Who else is wondering about legal credit repair? Are you one of the millions of people who are suffering from the deleterious effects of a derogatory credit score, simply due to the DISASTROUS state of the economy? Have you lost your job… or your health insurance, or even your HOME due to factors outside of your control?
The simple truth is, as bad as your credit may be these days… you DO have lots of company, and believe it or not there are ALWAYS folks who are way worse than you. (and believe me, I’ve seen a bunch of them first hand… 🙂
The GOOD news?
There are many laws set up to protect your credit file from all sorts of danger and damage, and while it is estimated that 98% of the American population does NOT understand how credit laws operate, the fact remains, they ARE there to protect you.
Filed Under: The Credit Repair Organizations Act This is actually a bit “strange” to include in this article, but in my view, it’s really important nonetheless. Why? Because this law, especially right now, protects you against the very COMPANIES that promise to help you, when your credit is damaged.
Years ago, in similar times of financial crisis, credit clinics could charge ANY amount they wanted, and create their own billing practices, make OUTRAGEOUS guarantees, etc… and they did to the tune of hundreds of millions of dollars. (and ironically LOTS of people who damaged, or worsened their credit as a consequence of hiring them)
Today, this law puts in STRICT codes of conduct for all credit repair companies, and keeps you from falling into a slippery slope when what you really need is genuine help.
Filed Under: The Fair Credit Reporting Act (and its subsequent amendments and name revisions) This is actually one of the OLDEST credit laws on the books, passed by Congress 3 decades ago and re-written (and recently renamed) many times to keep current with changes in the credit system. The truth is, the FCRA is the single BEST protection you have for making sure you’re credit report is accurate, as it MANDATES that the bureaus keep records that are true, fair, current and VERIFIABLE, or if not, anything you want to see off of yours… MUST come off. (and this law is the basis of action for EVERY credit repair lawyer, clinic or service in the world… PERIOD!)