This could happen to you. You are planning to procure a car and you are prepared to finance it. You know that your credit is good so you give the dealer authorization to run a report. He comes back with the sad news that he cannot give you the loan because your credit report shows that you are dead.

Some individuals may sneer at the suggestion of credit repair, thinking that they have superior credit so there is nothing to be troubled about yet, scenarios just like this one play out every day. The reality is that credit-reporting errors are really frequent and that is really not very unexpected allowing for the amount of information that is exchanged on a day after day basis.

There are around 3.5 billion pieces of credit account information that the credit bureaus receive from lenders each and every month. It is no shocker that there are mistakes made. It is foreseeable. Even with a “one in a million” chance of a dilemma, it would happen 3500 times every single month just based on the pure quantity of the amount of information changing hands.

The credit reporting system also has many of its own flaws. People who share frequent names often find wrong information that belongs to someone else on their reports and using a social security number does not guarantee correctness as numbers can be transposed and sometimes the algorhythms just accept a fractional match. Mistakes are foreseeable in the present credit reporting system.

There are also situations where the information may seem to be true yet upon additional examination the reporting is not quite as correct as it seems. As with everything there may be an alternative side to the account and perhaps there is more to the situation than the black and white report. The fact is that many things on a credit report can be incomplete, ambiguous, biased or questionable.

The information showing on your report may misinform a lender into thinking that you are a bad credit risk when in fact you have never had any credit issues at all. Mistakes occur all the time and it can be very prejudiced to the reliable and dependable consumers.

But in the 1970’s the Federal Government enacted the Fair Credit Reporting Act. This ruling allows consumers the opportunity to dispute anything on a credit report that is misleading, incomplete, ambiguous, unverifiable, biased, unclear or questionable. After a dispute is issued the lender has 30 to 45 days to bear out the truth of the information or it must be deleted from the account.

Credit repair and credit disputes can be done on your own and it is not essential to have professional or expert help. But it does take time and energy and some expertise so if you are lacking in any of those areas you may want to ponder the assistance of a qualified credit repair service.

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