Credit repair is the process of:
- Identifying errors reflecting within your credit report.
- Disputing the information in question.
- Auditing and monitoring the three credit agencies Equifax, Experian and TransUnion to ensure corrections are made to your credit report as needed.
You may ask yourself, “Why should I dispute my credit?” Did you know that a recent FTC study showed that 25% of consumers have credit report errors? 5% of consumers have errors that could result in serious financial consequences such as higher interest rates.
The Fair Credit Reporting Act (FCRA) by law allows consumers to invoke their rights to review and correct their credit reports. Under the FCRA the credit bureaus are given a reasonable amount of time to respond to a request for investigation of the identified errors and to correct or remove the information. The Fair and Accurate Credit Transaction Act (FACT Act) of 2003 additionally allowed easier access to consumers to view credit reports for any errors and to dispute the items. This is why we are now allowed one free credit report yearly through the government-owned site of annualcreditreport.com. The FACT Act additionally provided tools to consumers to help fight identity theft.
So what does all this mean? Just because there is an item on your credit report you do not agree with you do not have to live with it or be punished. Dispute the items and ask for verification. You may find through the credit repair and dispute process that some items were reported in error or had an inaccuracy associated with it, thus being corrected and improving your credit report and credit score.
There are many tools available online for you to do this process on your own. Although, many find the process to be strenuous and tedious as it is something that has to be continuously monitored. Rest assured that if you are in this position there are companies available such as MSI Credit Solutions who can assist you with your credit repair needs.
MSI Credit Solutions provides superior credit restoration and comprehensive consulting services that are reliable and affordable. For any questions or to schedule a free credit consultation, contact us at (866) 217-9841.
*The information in this article has been provided strictly for educational purposes.
