If you have filed for bankruptcy, you may be the target of a credit repair scheme called “file segregation.” In this scheme, you are promised a chance to hide unfavorable credit information by establishing a new credit identity. That may sound perfect, especially if you’re afraid that you won’t get any credit as long as bankruptcy appears on your credit record.
The problem: “File segregation” is illegal. If you use it, you could face fines or even a prison sentence.
The Truth
No one can legally remove accurate and timely negative information from a credit report. The law, does however allow consumers to request an investigation or reinvestigation of the facts and information in your credit file that you dispute as inaccurate or incomplete. There is no charge for this investigation.
Everything a credit repair clinic can do for you legally, you can do for yourself at little or no cost.
Reporting Negative Information
- Bankruptcy information can be reported for up to ten years.
- Information reported because of an application for a job with a salary of more than $20,000 has no time limit.
- Information reported because of an application for more than $50,000 worth of credit line or life insurance has no time limitation
- Default information concerning a US Government insured or guaranteed loan can be reported for seven years after certain guarantor actions
- Information concerning a lawsuit or a judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer
More than 80% of Americans have at least one or more negative or inaccurate items on their credit report, and unfortunately, just a small percentage of those people are aware that credit restoration is a legal option. By using the rights provided by Federal law and the Fair Credit Reporting Act, we have removed tens of thousands of negative items from our clients credit reports.
Well here is what the New Jersey Attorney General's office says about Credit Repair.
The Florida Attorney General says the same about Repairing credit.
Guess what, the Texas Attorney General says the Same about Credit Repair Companies.
Hey! Here is a surprise The California Attorney General says the same about fraudulent credit scams.
But, I guess those companies that tell you they can repair your credit and give you a new credit report profile or build a new credit file know more about credit repair law then those who make the laws.
Do not be taken, I work in accordance with the law. I follow the guidelines and will get you the best legal results possible and then teach you how to improve your credit score once we clean it up to the most accurate state possible.