Legal Perspective: Can I Restore My Credit?
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Unfortunately, we live in a society today that determines our net worth and value as human beings according to our credit report. If your credit report is good, chances are you will partake in many of the better things in life. The complete opposite is true if your credit report is unfavorable. Very few creditors will extend fair credit to you with blemishes on your credit report.
What if it wasn't you're fault? What if you were forced into making a choice between eating or making a car payment? What if you were laid off from your job, a medical emergency occurred, or some other personal crises prevented you from making a timely payment? Should you be forced to pay the consequences for the next 7 to 10 years, serving a credit prison sentence?
The current system does not give you the opportunity to defend yourself before inscribing your credit report with negative and damaging information even if it is not yours! Their perspective is that YOU must prove to them how the negative information on your credit report is incorrect, invalid, erroneous, or otherwise, non-verifiable before they will remove it off your record. In other words, in the eyes of the credit bureaus…YOU are guilty until proven innocent.
How is a system like this allowed to operate in our democracy? The credit bureaus have placed themselves in the position of both judge and jury in relation to your credit file. One very important thing to consider... A judge will give you an opportunity to defend yourself before ruling. As Americans, we are supposed to have that same opportunity while facing our accusers before judgment is passed. However, this is entirely untrue when it comes to your credit records.
Here lies the truth... creditors and credit bureaus have been swapping information about you behind your back without your permission for a very long time. In effect, it is hearsay and can cause you severe economic hardship.
We are taught that one is innocent until proven guilty. Why aren't we extended the same courtesy by the credit bureaus? Why do they not give us a chance to defend ourselves before they place damaging information on our report? Because, consumers rights cost them money! The sole focus of credit bureau companies IS profit with YOUR credit file being the credit bureaus product!
The credit bureaus have no government affiliation (except for spending millions on lobbying efforts). These private corporations sell your personal financial information to anyone that will pay for it - who, as a rule, accepts it as gospel even though it has been proven all too often that mistakes happen! Creditors then reciprocate by giving back to the bureaus any information they may have on you.
What can be done?
In a democracy, everyone is entitled to a defense. Consumers have the right to obtain representation and face their accusers armed with their legal rights.
The credit bureaus should have to back up any derogatory information they sell to creditors regarding your credit files. Congress and the law agree! If your defense is presented properly, whether your credit report is accurate or not, it is usually more difficult and costly to prove the information is correct than to simply remove it.
It should require more than just a form letter to validate my credit - and it does! If the bureaus state the information was only verified, our attorneys increase the intensity of their challenges and request validation until the derogatory items are permanently removed off your file!