There are many (far too many) credit repair companies and software products that promise immediate and unrealistic results. Their process may include sending repetitive letters to the credit bureaus to challenge valid information in the hopes that they will not be able to respond within the required time period (30 days) – and be forced to remove an item. Another unscrupulous method used by some is simply to challenge every negative item on your report whether valid or not – in the hopes of overwhelming the bureau with requests and then demanding removal.
While these processes are occasionally successful in the short run, they are NOT recommended. The credit bureaus are deluged with what they call “Frivolous Challenges” made by credit repair companies and consumers and are trained to spot them and respond immediately. If the bureau considers a dispute to be frivolous, they are not required to respond in the 30 day period. Remember, the bureaus aren’t the enemy. They are in the business of tracking credit activity as accurately as possible and selling that information to lenders, banks and others. If the information is truly incorrect – they will remove it.
Here are a few things NOT to expect in and from the credit repair process:
- Removal of valid, legitimate items from your credit report – they will reappear later if they are valid.
- Removal of a bankruptcy record if less than 10 years old.
- Removal of public record items such as tax liens, garnishments or levies unless they are beyond the statute of reporting.
- Do not expect a new FICO score of 850 – very few people (if any) achieve this score, and it isn’t necessary to be considered an “Excellent Credit” consumer.
- Do not expect the credit bureaus to respond immediately to your requests – they are swamped with such letters, but typically respond within the time allotted.
- Do not get discouraged because your credit file contains negative information
YourCreditWin – Credit Repair Software
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