Try Our Free Credit Repair Letter Generation Tool
Removing charged off accounts from your credit report has now been simplified with our free credit dispute letter generation tool. Simply input your personal information, list the derogatory items you would like to dispute with the credit bureaus, hit the enter key, and print out your free credit report repair letter. There has never been an easier way to perform credit repair on your own.
CollectionAccount.net is unlike most of the other self-promoting credit repair web sites. By providing free information and resources, CollectionAccount.net attempts to simplify the credit repair process and assist the consumer in repairing their credit report. CollectionAccount.net has taken an all source approach to this website by including information derived from the consumer and professional alike. For that reason, CollectionAccount.net is able to provide insightful information that should help all visitors of this site in their attempt to dispute items on their personal credit file.
Deleting Charged Off Accounts is Legal
Although it is quite legal, numerous consumers find it hard to believe that it is possible to repair their credit by removing negative information from their consumer credit file. The credit bureaus, Equifax, Experian, and TransUnion are required by law to manage and accurately report information on the consumers' credit file. If the information placed on your credit report by the credit bureaus is innacurate or unverifiable, it must be removed.
Deleting Charged Off Accounts is Possible
No matter how low your score may be and how desperate you may feel, repairing your credit is possible. In most cases, the best results come when you view credit repair from a holistic perspective. In order to improve your credit score, you may need to both eliminate negative information as well as establish new, positive information.
Is There A Quick Credit Repair Option
Although it is possible to quickly raise the credit score on a consumer's credit report by just a few points, it may take months in order to completely repair or restore their personal credit file to its original state. With that said, there is no quick fix credit repair option. As the consumer, you are legally entitled to dispute and attempt to perform credit repair on your own personal credit file but without the proper education and experience, credit repair will most likely prove to be more than difficult and definitely take you longer than one would expect to obtain even the most mediocre results. Choosing to have a professional credit repair company work to restore your credit may be a better option. Although a credit repair company will not be able to repair your damaged credit report overnight, a good credit repair company will be able to effectively dispute the negative information on your personal credit file in order to provide you better results in a much faster time frame.
Do It Yourself Vs. Hiring A Credit Repair Company
It depends on whether you can afford to hire a credit repair company to work on your behalf or whether you want to do it yourself. Fixing your credit isn't necessarily like rocket science. However, it takes time, patience, and a tremendous amount of energy to do effectively. The law states that you can defend yourself in a court of law even if you are charged with something as serious as murder but without the proper education and experience, the smart decision would be to hire a professional to defend you. In the same way, hiring a professional credit repair company exponentially increases the probability of obtaining optimal results. In the event you elect to have a credit repair company perform your work, we suggest looking for a reputable credit repair company and make sure that you completely understand the terms of their service as well as your payment options.
Choosing The Right Credit Repair Company
With thousands of credit repair companies conducting business across the country, finding the right one can be difficult and intimidating but it is imperative that you take the time required to not only find a reputable one but also find one that has the knowledge, experience, and ability to provide the level of service you expect and the optimal results you deserve. Your decision should not be impulsive. Choosing a bad credit repair company will leave you vulnerable and increases the probability that further damage will be caused to your personal credit file. On the other hand, choosing a good credit repair company has the potential to be one of the best financial decisions of your life by dramatically cleaning up your personal credit file and improving your credit score. There are numerous items to consider beyond price when making your decision. Recognizing the difference between price and value is imperative as you will almost always get what you pay for when seeking assistance from a company in the credit repair industry. The following paragraphs explain the four types of credit repair companies that make up the industry and what to expect from each.
Credit Repair Company Type 1:
The first type of credit repair company is typically a one-man show run out of a home office. In general, this type of credit repair company advertises extremely low rates for their service and will usually have unbelievable service guarantees to top it off. It is not uncommon for this type of credit repair company to be a complete scam and take the consumers' money without providing any service at all. Further, if you are dealing with a credit repair company that falls into this category, you are lucky if the only thing you lose is your money and not your identity in the process. At the present time, identity theft is occurring on epidemic proportions and it is unrealistic to think that an illegitimate credit repair company could not ot would not steal your identity. Unless you know the credit repair company to be reputable, you should think twice before handing over your credit report and personal identification information.
While all credit repair companies that fall into this category are not scams, it is very common for the individual running this type of credit repair company to be completely unaware of the compliance all credit repair organizations must adhere to. This type of credit repair company will typically use 3 or 4 standard dispute letters that are extremely generic and not intended to be used in every credit situation. Although using standard dispute letters may provide some level of positive results, their use also has the potential to further damage your credit. Moreover, the use of standard dispute letters usually only provides temporary results as the negative credit information removed from your personal credit file will most likely reappear on the file the next time it is reported by the creditor.
Credit Repair Company Type 2:
The second type of credit repair company generally appears to be much more legitimate. It will have a physical office but similar to Credit Repair Company Type 1, it will only use the same standard dispute letters mentioned above. While typically not intending to operate illegally, compliance issues are usually neglected. The largest difference between Credit Repair Company Type 1 and 2 is that the second usually makes use of a substandard software program that allows it to produce volume and handle credit repair clients on a much larger scale. The dispute letters used are extremely generic and for that reason, will not provide the best results possible. Although this type of credit repair company may conduct a large amount of business, it is not equipped to handle consumers that have specific credit related problems. This type of credit repair company uses more of a cookie cutter approach.
The first two types of credit repair companies, as previously mentioned, make up for more than 90% of the credit repair industry. Credit Repair Company Type 3 and 4 are completely different and make up for less than 10% of the industry. It is very important to note the differences.
Credit Repair Company Type 3:
Not only is the third type of credit repair company usually compliant with the laws governing credit repair organizations, but it is also usually well versed in the U.S. Code used to dispute negative credit items on the consumers' credit file. Using more than just standard dispute letters, this type of company can be much more effective than Credit Repair Company Type 1 and 2. Because this type of credit repair company has such a good understanding of the U.S. Code related to credit, it is typical for company type 3 to offer custom credit repair work to its clients. The ability to provide custom work for its clients allows company type 3 to go above and beyond the level of service provided by Credit Repair Company Type 1 and 2.
Credit Repair Company Type 4:
The forth type of credit repair company is very much like the third type in that it is usually compliant with federal law, extremely well versed in the U.S. Code required to be effective in the credit repair industry, and typically also offers to perform custom dispute work for its clients. The largest difference between Credit Repair Company Type 3 and 4 is that Credit Repair Company Type 4 has attorneys on staff or is contracted with a law firm. Credit Repair Company Type 4 will also usually be more costly than the other three credit repair company types but will almost always be more effective. Not only can an attorney based credit repair company provide the best results possible, but a credit repair company that has attorneys on staff or is contracted with a law firm can also enforce the consumers' rights, should legal action be required to correct inaccurate items on a consumer's personal credit file. Beyond that, by using an attorney driven credit restoration company, the consumer can minimize the possibility that an item will be re-reported by a creditor as an attorney has the ability to take additional steps to block negative items from being re-reported on a consumer's personal credit file. There are very few credit repair companies in the industry that fall into this category. Credit Restoration Bureau is one of those companies.
As you can see, it is not only important to find a credit repair company that employs subject matter experts and has the ability to provide great results, but it is also very important to find one that is compliant with the guidelines set forth by the federal government. Further, you should now understand the benefit of using a credit repair company that has attorneys on staff or is contracted with a law firm. Your credit report has more of an influence in determining your financial future than most anything else. You should not put your credit report in the hands of just anyone. Choose a credit repair company that is compliant, well versed in the related U.S. Code, and employs subject matter experts and attorneys or retains the services of a law firm.
