repair credit score

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Credit repair is essentially a process of disputing negative information on your credit report by disputing it with each major credit bureau, it is challenging every negative piece of information on a consumer credit report, even the ones that are undeniable and in getting the right help.

Credit Repair Advices :

Avoid causing inquiries to be posted to one's credit report. Credit score is affected by recent inquiries made against one's credit report for the purpose of evaluating an applicant for creditworthiness, including insurance. The credit score is not affected by obtaining a copy of one's own credit report, nor by "promotional" inquiries made by direct marketers such as credit card companies who send out prescreened direct mail offers, nor by "account review" inquiries made periodically by your own financial institution to manage the ongoing risk of your account. Only the action of applying for new credit or insurance creates a "hard" inquiry on one's credit report that affects the score. This typically drops a FICO score by roughly 5 points, which remains for as much as two years.

The Fair Credit Reporting Act (FCRA) is an American federal law (codified at 15 U.S.C. § 1681 et seq.) that regulates the collection, dissemination, and use of consumer credit information. "Consumer reporting agencies," which are entities that collect and disseminate information about consumers to be used for credit evaluation and certain other purposes, have a number of responsibilities under FCRA, including the obligation to provide a consumer with information about him or her in the agency's files and to take steps to verify the accuracy of information disputed by a consumer. Companies that provide information to consumer reporting agencies also have specific legal obligations, including the duty to investigate disputed information. Also, users of the information for credit, insurance, or employment purposes must notify the consumer when an adverse action is taken on the basis of such reports. Further, users must identify the company that provided the report, so that the accuracy and completeness of the report may be verified or contested by the consumer.