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Avoid Being Scammed By Credit Repair Services Company |
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If you have bad credit, you must be aware of credit repair services companies. What you, probably, don't know is that the vast majority of these companies promise to erase your bad credit even if the poor credit is current and accurate, a promise that is made only to be broken. These credit repair services companies should not be confused with nonprofit credit counseling services that help consumers reduce their debts and pay bills on time. The following are the warning signs that will protect you from the guiles of some credit repair services companies. 1) Legitimate companies charge only a small fee for their services and that too after they have satisfied you that your credit report has been corrected. So, beware of those who ask you for a large up-front fee. 2) When a credit repair services company appeals the bad information on your credit report, the credit bureau, by law, has to remove the information while it's under investigation. The dubious credit repair services company takes advantage of this removal and impresses you by showing you the next month's credit report without the negative information. The company claims it has been able to straighten up your credit report by having the negative information deleted and charges a large fee for this service. However when the creditor reports that the information is correct, it reappears on your report. You are then back to square one, but poorer by several hundred dollars. 3) Remember that there is no legal way for anyone to remove your bankruptcy unless it was discharged over ten years ago (seven years for chapter 13). If any company assures you that it can remove a bankruptcy--be on your guard! How to find a legitimate credit repair services company You now know the safeguards that you must employ in selecting a legitimate credit repair services company. These companies will help you do all legal activities as mentioned above, including writing letters to the creditors on your behalf and will endeavor to get the negative information updated. They will also do their best to have the negative information deleted from your credit report You are now fully equipped to make the choice of a credit repair services company, all by yourself. However if you want someone else to help you, you can use the credit repair warning signs to ensure that the credit repair services company is over-board and legitimate. You can also contact the state attorney general's office to find out if the credit repair company is legitimately licensed to do business in your state. If you know the location of the headquarters of the credit repair services company, you should check with the Better Business Bureau in that state to see if there are any complaints on file against the credit repair services company. Your state attorney general's office is listed in your telephone book and after consulting this office, if you find that the company offering credit repair services isn't licensed to do business in your state or it has a long list of complaints against it in its file, just stay away from that company. Cheated by a credit repair services company The parameters and the limitations within which companies offering credit repair services must strictly operate are well laid down by laws and regulations, which have been passed by many states. Obviously, if a credit repair services company cheats you, you would wonder as to where you can report this fraud. If you think that a credit repair services company has taken you for a ride, you should start with your local city or county consumer affairs office, or with your state's attorney general. Many state attorney generals have toll - free hotlines where you can lodge your complaints. Do not hesitate to do so, as the attorney general would like to know if you have been lied to and/or cheated out of your money. |
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