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The Reality...
If Information Technology (IT) has spawned a "Big Brother", many would name the credit reporting industry as that entity. Nearly everyone with a social security number in America is tracked by Equifax, Experian and TransUnion... the three major credit bureaus. They compile files called credit reports which can either "make or break you" when you're applying for a mortgage, car loan, credit cards... and many times, insurance, as a tenant, for a security clearance, or a new job.

Credit reporting is a business, not a law or the result of legislation empowering creditors and lenders to check up on you as a prospective customer or borrower. However, over several decades it has evolved into a formidable information bank... the standard "go to" for credit granters or creditors... which can greatly impact your financial well-being and success. The Federal Trade Commission (FTC), through the Fair Credit Reporting Act, has been empowered to monitor and oversee the conduct and practices of the credit reporting industry. So to some extent, the FTC is the mediator between you, the consumer, and the three major credit bureaus.

Under the present law, the credit bureaus right to sell information about you without your permission comes with the responsibility to be able to verify or substantiate the information being reported - when it's disputed or challenged.

What many find unsettling is that virtually anyone who's determined enough to get your credit report can. A little more disturbing is the fact that credit reports are very often filled with mistakes and erroneous information. In fact, it's been estimated that around 70% of all credit reports are reporting inaccurate information.

So, even if you generally feel your credit report is good, it's in your best interest to periodically check your credit reports to see what's there and who's seeing it. If damaging information is being reported, you would of course, want to correct or clear it. And by Federal law, you have the right to do so.

You will find that removing negative information from your credit reports requires perseverance and a focus to follow through on the process of compelling the credit bureaus to document their information. This is, in fact, the very essence of what credit repair is all about.

For ease of use, this manual is divided into chronological steps necessary for repairing your credit. Stick to this plan, and you should see good results. If you're experiencing problems obtaining credit, regardless of what you think you know about your credit history, you'll need to start the process by obtaining your credit reports from all three major credit bureaus.

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