What is Credit Restoration?

Credit Restoration is not wiping your reports squeaky clean, much more goes into achieving a good credit report.

The Process of Credit Restoration

Credit restoration is the process of correcting what is considered a bad credit report, for whatever reason it deteriorated in the first place. It may be as simple as correcting mistakes with the credit agencies. Identity theft may also require extensive credit repair work. This is done with the 3 major credit bureaus TransUnion, Equifax, and Experian. Any information that is inaccurate, incomplete, unverifiable, obsolete, and/or questionable can all be challenged as a right of the Fair Credit Reporting Act. Under the Fair Credit Reporting Act, credit reporting agencies such as Experian, Equifax and TransUnion are required to thoroughly investigate your credit report dispute. So are the furnishers that supply your financial information to the credit bureaus. Full law description found on Credit Laws Blog.

Back in 2013 a government study was released that indicated over forty million Americans had one or more mistakes on their credit report and of those forty over Twenty million have significant mistakes. Even later studies showed that 79% of all credit reports consist of some type of inaccuracies according to United States Public Interest Research Group. With knowledge of that type of information it is vital to make sure that you are taking all precautions needed to monitor your credit reports on a regular basis. If you are persistent with disputing the questionable or inaccurate information, you are less likely to be wrongfully denied credit, employment, or housing because of mistakes on your credit reports