Industry Tips
Credit Repair
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 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 rasonable period of time, the information is removed, but it may be only termporarily. If the information is later verified, it will be placed back in your file.
(Several states have enacted legiislation requiring credit repair companies to inform consumers of their rights under the law and that they can obtain their credit file at no charge or for a small fee.)
For financial counseling assistance, you may wish to contact a non-profit organization such as (your local consumer Credit Counseling Service) or the National Foundation for Consumer Credit, located at 8611 2nd Avenue, Silver Springs, Maryland 20910, 1-800-388-CCCS.