Have you been turned down for a credit card, car loan, or mortgage? You are not alone! Mortgage professionals across the country report that 70% of the mortgage applicants cannot qualify. The good news is you do not have to live in “Credit Prison”.

When discussing credit repair or restoration, we often hear things like “it’s a scam”, “it takes too long”, “it’s too expensive”, “the items you remove will just reappear”, and “it’s not legal”.

Is Credit Repair Legal? You bet it is! You have rights under the Fair Credit Reporting Act (FCRA) passed in 1970. Essentially, this act gives you the right to have credit information about you reported accurately, be verifiable and it gives you the right to dispute items you feel have been reported in error.

Why do you think this law was passed? Because many credit reports are not accurate and contain errors. The Federal Trade Commission receives more complaints about credit bureaus than almost any other industry!

The Credit Repair Organizations Act (CROA) also protects you. If credit repair were illegal, there wouldn’t be a law governing the credit repair industry.

“It’s Just a Scam!” Unfortunately, there are those in any industry who act outside the law. In a time of bankruptcies, foreclosures, short sales, and unemployment, there is an opportunity for scammers. The good news is in a list of the top complaint generating industries the credit repair industry was 189. I can refer you to a reputable company that has opened the door to home ownership for many of my clients.

“It Takes Too Long!” You did not get into this situation overnight. Most clients see a 100 point score improvement within a year. One of my clients is closing escrow on his new home after raising his scores 100 points in 8 months. He not only now qualifies for a home loan; he qualifies for the best loans. Would you like to own your own home next year?

“Deleted Items Will Just Come Back!” Some items when challenged will be removed while the credit bureaus are investigating them. This will give a short-term score boost, but if the items are verified, they will come back on the report. When you deal with a reputable company, the deletions are permanent.

If you have experienced a “Life Happens” event such as Divorce, Bankruptcy, a Short Sale, Foreclosure, Medical Emergency, or Job Loss, you don’t have to live in “Credit Prison.” The cost of bad credit goes way beyond the higher interest rates you pay on your car loan and credit cards. Financial issues are the number one cause of divorce and can lead to problems in our work. Financial wellness is important to both your physical and mental health.

I recommend the US Consumer Credit Restoration Association. I have seen their results first hand. Executive director Jim Hogle describes USCCRA mission as “Restoring America’s Financial Health One Family at a Time.” To learn more about the USCCRA program, please click on the banner below.