| The Fair Credit Reporting Act (FCRA) provides the | | | | credit file, it will not have a positive influence on your |
| American consumer with many options for dealing with | | | | credit score. |
| derogatory information that has been placed on their | | | | Another very important issue that should be |
| personal credit file. One of the numerous options | | | | considered prior to making a 100 word statement |
| provided for by the FCRA is the ability for any | | | | regarding derogatory information on your consumer |
| consumer to make a 100 word statement explaining to | | | | credit file is the fact that you only have one |
| creditors the situation surrounding the derogatory | | | | opportunity to do it right. The statement you choose to |
| information associated with any one of the accounts | | | | make will become a permanent part of your consumer |
| on their personal credit file. The idea was intended to | | | | credit file and cannot be removed or revised should |
| allow consumers the option to explain their situation so | | | | you wish to at a later time. The crucial point that must |
| that creditors and lenders would have the opportunity | | | | be understood is that by making the choice to make a |
| to consider that specific information prior to making | | | | 100 word statement, you run the risk of making it |
| their decision to extend make a loan or extend credit. | | | | almost impossible to erase the derogatory credit item |
| While the ability to make a 100 word statement | | | | at a later time, whether through your own hard work |
| regarding derogatory information on your personal | | | | or a professional credit repair organization. |
| credit file makes amazing sense in theory, for | | | | As it will not help your credit score and only complicate |
| numerous reasons it does end up working out out to | | | | the possibility for the derogatory item to be erased or |
| be in the consumers' best interest to do so. To be | | | | resolved at a later time, submitting a 100 word |
| quite honest, there are more than one good reasons | | | | statement is almost certainly a bad idea. Obviously, |
| why it is preferable that consumers refrain from this | | | | one of the most effective ways to prevent |
| opportunity altogether. | | | | derogatory credit items from hurting your credit score |
| Creditors and lenders follow very specific guidelines | | | | is to have them resolved from your consumer credit |
| when deciding to extend credit or make a loan. Those | | | | report through professional credit report repair. Should |
| guidelines have very specific credit score requirements | | | | you choose to take action and seek the help of a |
| that must be met prior to a positive decision is made | | | | professional credit repair organization, it is very |
| to extend credit or lend money. In very rare cases a | | | | important to understand that all credit restoration |
| 100 word statement may be taken into account by an | | | | organizations are not created equal. Be sure to check |
| underwriter when choosing to extend credit or lend | | | | out my article that discusses the many different types |
| money but, only after the required minimum score has | | | | of credit repair organizations that make up the industry |
| been satisfied. And regardless how great your | | | | and what to look for when choosing the one that best |
| explanation is for having a derogatory item on your | | | | suits your needs. |