The federal legislature has passed laws to regulate the reporting of credit information as well as laws to protect the consumer and the banking industry. As a consumer we have the right view our credit reports and challenge or dispute any inaccurate information. Inaccurate information is more than the whether we owe the bill or our payments are made in the manner reported. Inaccurate information includes the reporting of your personal information. There have been studies to show that nearly 80% of all credit reports have some inaccurate information on their credit report.
Disputing Inaccurate Information
The law requires that the credit reporting agencies provide an opportunity for every debtor to dispute inaccurate information reported on their credit bureau report. There are two ways to dispute erroneous or inaccurate information on your credit profile. The easiest way is to dispute the inaccurate items online. If you go to http://annualcreditreport.com and get a free copy of your credit report from all three bureaus you can review the report for accuracy and dispute any errors. When you dispute items this way you do not write letters or provide proof or any support, you just dispute the items and wait 30 to 45 days for a response.
The second way and preferred method is to actually send a certified letter to the credit reporting agency and dispute all inaccurate items. I prefer this method because I believe when you write letters if worded properly you get the best results and attention.
Do it Your Self Legal Credit Repair.
The dispute of any errors on your credit report is the first step to restoring your credit. You can do it yourself. Or you can hire a professional. A professional credit restoration company would know the Fair Credit Reporting Act and other laws governing the reporting of your credit information and should know how to properly word any disputes for you.
Hire a Professional.
If you do not have time or you do not want to learn the laws associated with the credit reporting agencies then you should hire a profession legal credit repair company. Legal credit repair companies are regulated by the Federal Trade Commission and are governed by the Credit Repair Organizations Act. There are also professional organizations that set high standards of excellence and service for their member organizations. These companies generally provide service above and beyond the minimums as prescribed by the law.