What Does ‘Credit Repair’ Really Mean? In these times, with so much information available, it canbe hard to distinguish what certain words mean. Several years ago, repairing credit simply meant fixing a problem thatwas real, or disputing an error in credit reporting that was damaging, but nottrue. Fixing a real problem has alwaysbeen a good idea and hopefully, by doing this, one learns how the problemoccurred and understands how to avoid making that mistake again. Disputing incorrect information and having itcorrected is also a good way to repair credit. The lesson learned here is to check one’s credit report periodically toensure all information is reported correctly. If incorrect information appears, it should be disputed. Credit repair companies used to help people disputeincorrect information, but when the real estate market started to rise at anunprecedented rate, a “new” kind of repair came into being where disputingbecame a market in itself. Instead ofcorrecting false information, people started disputing anything that wasnegative, even if it was true. The basisfor doing this had to do with timing. Ifthe dispute wasn’t answered within a certain amount of time, legally, it had tobe removed from the credit report. Oncethe negative information came off, the credit score would rise. Currently, there are still credit repaircompanies making fantastic claims of repairing credit quickly, and/orguaranteeing higher credit scores. There are problems with doing this; the biggest beingclients themselves because they now have a falsely elevated score withoutfixing the real problem. At “I CleanUgly Credit”, we have a term for this: putting a band aid on a wound that needsstitches. It may heal, but it won’t healproperly. Just increasing a numberdoesn’t erase past behavior and mortgage companies are paying more attention tothis. There are too many factors toblame for the housing crisis over the past couple of years to cover in thisarticle. However, one contributingfactor has to do with making loans to people who have not taken care of pastexpenses. Although this can be tough, taking care of past problems theright way is the only true credit repair. There are options available to make it easier and this is where Debbieis most valuable. By setting up aconsultation with her, clients get a distinct, easy to follow plan that isdesigned specifically for their needs AND learn how to make changes that last alife time. Take a look at the testimonials on this web site. |
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