Credit repair attorneys can help you get back in the green. A credit repair attorney might have access to experts that you couldn’t find on your own. Do you need a lawyer? Credit repair can be complex and time consuming but with a lawyer’s help you can navigate it easier and faster. Lawyers, credit repair experienced lawyers, can make short work of something that could literally take you years to accomplish alone.
Credit allows consumers to finance transactions without having to pay the full cost of the merchandise at the time of the transaction. A common form of consumer credit is a credit card account issued by a financial institution. Merchants may also provide financing for products, which they sell. Banks may directly finance purchases through loans and mortgages.
The law of consumer credit is primarily embodied in federal and state statutory laws. These laws protect consumers and provide guidelines for the credit industry.
States have passed various statutes regulating consumer credit. The Uniform Consumer Credit Code has been adopted in seven states and Guam. It purpose is to protect consumers obtaining credit to finance their transactions, ensure that adequate credit is provided, and govern the credit industry in general.
Congress passed the Consumer Protection Act in part to regulate the consumer credit industry. It requires creditors to disclose credit terms to consumers. The Consumer Protection Act also protects consumers from loan sharks, restricts the garnishing of wages, and established the National Commission on Consumer Finance to investigate the consumer finance industry. Credit card companies and credit reporting agencies are also regulated by the Act. The Act also prohibits discrimination based on sex or marital status in the extending of credit. The Act also regulates certain debt collectors.
Don't lose hope if you've got bad credit. If you take steps to get your financial situation under control, correct errors on your credit report (without using costly, often shady, credit repair clinics) and add positive credit information to your file, you'll improve your credit in a relatively short period of time.
Improving Your Credit Score
If you want to improve your credit score, take the following steps:
· pay your bills on time
· update old accounts (accounts reporting a balance may have
been paid down to zero)
· don't max out your credit lines
· limit the number of times you apply for credit
· maintain your accounts for a long period of time, and
· stay away from finance companies.
Finally, you should not give up hope just because you have a low score. If you think the problem is caused by mistakes on your credit report, you should get a copy of your credit report, fix the problem and explain the situation to the lender. (See Rebuilding Credit FAQ to learn how to do this.) Most lenders will override credit scores if they think you are a good risk despite problems with your score.
To learn more about credit scoring -- particularly its pitfalls -- you might want to visit the website of credit scoring's most strident critic, Greg Fisher. He beat the scoring proponents to the punch by scooping up the web address http://www.creditscoring.com, from which he launches often strident, sometimes wacky, but usually well-documented attacks on the credit-scoring concept and the industries that support it.
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