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How to Choose a Credit Services Business to Clean Your Credit Report A Credit Services Business is anything that offers, sells, licenses, guarantees, contracts, agreements, or represents that someone else will or can sell, give, or do, certain specific services for the payment of cash or other consideration for repairing a consumer's credit file, history, rating, or level. There are many kinds of credit services. Some are relatively standard, while others depend on the specific industry and characteristics of the company. Some companies have specific expertise in particular areas. One service offered by almost every credit agency is a credit-monitoring service. The primary and most fundamental purpose of the credit services business is to maintain and monitor a consumer's credit report and history. This information is used before an individual obtains new credit from a source that is not authorized to obtain credit records from another entity. For example, if a new credit card is issued through a merchant's website and the customer does not give their credit card number to the website, the credit services business holds the customer's credit record until the customer makes contact with the business. If the new credit card is not paid for in full within a month, the credit record stays in the file even though the customer has not paid for it. Another important purpose of a credit services business is to provide consumers with credit repair services. Most consumers are capable of making changes to their credit reports and records. However, there are instances where the credit services reporting agency receives a complaint from a customer that a change to their credit file has been made incorrectly. In this case, the credit repair services may be obligated under the law to correct the error. However, finance do not have the obligation to make the appropriate changes. Credit services reporting agency is not responsible for correcting inaccurate information on a consumer credit report. There are laws in place that prevent credit reporting bureaus from reporting inaccurate information to a credit report. The Fair Credit Reporting Act (FCRA) gives the consumer rights to dispute inaccurate information with credit reporting bureaus. The FCRA requires each of the bureaus to investigate claims of inaccurate or incorrect information and to correct or remove inaccurate information within 30 days. This enables the consumer to have their credit report corrected so that they can have improved credit scores. A number of consumer credit services organizations exist that provide a variety of services to individuals who want to clean up their credit reports. The most popular is TransUnion because it is one of the largest consumer credit reporting bureaus. It provides basic information on your profile such as your name, address, employer, Social Security number, birth date, phone number and more. They also provide advanced search tools that allow you to search for specific items such as unpaid bills, collections, foreclosures and bankruptcy. If you find any inaccurate information on your credit reports you can challenge it with TransUnion. There is a surety bond requirement for credit services organizations. The surety bond ensures that the credit services organization has enough capital to cover any legal costs incurred in resolving an account. If there is a lawsuit initiated against them due to inaccurate information, they will be liable for the costs incurred in correcting the inaccurate information. finance is typically a very low amount, around $500 for one of the most common reports that shows up on a credit report, the credit report with a creditor's contact information. Another important factor when picking a credit services organization to clean up your credit reports is how long they have been in business. Some credit services organizations have been around for many years. They have probably helped hundreds of thousands of people get their credit reports back on track. However, others have just recently opened and are in their infancy stage with little experience in the credit score cleaning field. It is also very important to note what type of reports they can provide. Are they able to only provide credit reports for consumers that have an American Credit Report with an IRS identification number? Or do they have access to consumer credit reports from other countries? These are just a few questions to consider in choosing a credit services business to help you improve your credit rating.
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