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Credit Repair and Credit Clinics
The MMI Online Articles are designed to inform, assist, educate and alert consumers.
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Many people are deceived by promises of quick and easy credit repair. Various credit clinics and credit repair services will offer to clear your credit record of any negative information for a fee. In many cases, these businesses take your money and do little or nothing to improve your credit report.
The fact is, no one can erase, fix, repair, or change information contained in your credit report if that information is correct. Credit bureaus can legally report accurate negative information for seven years and bankruptcy information for ten years. Accurate items that are within the seven or ten year reporting period cannot be erased from your credit report by companies offering "credit repair" services.
If you have a poor credit history, even if your problems were caused by illness or job loss, the only thing that will "repair" your credit report is time.
If there are genuine mistakes or outdated items in your report, you can fix them yourself. Notify the credit bureau of the problem and provide as much information about the error as possible. The bureau must, at not cost to you, investigate the disputed information. The bureau then will correct any mistakes or delete information that cannot be verified.
You also have an option to include with your credit report, a written statement of up to 100 words. In your own words, explain any negative information in your report.
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