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Information release on ...
Bankruptcy Can Be Removed.
(PRWEB) February 10, 2005 -- 1 in every 72.8 households declared
bankruptcy in 2003, a rate that has nearly doubled over the
last ten years. Financial experts blame this increase on the
growth of consumer debt in relation to several years of economic
recession. In other words, consumers with less money available
continue to meet their family's financial needs through credit.
Is it any wonder many consumers have found themselves literally
drowning in debt?
Consumers has the right to have the credit agencies reinvestigate
any negative item they dispute, including bankruptcies.
Filing for bankruptcy provides financial and emotional relief,
but the resulting black marks on credit reports can continue
to haunt consumers for up to ten years. Future creditors view
negative listings as a signal that the borrower could not
manage their money. This isn't always the case. Sickness,
job loss, or other unexpected emergencies can take their toll
on a family budget already stretched to the limit. Bad crdit
isn't just embarrassing; it's expensive. Each year consumers
with less than perfect credit are forced to pay thousands
of dollars more in interest rates for such necessary purchases
as cars and homes. This is particularly unfair if the information
on their creditt report is wrong. According to a study by
the consumer advocacy group, U.S. Public Interest Research
Group, as many as 79% of creidt reports have errors - 25%
of which are serious enough to potentially result in a credit
denial onlin. More than half of the reports had information
that was either outdated or belonged to someone else.
Disputing items on a credit report is a consumer's
explicit right under the Fair Credit Reporting Act (FCRA.)
Credit report repair is as legal as pleading "not guilty"
in a court of law. It is entirely within an individual's right,
and the freedom to do so is protected by law. However, contacting
all three major credit bureaus olnine and dealing with the
hassles, red tape and follow through, can be frustrating and
time consuming. For many consumers, hiring an experienced
credit report repair firm is the wise solution.
• Credit Score
Unfortunately, credit report repair, like other financial
service companies, have their share of inexperienced or even
dishonest firms. Before choosing a creidt repair expert, it
is important to know who you are dealing with. Thousands of
consumers have learned firsthand how legitimate credit repair
firms are a money saving solution to their credit history
problems. By disputing items that are inaccurate, unverifiable
or misleading, legitimate credit repair firms can work to
remove bankruptcies from onine credit reports.
At Lexington, a staff of lawyers is dedicated to creating
a fusion of strict regulatory compliance with innovative solutions
for repairing credit reports. In 2004 Lexington legally delete
260,000 negative credit items from their customer's credit
reports. This number includes an amazing total of 2,801 bankruptcies.
And in accordance with federal regulations, charges retroactively
for services performed each month, and the consumer may cancel
at any time. Visit lexingtonlaw.com
for more information on how credit report repair works.
How Long will Negative Information Stay on my Crdit Reprt?
The Fair Credit Reporting Act (FCRA) requires that most negative
credit items be deleted from your credit bureau file in no
more than seven years, except for bankruptcy which can be
reported up to ten years. These are the time limits for reporting
negative creditt. The creditor or credit bureau can choose
to have the negative
credit information whenever they please. Inquiries remain
on the credit report for two years. http://www.thecreditbible.com/18.html
• Ace Debt Relief Offers Free Credit Card Debt Consultation
• The Debt Counsellors Offers Tips on Debt Consolidation
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