Credit repair can be very difficult as there is not much legal recourse outside of paying debts, but it is essential to ascertain credit reports in order to know exactly where you stand in a debt situation. One of the most important reasons to study a credit report is to ensure that there are no false claims made by creditors. If a creditor or Internal Revenue files a false claim on a debtor's credit report, then that person in debt could potentially sue. The first step in this process is to file a dispute with the creditor's incorrect claim, and it is important to act quickly so that these claims do not have any further effect on the debtor's credit score. Companies that have access to credit reports such as Experian, TransUnion, and Equifax have operators available to receive disputes. Disputing claims for debt is a positive step in repairing your credit score.
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The information on a credit report, from banks, credit card companies, utility providers and so forth, usually stays on a credit report for more than seven years. Tax liens may remain on your report for fifteen years and bankruptcy could remain for more than ten years. It's for these reasons that it is so important to stay out of debt. Even after creditors receive payment certain debts can remain on your credit report, affecting your credit score for years to come. It is easy to become frantic and rash when thinking of your debt in this manner. However, it is not wise to commit yourself to a payment plan until you are familiar with the safest ways of doing so. Credit repair companies and debt consolidators, for example, are to be avoided at all costs. These companies are designed to take advantage of debtors who are ignorant of their own best interest. To get involved with debt consolidation programs, especially on the private level, is to lose even more of your money and possibly your assets as well. The better route to take is to contact the National Foundation for Credit Counseling, whose representatives are well trained in debt management and often have the power to temporarily suspend payment deadlines. The Consumer Response Center is also an excellent source of information. They can help familiarize debtors with debt situations and let you know exactly where you stand with creditors.
One of the most important aspects of having poor credit is to be fully aware of your rights. Rebuilding credit is a difficult process, but it is far from impossible. Millions of people have encountered high-interest debt or even bankruptcy situations. It is easy to feel alone or stranded when in debt, but there are many people just like you. Many people even stay in debt for most of their lives. In order to avoid being one of these people it is important to understand the resources and rights that are available to you.
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