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Have you ever wondered what companies send you
when they claim you can erase your bad credit overnight? How about those ads
that say you can get any major credit card 100% Guaranteed regardless of your
credit?
Ads abound almost everywhere (online and off)
selling books, systems and secrets to help you fix your credit in a hurry. Many
of these programs have claims, which read like the covers of supermarket tabloids,
"In 3 hours my credit score jumped from 580 to 676!"..."Erase bad credit and smash
your debts with just 2 Magic Letters!"..."Create a completely new credit file in
24 hours!" Are these types of claims ALWAYS too good to be true? The answer is "Yes
and...no."
On the side of "Yes" there are a few companies that may
be able to help. Law firms that specialize in this area are a good place
to start. The
review of the firm that you're thinking of using for your credit must find
it to be very reputable and experienced in handling credit issues.
While many people would love for you to believe
that the only thing that can fix bad credit is time; in reality… nothing could
be further from the truth. The fact is, time is only one factor which will fix a
credit report (but it's a far cry from being the only factor). How can I back
this up? Easy. Under a consumer protection law known as the Fair Credit
Reporting Act (a.k.a. the FCRA), the only negative information which can remain
on your credit report is not what is accurate… but what can be proved as such.
What's this mean to you?
It means any negative item on your credit report
can only remain there if it is accurate and CAN BE PROVED AS ACCURATE under the
guidelines of the FCRA. This indisputable fact presents consumers with both good
news and bad news. The good news is that through the FCRA, your credit score can
most likely be improved dramatically in a very short period of time with only a
modest amount of effort on your part.
The bad news is that while the actual "work" will
take very little of your time, it is vital that you have good information on
"how" to go about it. This is the bad news; 9 out of 10 courses on restoring
your credit will do nothing more than lead you into a snake pit. This is because
they provide you with outdated "Boiler Plate" dispute letters which are rarely
effective. These are nothing more than form letters and… quite frankly (more bad
news) the Credit Bureaus and Creditors will laugh at you if you try to use them.
While I agree with the Federal Trade Commission
(FTC) that "Anything a Credit Repair Clinic can do for you legally, you can do
for yourself at little or not cost"… the key element you need for success is the
latest inside techniques and procedures to get the results you want. These
involve strategies known as "Proof of Contract", "Constructive Notice",
"Challenge of Procedure" or "Restrictive Endorsement" and many others.
All these terms may "sound" impressive, but they
are really quite simple. In the end, it is nothing more than a method of
communication which exercises your consumer protection rights, gets the results
you want, and raises your credit score. Even more impressive, once you learn how
simple it can be by doing it for yourself, you will find there is a fortune to
be made doing it for others! Either way, it all starts by requesting a free copy
of your credit report by visiting:
www.AnnualCreditReport.com.
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