credit repair and counseling

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Credit repair is a way of disputing or correcting these errors made by credit bureaus and creditors, it is a term used by operators who charge a fee for a service they cannot perform and complicated.

Credit Repair Advices :

Be aware of the "statute of limitations" on any debt you are attempting to clear by dispute. Contacting a collector may be akin to awakening the proverbial sleeping dog. The statute of limitations is a period of time, set by a state's law, within which a creditor may file a lawsuit to enforce its legal rights. Once the period of the statute has "run," the creditor can no longer sue on the account. For example, you live in California, which has a four year statute of limitations on written contracts, and your last payment was due on April 20, 2002, but you failed to make that payment, it may be wise to wait until April 21,2006 to contact the collector to dispute, or attempt to negotiate a payment of a small amount to "settle the debt" and have them delete the account from the credit agency records. Additionally, if they know the statute has run, they may be less inclined to even respond to a dispute. If that occurs, the credit reporting agency must delete it from your record. Be aware, that in many states making even a small payment on the account or even, in some cases, promising to make a payment, may start the statute's time period all over again.

Credit rating agencies collect and collate personal financial data on individuals, from financial institutions with which they have a relationship. The data are aggregated and the resulting information is made available on request to contributing companies for the purposes of credit assessment and credit scoring.