Credit Repair Key Terms
Get a better understanding of regulations and services related to credit repairCredit repair will allow you to improve your credit scores and become more likely to gain approval for loans and lines of credit. Different laws can affect the way that you go about looking for credit repair options.
Another feature of understanding credit repair is to review the key terms of credit repair services. Examples of credit repair services include credit counseling and credit report repair. These services can raise your credit score significantly and improve your overall credit report.
Fair Credit Reporting Act
Federal Trade Commission has information about the Fair Credit Reporting Act in their article about credit repair.
Equal Credit Opportunity ActThe Equal Credit Opportunity Act is another term that you may see when looking for credit repair information. This act requires that credit bureaus have separate credit histories for both husbands and wives.
Federal Reserve Board.
Credit reporting agenciesCredit reporting agencies are companies that collect consumer credit information from public records and creditors. The three main credit reporting agencies are Equifax, Experian and TransUnion.
Credit report repairA service available for consumers looking for credit repair is the ability to hire a law firm to perform credit report repair. During this process, questionable items may be legally removed from your credit report.
Credit counselingCredit counseling involves speaking to a specialist on ways that you can repair your credit history. Suggested methods may include loan consolidation and how to avoid severe debt.
National Foundation for Credit Counseling explains the different facets of credit counseling.
FICO scoresFICO scores are used by different loan and credit agencies to determine your eligibility for credit. These scores are created by the Fair Isaac Corporation. Credit repair involves raising these scores to improve your likeliness to get approved for a loan.
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