An advertisement for credit repair caught my eye today. A1 Credit Consulting Firm is running an advertisement for the following:
A1 CREDIT CONSULTING FIRM
Bad debt removed in 30 days to 12 months. Are you tire of being denied for credit due to delinquent or past due accounts. Did you know these erroneous accusations can be legally removed from you credit report. Once we removed the erroneous accusations from your credit report. We will help you to get new credit and credit cards. Bad debt can be removed from your credit report before a 7 year period. Only $59.99 down. Call now! – Source
The A1 Credit Consulting Firm appears to be totally unfamiliar with the Credit Repair Organizations Act that prohibits advance fees from being charged for credit repair services.
The companies advertisement also appears to completely shake by the fact that negative but accurate information should not be removed from a credit report. All they refer to is “erroneous accusations” instead of inaccurate information.
Any consumer can easily dispute inaccurate information on their credit report for free without having to pay. Once you have a copy of your credit report in hand you can dispute INACCURATE information on that specific credit report with the credit bureau it appears on. There is no secret way to do this, just write a letter and let the credit bureau know what information is wrong.
It’s important to remember though, negative information is not the same as wrong information. If an item is listed that is negative but accurate there is not need to remove it. Removing it and then using that credit report to apply for credit can set you up for credit fraud.
Get a Copy of Your Consolidated Credit Report
Get a copy of your consolidated credit report. It is the type of report that includes all the major three credit reports in one report. I only use a consolidated credit report to check my credit and the link will take you to the credit report I use.
Your credit report is like a report card of sorts. You need to look it over and make sure that all the accounts listed on your credit report are yours. If they were not, you need to write to the credit bureaus that are reporting them and tell them they are not your and ask to have them removed. It’s like you looked at your school report card and it listed classes you did not take. They should not be there.
If the rest of the accounts belonged to you but you had a bad track record with them, that information stays on the report just as if you got a D in a class you took. Just because you got a bad grade does not mean the class is removed from a report card.
After seven years the bad credit items will no longer be reported on your credit report. When you look at your consolidated credit report if any of them list negative information longer than the seven year period, then when you write to the credit bureaus to point out any incorrect information, you can tell them about the old items.
Generally the credit bureaus are good about automatically removing the old items.
While you are at it, look for any delinquent accounts that may be younger than seven years old. If you have any, pay them off. The contact information for the creditor will be on your credit report.
I also recommend you get a free account on Credit Karma so you can use the free credit simulator to see how changes to your balances or accounts will improve your credit score. This way you can plan what actions to take first to get the maximum improvement.
Credit Karma will also provide free daily credit report monitoring and free credit scores but only for one credit bureau. Still, it’s a free service that can be very beneficial.
The issue above appears for no reason other than it’s something I spotted today and frankly it pissed me off. I just had to vent about it for a minute.