The leading textbook in Artificial Intelligence. Used in over 1000 universities in 91 countries (over 90% market share) and the 85th most cited publication on Citeseer.
Credit Repair Mastery | Bad Credit Report Repair, Do It Yourself
Credit Repair Quick and Easy Strategies and Tactics Raises Your Score Instantly
A branch of computer science that studies how to endow computers with capabilities of human intelligence. For example, speech recognition is a problem being worked on by AI scientists.
What Precisely Is Credit Repair? The Folklore And The Reality
In 1970 the Fair Credit Reporting Act or the FCRA was enacted. This law gives consumers the right to dispute any item showing on their credit report that may be wrong, incomplete, untimely, misleading, unverifiable, unfair, ambiguous or unclear. This includes foreclosures, charge-offs and bankruptcies.
The fact is that erroneous credit such as false identities; erroneous balances, untimely listing, overly vague listings and more are very frequent on credit reports. It is estimated that as many as 75% of all credit reports contain mistakes. You can dispute anything that shows up on your credit report for any reason if you feel that it is not quite truthful. The creditor and credit bureau will then have a certain amount of time to verify the correctness of the listing. If it cannot be verified within the time frame then it must be removed from the account.
However, the FCRA does not give you the right to “debt repair”. If there is a legitimate and true debt showing on your credit you cannot legally get it removed. When you owe a debt you are liable for it until it is paid off. Credit repair cannot be used in a case of someone trying to shirk a legal debt.
There are critics of credit repair that tend to muddle up the two issues. Debt repair is not lawful and it is not legal. However, credit repair is a useful and valid service that many people can profit from.
If you have an honest, reliable and true listing showing on your credit report you do not have the right to get it removed. However, if the listing is fully mistaken, ambiguous, misleading, unverifiable, biased or outdated you have the right to issue a dispute. You just don’t have the right to take away a legal debt from your credit report.
When you have debt troubles you can do a few legal things. You can pay down the debt or you can pay if off. You have the option to combine all of your debt into one, fixed rate loan. You can also talk to your creditors and see if they would be willing to settle your debt. This may relieve you of your debt but it could also give you bad credit.
You cannot use a credit repair service to get out of paying a legal debt. Credit repair is not debt repair and it should the two should not be confused. However, do not let the critics of credit repair dissuade you from taking advantage of your rights. If you have negative credit showing on your report you can take the steps to try to get it removed.
You can issue disputes and do credit repair on your own or you can use a legitimate credit repair business. There are a few superior companies that operate within full observance of the law. These companies offer a significant and useful service that can help you clean up your credit if you have listings that are inaccurate, misleading, incomplete, biased, or ambiguous.
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