Free Legal Credit RepairTaking free legal credit repair steps can be one of the best ways to restore your rating, the main advantage is that you do not have to pay a credit repair service company to handle the process for you. Your first step should be to order your credit reports from Equifax, Transunion and Experian to see exactly which accounts are negative so you can give these accounts immediate attention.
The Fair Credit Reporting Act and the Fair Accurate Credit Transactions Act are the laws that make free legal credit repair possible.(continued below) These laws make sure that the different entities that conduct business using your credit reports do so in a fair and ethical manner. There is also a provision in the law that allows you to challenge negative items that are incorrect, outdated or unverifiable.
These challenges are the backbone for free legal credit repair.
In order to be successful with this process, you want to make sure you have a good understanding of the above laws so that you know exactly when your rights are being violated which allows you to take the proper action which include account disputes and verifications.
One of the important details of the Fair Credit Reporting Act is the length of time that negative items can remain on your credit report, which is for a period of seven years. After this timeframe such items should be deleted permanently.
This includes items such as late payments, account charge-offs and collections. Keep in mind that items such as charge-offs and collections have an extra 180 days in addition to the seven year timeframe, which is due to the fact that a charge-off or collection account is as a result of a previous negative which usually starts as an account late payment.
The reporting timeline starts from the date of the first missed payment, it is also important to understand that nothing can “reset” when this reporting timeline begins on your credit report. Actions such as payments to the creditor, collection agency, or even sale of the debt to another company DOES NOT change the begin date of the seven year reporting period on your credit report.
Legal credit restoration works best when you are able to use this information to your advantage by corresponding with the credit bureaus, creditors and collectors mainly using a series of effective credit dispute letters which have the ultimate goal of improving your credit score and history. Related
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