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If you’re trying to improve your credit score and reduce your financial liabilities, the first thing you may try to do is enlist the help of a credit repair company. However, there are certain situations that may require you to seek legal credit repair help.
When you notice illegitimate accounts on your credit report, you can begin by writing a dispute letter to the reporting agency and the creditor. However, if this does not solve the problem, you may need to seek legal advice.
Mortgage and auto lenders are typically the hardest creditors to alleviate. They won’t simply write a letter to the bureau rescinding the information under your identity! If these types of incorrect accounts are on your report, you should immediately be concerned with the possibility that you may be a victim of identity theft.
Identity theft is punishable by local, state and federal laws, but is very difficult to do pro se. If you believe that someone else has stolen your personal information and used it to illegally open lines of credit, it may be time to consider legal credit repair.
Although a lawyer will require some type of retainer fee and cost much more than simply doing the job on your own, he or she will be able to accomplish more as well. Certain legal actions will prompt these lenders to act more quickly and efficiently in the removal of incorrect account information.
You may also attempt to save money using a lawyer by asking them what you may do on your own. Sending letters notifying an agency of legal action may be something you can send yourself rather than paying a legal credit repair firm to do it for you.
Larger degrees of negative marks on your credit may also need to be addressed by a legal professional. For example, if your report incorrectly states that you have filed bankruptcy, this type of mark will require extensive legal action to halt any further damage and remove it.
It is estimated that 79% of all credit reports contain inaccurate information. This means that nearly everyone should monitor his or her credit report on a regular basis to prevent additional damage.
Incorrect credit reporting costs Americans millions of dollars in interest, court and legal counsel fees. Knowing when to seek legal credit repair will help to reduce the chances of your personal credit repair taking longer and costing more than is necessary!