit score; late payments, multiple inquiries, charged off accounts, judgments, liens, bankruptcies, identity theft, etc. In order to repair credit scores, negative information must be removed from the credit report. Companies which sell credit repair secrets will probably provide you with sample copies of letters to send to the various credit bureaus and possibly the addresses of the credit bureaus. This is information that is also included in most credit repair “kits”.
A good source for free information that may help you repair credit issues is the Federal Trade Commission (FTC). That may not seem logical. One may wonder what the FTC has to do with credit repair secrets or consumer credit issues in general. The FTC provides all kinds of consumer information at their website. You can even link directly to the free credit report website from theirs. They included this link, because there are many internet companies which have altered the URL address slightly and a consumer could unknowingly end up at the wrong site, end up paying for useless information and not end up with their actual credit report. The FTC also offers a very long and detailed booklet for victims of identity theft and/or credit fraud. Attempting to repair credit issues after identity theft is particularly frustrating.
You can pay for information that companies call “credit repair secrets”. This information may be useful if you are attempting to repair credit issues on your own. You can find most of this information yourself, if you are willing to do a little research. There are many companies which offer credit repair services. The FTC advises that consumers should beware of any company which claims that they can repair credit problems in a very short period of time. The suggestions made by some of these companies are actually illegal. Credit bureaus have thirty days to investigate any disputed information, so attempts to repair credit problems of any kind which involve inaccurate information on your credit report will take at least 30-45 days. If you do decide to get help from a credit repair specialist, it is advisable to choose one that is associated with a law firm. That way you can be sure that their recommendations are legal. By: PATSY ROSE