It Pays to Know Your Credit Rights
Probably the hardest part about making a budget is reducing or eliminating your expenses. Plus, if you have negative items listed on your credit report, the process can become even tougher. That’s where the services of a credit restoration company can be beneficial to anyone who pursues this particular financial remedy. Many firms can give you helpful legal advice with respect to your rights for restoring credit. For example, according to the Fair Debt Collection Practices Act, you have the right to ask, in writing, that a collector prove that they are in their legal right to collect a loan amount from you. Until they can give you a reply, the agency must shut down all collection activity against you.
Seeking Assistance
You also have a right to dispute any entry on your credit report that you do not believe is correct. The creditor should also mark that you’ve made a dispute as well. Any disputes or requests for validation should be sent by certified mail so you can have a record of your correspondence with a creditor or collector. Finding a good credit restoration service can assist you in these kinds of matters. They can also help you remove defaults, judgments, bankruptcies, liens, foreclosures and repos from your report.
Tax Liens – Not Good Things to Have on a Credit Report
Just think – if you have a tax lien that’s not paid, it can remain on your report for 15 years! If it’s finally paid, it remains on your report 7 years. Therefore, it is added to your report from the day it’s paid, not filed. If it’s never paid, it just remains on your report for a good decade and a half. Therefore, it’s helpful to obtain advice and counsel from someone in the credit restoration field so you know how to proceed with regards to improving the information on your report and ultimately increasing your score.
Check a Company’s Credentials
Look online at the individual credit restoration companies. Read the information contained on their sites carefully. Make sure you pick a company with a knowledgeable legal staff who’s been in the business for a number of years. Check them out with the BBB. Restoring your credit can help pave the way to better opportunities.
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