You just looked at your credit bureau report again and your anxiety skyrockets. You ask yourself, “What am I going to do to fix this? Should I use a credit repair company?”
You have probably seen the ads that guarantee the removal of negative information on your credit bureau report like bankruptcies, charge offs, and collections. You think to yourself “I should just let them handle it for me, they guarantee they can remove all the negative information on my credit bureau report”. It sounds great, doesn't it? However, the truth of the matter is that no company can remove accurate and timely negative information from your credit bureau report. The only person that can remove accurate and timely negative information from your credit bureau report is good old father time.
Most negative information, as long as it is accurate, will remain on your credit bureau report for seven years from the date it occurred. Bankruptcies will remain on your credit bureau report for 10 years. So, you ask yourself, “how can these companies say they can do this if they really can’t?” The simple answer is that companies sometimes lie. Yes, I know, shocking. Let’s take a look at RMCN Credit Services, one of the largest credit repair companies in the nation. In 2011 The Federal Trade Commission sued RMCN alleging that they sent “deceptive dispute letters to credit bureaus even after the company received detailed billing histories or signed contracts from creditors proving the credit reports were accurate”. RMCN also allegedly “falsely told consumers that federal law allowed it to dispute accurate credit report information”.  RMCN settled with the government and a $2.35 million civil penalty was imposed.
A reputable company will never guarantee removal of negative information that is both timely and accurate. Even if you were lucky enough to find a reputable credit repair company, there isn't anything they can do to remove inaccurate or untimely information that you cannot do for yourself, and at a much lower cost.
10 Steps to Dispute Inaccurate Information on Your Credit Bureau Report:
When it comes to removing inaccurate or untimely information from your credit bureau report, it really comes down to patience and persistence. You must be willing to take the time to thoroughly read your credit bureau reports and if you find inaccurate or untimely information, write the credit reporting agencies. Your letter does not need to be poetic. Just a concise statement of the facts as you see them.
As you can see, none of this is rocket science, it just takes a willingness to put in a couple of hours of your free time. You will find it is well worth it. Paying someone for what is essentially a letter writing campaign, that does not require an attorney, in my opinion is not money well spent. Please take a moment to comment on this article and share it with someone.
 FTC News Release June 18, 2014. Court Order Bars Credit Repair Company from Misleading Credit Bureaus, Charging Consumers Up-Front Fees for Its Services. ftc.gov/news-events/press-releases/2014/06/court-order-bars-credit-repair-company-misleading-credit-bureaus.