Wednesday, July 09, 2008

Credit Repair - Reasons for poor credit and some help

There are many reasons that people fall into trouble with their credit. There are companies out there that can remove negative items from consumer's credit reports , such as

ü LATE PAYMENTS

ü SHORT SALES

ü CHARGE-OFFS

ü FORECLOSURES

ü TAX LIENS

ü COLLECTIONS

ü JUDGMENTS

ü REPOSSESSIONS

ü STUDENT LOANS

ü BANKRUPTCY

ü INQUIRIES

ü ADDING NEW TRADE LINES

FACT: Under the Fair Credit Reporting Act (FCRA), it is your legal right as a consumer to have your credit report improved.

FACT: Under the Fair Debt Collections Practices Act (FDCPA), it is your legal right to put an end to all of the harassing phone calls from creditors and collection agencies.

Creditors and credit reporting agencies have spent millions convincing Americans that credit repair is not possible. Don't be a victim any longer.

Millions of people are under the impression that the credit reporting agencies are part of the government, when in fact the credit reporting agencies are not government related. Credit reporting agencies are privately owned companies that make their money by collecting information ab out you and selling it to others.

Fortunately, Congress has passed a collection of laws called the Fair Credit Reporting Act (FCRA), and the Fair and Accurate Credit Transactions Act (FACT Act) which regulates the actions of the credit reporting agencies. Before anything may be added onto your credit report, the credit reporting agencies must ensure that:

1) the information meets all legal reporting requirements,

2) the information was properly verified as accurate and complete, and

3) the information does not violate any FCRA or FACT Act laws,

Much of this is US slant, but many of the same principals hold true in Canada too!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


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