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There are a lot of questions and misconceptions surrounding the practice of credit repair, debt consolidation and consumer credit scores. Today, credit scores impact such things as the ability to qualify for a loan, to get a job, insurance, rent an apartment or house and even the purchase of a cell phone. It is no wonder that consumers need help. » Is it possible to repair credit and raise credit scores legally? The answer is yes as The Fair Credit Reporting Act, which was amended by The Fair and Accurate Credit Transactions Act in 2003, outlines the laws that govern the credit bureaus and the entities reporting to the credit bureaus. C. T. R. A. P. can help consumers manage and structure their credit to achieve higher credit scores. » What are the biggest challenges to legal credit repair? Getting the credit bureaus and creditors to comply is by far the biggest challenge in credit repair. It's estimated that up to 50% of consumers could have a cause of action for noncompliance with the FCRA against either the credit bureaus or their creditors when dealing with a dispute . Given the fact that litigation is extremely expensive, pursuing these violations for money doesn't make sense and costs more than the awards. » Do credit repair laws differ from state to state? The main law governing credit repair in the United States is the federal law called the Credit Repair Organizations Act, or CROA. All credit repair companies in all 50 states are required to comply with this law. » How long does it really take to repair or raise credit scores and consolidation? It depends as each situation is unique. C. T. R. A. P. may be able to obtain deletion for a couple of inaccurate items within 7 to 10 days. Conversely, it may take three to six months to remove old debts that were discharged through bankruptcy. On the average, the credit repair takes about three months to accomplish the result for the client. Debt consolidation is the same, as it takes time to workout a program with all the creditors. Don't Cut Up Those Old Cards? What you may find surprising is that closing credit card accounts can hurt your credit score as badly as missing a payment. You are much better off using ld cards every few months for low dollar purchases. When the bill comes in, pay it in full. In doing so it will ensure that the account will never be closed and you'll always get credit for your good payment history. » How can consumers get collection agencies to stop calling them at home? Upon authorized request, C. T. R. A. P. can get a collection agency to stop calling their client's house or work or family members within a few days.
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