FREE CREDIT REPAIR TOOLS 2021
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A Brief History In Credit Repair: Credit reporting began in the 1960s in the tri-state area of Pennsylvania, Delaware, and New Jersey. Small local agencies kept profiles of consumers to track their borrowing and debt repayment habits. Local banks used this information to help them underwriting, to decide if they should be approved for a new loan.
In 1970, Congress passed the Fair Credit Reporting Act (FCRA). This law protected the rights of consumers and guaranteed the right to a fair and accurate credit report. Part of that protection was the right to dispute information that the consumer deemed inaccurate. Therefore, credit repair was born there.
Over the next decade, credit reporting agencies went from localized businesses to the national credit reporting agencies we know today. Almost all lenders and creditors go through all three credit bureaus (Experian, Equifax, and TransUnion) to receive consumer credit reports.
That’s good for consumers because it means they only need to worry about three credit reports. As long as you review those three reports regularly and make sure they are error-free, you can present the best possible credit profile when someone checks your credit. read more…
Repair bad credit, Before considering a credit repair service, it is important to understand which cases it works and which it doesn’t. To start with, you need to fully understand your credit history to assess whether these services help.
If you are considering a credit fix repair service, surely your long-term goal is to improve your credit, so it is important to understand everything that is in our power to achieve it.
WHAT DOES THE CREDIT REPAIR SERVICE INCLUDE?
Credit repair services are not magic, it is not good to have the expectation that by paying for these services your credit will improve instantly.
These credit services only work to dispute qualifying credit records .
THE TYPES OF RECORDS THAT A CREDIT REPAIR SERVICE CAN HELP YOU DISPUTE:
Errors: The easiest record to dispute and correct. Maybe the credit bureau has the wrong amount for one of your debts, which affects your credit score. Any record that may cause confusion can be corrected, for example, a misspelling of your name or a decimal of the amounts due.
Expired Records: Certain negative records can only remain on your record for a certain amount of time.
For example, a tough credit inquiry (it happens when you ask for a loan such as a mortgage or car loan) can only stay on your record for two years.
Another example, late payments affect your credit history for up to 7 years. Hiring the service of a professional will help you navigate your history and identify these opportunities.
Fraudulent accounts: If you have been a victim of identity theft, these records will damage your credit history.
Without a doubt, you need to report an identity theft case immediately and seek professional advice.
Records that cannot be verified: Certain records in your credit history that cannot be corroborated with the institutions that report them.
If some of your records do not have the documentation to verify that these records belong to you, they could be removed from your record.
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HOW DOES THE CREDIT REPAIR SERVICE WORK AND HOW MUCH DOES IT COST?
The first step is a free consultation to go over services, your credit history, and expectations.
Most of these offices charge around $80 to $100 USD per month. You can cancel the service whenever you want – although don’t expect instant results – certain records can take months to be successfully disputed.
With a credit repair service, you will receive access to your credit history, as well as a plan to check and dispute records.
The Fair Credit Reporting Act (FCRA) grants the legal right to dispute records so that individuals have a correct credit score.
While there are online free credit tools to dispute records on your own, a repair service is a good idea since they know how to navigate credit histories.
A professional will always be more effective in identifying the records that can be erased. As well as presenting the paperwork and evidence to the corresponding authorities.
The credit bureau has 30 days to process claims and report their results in writing.
WHAT ELSE CAN I DO TO IMPROVE MY CREDIT?
A credit repair service is just one part of the process of improving your credit score. Good financial habits are the key to the long term.
If you continue to have late credit card payments, use automatic payment features to pay the monthly minimum – at the very least.
If you have a lot of debts on your cards, look to consolidate them so that you can pay them off once and for all.
At the end of the day, don’t spend what you don’t have with credit cards.
Remember that a credit card should only be used to build your credit, so it is a good strategy to build credit fast, to pay with the card for things that you could pay with cash today.
What is my credit score?
KNOW YOUR USA CREDIT SCORE IN DETAIL
Get a report with the details of what things have affected your credit and what actions you can take to raise your Credit Score .
Instant access to all 3 Credit Scores (TransUnion, Experian and Equifax)
- How to fix bad credit
- Short and long term recommendations
- Credit simulations based on your goals
- How to get a credit card with bad credit
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