Can You Really Repair Your Credit Legally?

Posted: 16 Feb 2008 | Categories: Credit

If you do a Google search on credit repair, and you read a handful search results on the matter, you will inevitably find yourself more confused about that question than when you first asked it! The reason you’ll hear so many different responses to that question has to do with the way its phrased, and specifically, what it implies.

To answer the question without reading any implications into it, but just answering the question at surface level, is: Yes. Absolutely.

Under the FCRA, a congressional law governing Credit Reporting Agencies, such as Equifax, Experian, and Trans Union, you and I as consumers have the protected right to fair, and 100% accurate credit report.

If there is anything inaccurate, or something that is unverifiable, you have the right to “repair” that error, so you have a accurate credit report. So where’s the confusion come in?

Where confusion can arise is in the etymology of the words “credit repair” or the evolved “meaning” of the use of the phrase. In other words, very often when people mention the words “Credit repair” they are not referring to removing an erroneous listing from their files, they are referring to getting rid of negative accounts, erroneous or not.

So, now you’re answering a different question aren’t you? When you ask, can I delete negative accounts that are not necessarily erroneous, you are now getting into the techniques you would employ to do so. That’s when you have to look at “what is legal, and what is not”.

To start with, you are entitled to a 100% accurate report. If you see something on your credit report that is outdated, unverifiable, or incorrect, you have the right to dispute that account with the credit reporting agencies directly. They then have 30 days to contact the original creditor and seek validation of the way it was reported to them. If the original creditor does not reply, or cannot provide justification for the way its reported against your evidence, the CRA’s are forced to update your report to reflect your demands (either remove it, or update it to the correct information).

So when does it become illegal?

A common offering by credit repair specialists is an illegal technique called, “File Segregation”. This is where they promise to start a new credit file for you, and for all intent and purpose, assign you a 2nd social security number (which they can’t do legally). How they do that is by having you file for an “EIN”. This is a 9 digit number assigned to businesses for tax purposes. Its a uniquely assigned number so no one else will have this number. They then advise you to use that instead of your social security number and start building credit with it as a clean slate.

Friend, this is illegal, and you can end up in a great deal of trouble, even if the credit repair specialist does this for you. The laws will still convict you of the fraudulent activity, and it can be heavy. Especially when you commit fraud through the USMail, it becomes an even larger indictment on a federal level. Don’t do it.

So, can you delete negatively reported items on your credit report if they are indeed your real accounts? The answer is once again, Yes. But you do this through leveraging the laws allowing you to challenge the bureaus on ANY inaccurate information. I explain how to do this with integrity in my Credit Repair Blueprinting system I just released. If you’re interested, check it out at: http://www.creditrepairtruth.org.

If you want to raise your credit score through a new cutting edge customized technique, then see “Tim Irish’s Credit Repair Truth Blueprinting System!” Just released, this instantly accessible package including streaming video walk through will show you how you can create a killer credit repair strategy that is personalized to your unique credit files. Credit Repair Blueprinting is about to sweep the nation!

Check it out here: http://www.creditrepairtruth.org/tim/index.html

Tim Irish - Credit Repair Expert

Author/Owner, CreditRepairTruth.org

Article Author :Tim_Irish