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FAQs On credit Part 2
There are three common ways to repair your credit report:
1) hire a lawyer,
2) hire a credit counseling company,
3) do-it-yourself.
Hiring a lawyer can be
extraordinarily expensive at rates of over $300
per hour of work. Hiring a credit counseling
company typically costs upwards of $1,500, and
can be risky as there are many credit counseling
companies with shaky reputation which make big
promises, but in reality just take advantage of
customers without any real results. That is why
the Federal Trade Commission has issued a
consumer warning on this topic and has strongly
suggested to consumers to adopt a do-it-yourself
approach. The issue until now has been that there
were no comprehensive resources as to what
exactly you need to do as a consumer to correct
your credit report. With the Hi Score Program
being released to the market, the guesswork is
over, and everyone has affordable and easily
understandable and practical tools to repair credit.
Is credit repair legal?
Repairing incorrect items on your credit report
is perfectly legal. In fact, the credit reporting
bureaus encourage it because it usually helps
them detect fraud. One thing you cannot do
however is remove negative comments from your
record if they are accurate. Here's the official word directly from the FTC:
"No one can legally remove accurate and timely
negative information from a credit report. The
law allows you to ask for an investigation of
information in your file that you dispute as
inaccurate or incomplete. There is no charge for
this. Everything a credit repair clinic can do
for you legally, you can do for yourself at
little or NO cost." - Federal Trade Commission
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