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Credit Repair

What’s Wrong with Credit Repair?

Sept. 13, 2016

Credit Repair - not my favorite.

I get a lot of phone calls asking me, “can you fix my credit?” My answer is always “I’m a lawyer. If something is wrong with your credit report, I would like to help. But, I don’t do credit repair.” Why do I go out of my way to say this?

Credit repair, to me, is a dirty word. While it is not illegal to engage in credit repair, it can be a shady business to be involved in. There have been more than a few credit repair companies that have done some pretty questionable things, made false promises and routinely mislead their own customers. This was a large enough problem that congress made a special law to deal with it called the Credit Repair Organization Act (CROA).

Just because something on a credit report is ‘bad’ doesn’t mean it is wrong. It is illegal to dispute every item on your credit report, regardless of its nature. The Fair Credit Reporting Act specifically states that only items that are unverifiable, inaccurate or out of date should be disputed. Items that are clearly reporting 100% accurate, verifiable and in date information should not be disputed. Blanketly disputing everything that doesn’t look good on a credit report is highly illegal and can carry serious consequences.

Credit Reporting Agencies (CRA) have a duty to say only true things about consumers. I help my clients get the CRAs to only say true things about them. When something is wrong, we dispute. If a CRA refuses to fix a problem, then we help them sue. It is as simple as that.

See more at "5 Do’s and 4 Dont's to Repair Your Credit"