In a study by the Corporation for Enterprise Development (CFED), they found that more than 50 percent of American consumers actually have bad or subprime credit scores. And in a report from CNBC, 1 in 10 Americans do not even have any credit history. This means that most Americans do not have access to the best interest rates from lenders. After all, these rates are normally reserved for people with good credit scores.
The challenging part is that rebuilding a bad credit score is no easy feat. One late payment can be reported on your credit score for several years. If you want to build your credit score back up, you may need some assistance from experts on the field.
The first question that most people ask is why should they hire a credit repair law attorney to help them when they can do it themselves. The first answer is that if it is that easy, they would not be in that position in the first place. While it may have been caused by a sudden life-altering situation like job-loss or illness, you could have still had done some steps to not let your credit score get so low.
Second answer is that while it is true that you can do it yourself, an expert in the field can do more. You are paying for the years of experience and skills that are devoted to getting people who have bad credit score.
The main responsibility of the credit repair law firm is to make sure that your rights under the Fair Credit Reporting Act (FCRA), Fair Credit Billing Act (FCBA), and the Fair Debt Collections Practices Act (FDCPA) are exercised. These laws give you the right to question and dispute items on your credit score that are inaccurate.
Your credit restoration attorney normally has two avenues that they explore in helping you correct these inaccuracies in your credit history. The first one is through credit bureau dispute. Through FCRA, you are given legal right to dispute and delete some questionable items in your credit report. Your attorney will go through each item and help you identify those that could be classified as inaccurate, misleading, incomplete, untimely, biased, or unverified.
Once these items are identified, they are disputed with the credit bureau and an investigation has to be done to determine if they should actually be listed on your credit report. If the bureau cannot verify the accuracy of the item then the bureau is required to either correct the listing or completely remove it from the report.
Another method that your lawyer can do is to work with your creditors directly. Creditors have the ability to remove negative items from your report anytime; and the cooperative creditors are usually willing to work with you and all you have to do is formally ask.
If they are not very cooperative, your lawyer can pursue legal means on your behalf to force creditors to prove that the items are accurate. Sometimes, it’s best to hire an expert – and in the long run, it can even save you money.