Credit Repair

April 08, 2014

Despite companies promises to "clean up" or "fix" your credit record, negative information in your record that is accurate cannot be erased. Federal law allows such information to be reported in your file for seven years, or ten years in the case of bankruptcy. Credit repair firms often challenge all negative items in a credit report, and if the credit reporting agency cannot verify the information within a reasonable period of time, the information is removed, but it may be only temporarily. If the information is later verified, it will be placed back in your file.

For your information, the Bureau wishes to advise that you may receive your own credit report at any credit bureau by making an appointment during normal business hours and by providing satisfactory proof of your identity, or by mail or phone for a nominal fee.

If there is anything in your file you think is wrong or could be explained, you have the right to submit a correction or explanation in writing (not to exceed 100 words). The agency must check out this new information and, if you are right, they must send a correction to everyone who received a report on you within the past year unless you direct them otherwise.

For further information on this subject, contact DIAL-A-LAW at (604) 687-4680.