According to the 2013 Federal Trade Commission (FTC) study report, 50% of consumers had errors in their three major credit reports - a clear case for needing credit repair.
Whether there are errors, these mistakes cause your credit score to drop.
“For that reason a consumer might have to pay higher interest rates over the lifetime of a loan.”
Today, it is hard to remove inaccuracies from consumer credit reports.
For example, in 2013, an Oregon lady won a suit against a credit bureau after attempting unsuccessfully for two years to correct inaccuracies and her birthday and social security number.
Correcting your credit report or repairing errors causes frustration because it takes a long time and is complicated.
However, given the importance of your credit score, you can not ignore it.
It could make or break your ability to seek a home loan or perhaps get a job.
Therefore, in these situations, you need the assistance of qualified credit repair lawyers.
What is the definition of credit repair?
Credit repair is the method to challenge questionable negative entries on your credit report.
These entries may be inaccurate, misleading, unverifiable, or otherwise blemished.
A 2014 report from Consumers Union stated that an erroneous 30-day bank card delinquency on your credit report might lead to a 100-point drop in your credit score.
Credit repair aims to clean up your reports and ultimately improve your score.
How can a lawyer help you with credit repair?
Credit repair lawyers perform a variety of services geared towards repairing your credit, including:
- Receiving your credit reports to evaluate potential errors or ways in which to enhance your score
- Negotiating with credit reporting agencies to get rid of negative items from your credit report, like late payments, charge offs, and foreclosures
- Negotiating settlement amounts along with your creditors
- Representing you in court if a creditor sues you
- Giving you proper guidelines to dismiss any suit filed against you by a creditor
- Removing frustration from the process
You can do most of the things a credit repair lawyer can do.
However, it is a very tough job for anybody without legal training.
There is a lot of work and many legal proceedings involved, which are very complicated and frustrating.
For example, making phone calls and sending correspondence to credit bureaus.
A credit repair lawyer with vast experience in credit repair who is repeatedly dealing with credit bureaus and understands consumer rights uses that expertise on your behalf to provide you with the convenience of repairing your credit with minimal frustration.
As a result, an experienced lawyer will give you a better result than if you do the work yourself.
If you have any further queries, please feel free to contact experienced and learned credit repair lawyers.