Some Ideas on Credit Repair Savings
Are you in the market for your first home or condo in Northern Virginia? Is your credit a little shaky, and in need of repair? In these economic times, this is a big issue. Repairing bad credit is possible, so don’t panic too much. We’re here to help give you some tips and ideas on credit repair, and get you on your way to your new purchase.
There are many scams on “quick credit repair” out there. According to The Federal Trade Commission or FTC, they instruct you to save some money and to do your own credit repair. Don’t believe some of the claims you see for overnight credit repair; these are the companies that are very likely a scam. Attorneys with the consumer protection agency suggest that legitimate credit repair agencies do not make these claims. The fact of the matter is that there is not a quick fix for one’s creditworthiness. You can legitimately improve your credit score / report, but this does take time, effort, and adhering to a strict plan to repaying your personal debt. A free consultation with one of our mortgage lending partners will give you a road map as to which items to correct and in what order.
In accordance with the Fair Credit Reporting Act, or FCRA, no one is allowed to legally remove timely and accurate negative information from your credit report. The law allows for the investigation of your credit information and file a dispute as incomplete or inaccurate. There is no charge for this; therefore, it is more beneficial for one to work this process themselves at little to no cost.
TransUnion, Experian, and Equifax, the three major credit reporting agencies, are required to provide a free copy of an individual’s credit report once per every 12 months, if you request it. There is a toll-free phone number, central website, and mailing address for all consumers to request their annual credit report that is entitled to them by the government. To order your report, visit annualcreditreport.com, or call 1-877-322-8228. You may also request and complete the Annual Credit Report Request Form and send it to:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
So for those of you who wish to repair your credit, and avoid credit repair scams, follow these quick tips. You will be well on your way to properly repairing your credit and avoid paying an expensive credit repair service fee that may be a scam in the first place. All of this can position you to buy a home in Northern Virginia in 2011, if you get started now.
The Earl of Real Estate™ Team
Keller Williams Realty
Phone: 571-926-9230
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