Credit Repair System
You may have already read the latest news and seen the claims by some “professional repair businesses” that electronic credit repair systems can repair your credit in a duration of fewer than 30 days.
Most of these so-called credit repair specialists claim to possess an electronic credit repair system that will help to remove all falsely reported negative items from your credit report in a duration of only 30 days.
Most of these electronic repair system software or online tools make false claims and mislead their clients into believing that these tools can actually help to repair your credit in a period of 120 days.
It is easy to understand why individuals would like to make some extra dollars by selling external electronic software that can actually wipe out as many negative items from your credit report as could take no more than 30 days or less.
One of the main reasons that these dishonest activities are being carried out is because most consumers are beginners in the world of credit repair, and they do not fully recognize the importance of being credit-educated. They are also aware of the significant value of an electronic credit repair system or online software, but they do not know how to proceed and find these types of products on the Internet for sale.
Credit Repair Systems Have Outlived Their Values
Another reason that the credit repair system currently being sold by these dishonest individuals has become obsolete is the fact that negative credit items on one’s credit report do not diminish their value the longer they are there.
As early as 1990, the major credit reporting agencies (Experian, Equifax, and TransUnion) the credit bureaus have set some standards for the credits on their reports.
These credit standards are set twice yearly, by TransUnion and Experian.
One of the major requirements is for the information to be 100% accurate. Identity Theft, inaccurate information, and errors in reporting do not respond to any credit repairs.
These can be disastrous to consumers, as most individuals pay higher interests for borrowings.
In comparison to what the original creditors have to pay to investigate false information on a person’s report, credit repair companies then search through years of negative credit information and force these folks into bankruptcy, which is much worse than their initial credit problems.
What Is The Reality?
The reality is that using the so-called electronic credit repair system to be up to date with your credit report is most likely the most advantageous way for you to go.
The major credit bureaus generate approximately 75% of their revenue from subscribers to their product or service to customers who consistently bring in new positive credit inquiries.
This revenue is not just from new inquiries from potential new customers. Many of these inquiries are from existing customers who have been having some difficulties lately. The card issuers do not want to take the chance on these customers as far as they are concerned.
The best and most effective way for consumers to take control of their credit scores and reports for the long haul is to contact the four national credit bureaus directly yourself.
By law, these credit-reporting agencies do not have to respect your requests or you can easily dispute anything that you consider is untrue or false.