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Avoiding Rip Offs In Bad Credit Repair |
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Bad credit repair companies are in a boom today. Wherever you look there are advertisements of bad credit repair companies with catchy taglines. But have you ever thought about the real catch? There are several bad credit repair companies that are mere scams and always look for opportunities to pull money out of your pocket. With 1.6 millions Americans filing for personal bankruptcy, mortgage foreclosures reaching all-time highs, and household debt at record levels, consumersneed help. But just as there's been a boom in debt counseling, there's also been a surge in debt-counseling ripoffs. These so-called bad credit repair agencies prey on overwhelmed consumers, promising a new slate, a new credit identity, and a new start--all for an upfront fee. Or they promise to contact your creditors and get them to accept lower payments or to charge lower rates. They make it sound so easy that desperate people sign up. But the very fact that they advertise how easy it is to get out of debt should be a warning signal. As more and more people are reeling under debt problems, more bad credit repair companies are making their entry into the financial market. If you walk around your city, you would easily find such companies. These companies also advertise on TV, radio, newspaper, and the Internet. You may even get an offer in your mailbox also. But don't go after them straightaway. First, shop around a bit and try to know about the exact company profile. Listen what the experts say and then only take a decision. If you believe you have been victimized by a bad credit repair scam, immediately file a complaint with the Federal Trade Commission. Call for FTC help or log on to www.ftc.gov and click on the Consumer section. Immediately a list of contents including automobiles, credit, energy and environment, identity theft, investments, privacy, travel and so on will pop up in front of you. Below that section, you'll find a section where you can file your complaint with just one click. At first, go through the terms and conditions carefully and clarify everything. Then fill out a form with your name, age, address, social security number, subject of complaint, name of the company you are complaining about, e-mail, phone number, and so on. This form is designed to improve public access to the FTC Bureau of Consumer Protection Consumer Response Center and is voluntary. Through this form you can electronically register a complaint with the FTC about bad credit repair. Consumer Credit Counseling Services, a non-profit agency, has member locations in every state, and the toll-free number automatically connects you to the nearest local office. Counseling may be free or very low cost. You can get counseling over the phone or by contacting the office in person. Moreover, search for reputed bad credit repair companies. Truly reputed agencies will not charge a big upfront fee but may take a small monthly fee for a debt repayment service. If you do enter a bad credit repair service, where you send one check to an agency and it promises to pay your creditors, be sure to check that your payments are in fact being paid by the agency. The head of consumer credit counseling services says that there are more than 25 locations where you can meet counselors in person. The important thing you need to do is to listen to all the options that a counselor provides. Take your time and read some self-help materials that Consumer Credit Counseling Services provide, and then follow the plan that they jointly create with your counselor. The goal should be with the help of bad credit repair move yourself from being a spender to a saver to, someday, an investor. |
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