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Is it possible to have your Credit Repaired?
Home » Investing » Credit Repair » Is it possible to have your Credit Repaired?Many people are mislead by promises of quick and easy credit repair. A variety of credit clinics and credit repair services will offer to clear your credit record of any negative information for a fee. In many cases, these services take your money and do little or nothing to improve your credit report.
The reality is that no one can erase, fix, repair, or change information contained in your credit report if that information is correct. Credit bureaus can legally report accurate negative information for seven years and bankruptcy information for ten years. Accurate history that is within the seven or ten year reporting period cannot be erased from your credit report by companies offering credit repair services. If you have a poor credit history, regardless of whether the problems were caused by illness or job loss, the only thing that will repair your credit report is time.
If actual mistakes or outdated items are in your report, you can correct them yourself by notifying the credit bureau of the problem and providing as much information about the error as possible. The bureau must, at no cost to you, check into the disputed information and correct any mistakes or delete information that cannot be verified. Everyone also has the option to include a written statement of up to 100 words with your credit report, explaining, in your own words, any negative information in your report.
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