Do law firms increase credit scores by writing letters to credit bureaus & credit card companies? Is it legal?
Thursday, December 3rd, 2009 at
1:03 pm
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Filed under: Finance
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Yes this can increase your credit score. What the lawyer is doing is simply disputing the information on your credit report. It is legal and it can work if the lawyer knows what s/he is doing.
There is a set of laws called the Fair Credit Reporting Act that governs how the credit bureaus MUST report information. It contains over 300 laws that each piece of information reported MUST comply with. If any piece of information reported on you does NOT meet any one of those laws, the credit bureaus are REQUIRED to correct the information or remove it. So what the lawyer does is show how the negative information s/he is disputing violates one of those laws.
This is a process one can do for themselves. However, the FCRA is a long and complicated document so it is probably better to have a legitimate credit repair company do it for you or a lawyer. After all, if you need your car fixed, you go to a mechanic, right? The same for your credit.
If you have any further questions regarding credit issues please feel free to contact me at nebula7693@yahoo.com