Legally Clearing Your Credit
Legally Clearing Your Credit
by: T. B. Collins
Over the past several years creditrepair organizations have gained a bad reputation due to unscrupulous companies stating that they can clear your creditreport. Clearing your report was not the problem, but stating that they could give you a clean creditreport or a new creditfile was. It is against the law to create a new creditfile using a federal taxpayer identification number, or any number other than your own social security number. Credit repair companies are governed by a federal law called the Credit Repair Organizations Act, these laws state what services a creditrepair company can legally offer to their clients.
The argument always stated is that you can clean your own creditwithout the services of a creditrepair company, although this is true, if we follow this argument the average consumer can also repair their own television without any previous experience. The problem with attempting to clear your own creditis that it is a time consuming are requires a lot of patience and follow-up paperwork. Most consumers give up on the process once they venture into the labyrinth of dealing with creditreporting agencies, and debt collectors, but a creditrepair company can handle all the required paperwork in a professional unbiased manner.
Because of the laws that now regulate the creditrepair industry, contacting an organization to help you repair your credithas become commonplace. There are many reputable creditrepair organizations that will provide the services needed to restore your credit, among these is the company Millennium Credit Service; their website is located at www. millennium-credit. com. This is a full service creditrepair organization the helps the consumer through the entire creditrestoration process, but if you want to venture into repairing your own credit, there are a lot of websites that offer do-it-yourself creditrepair kits. When attempting to repair your own credit, remember the only way to see an improvement is to stick to it, and devote the time and energy needed to get results.
The first step to legally clearing your creditis to get and evaluate your creditreport. This report details your entire credithistory for up to seven years for negative entries, and paid off accounts can remain on your report indefinitely. The only exception to this rule is bankruptcies, which can remain on your report for up to ten years after discharged.
Understanding your report can be complicated but creditreporting agencies attach instructions concerning reading and understanding your report, and there are a lot of books that deal with creditreports and understanding creditthat you can read to get a better understanding of your creditreport.
Now that you have an understanding of your credit, it is time to find out what negative entries or obsolete information needs to be updated. Negative entries over seven years old from last activity can be deleted, and items on you report that are not yours or your legal spouse can be removed. Updating your current information such as address, and employment can increase your creditscore almost immediately. Keeping an eye on the information that is contained on your creditreport, and removing or disputing information can ensure that your creditscores are as high as they can be. But, if this seems like an overwhelming task you can always hire a professional repair service like Millennium Credit Service to handle this task.
About the Author:
T.B. Collins is the president of Millennium Credit Service, and has been offering credit repair advice for over 10 years. To find out more visit www.millennium-credit.com