2007-12-16 23:26:32 · 5 answers · asked by rosesbloom7 2 in Business & Finance ➔ Credit
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
2007-12-17 09:09:30 · answer #1 · answered by nebula7693 4 · 0⤊ 0⤋
The only thing the law firms can do (and you can do it yourself without the law firm) is to dispute each negative item in the credit report. The FCRA requires the bureaus to have the creditor validate the negative item. The law firms are betting that some of the creditors won't bother to reply, and the negative item(s) will be removed as required. Of course, each one removed will raise the score.
2007-12-17 01:31:49 · answer #2 · answered by acermill 7 · 3⤊ 0⤋
This doesn't do any good. I mean, if you are a deadbeat, the best lawyers in the world isn't going to be able to turn your credit rating around with a letter of recommendation. You have to pay you bills on time for a good while for this to happen.
2007-12-16 23:32:31 · answer #3 · answered by WC 7 · 1⤊ 0⤋
your credit score is determined by an algorithm so a letter isn't going to help.
2007-12-17 00:13:11 · answer #4 · answered by Matthew B 3 · 1⤊ 1⤋
Writing a letter of dispute is not going to do any good. It is all based on what your creditors say.
2007-12-17 03:57:33 · answer #5 · answered by Anonymous · 0⤊ 1⤋