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There are people out there that cannot get any form of credit because of past problems with not being able to pay their bills or any other debt or even worse is bankruptcy. These people look to using a credit repair company to get rid of all their bad credit for a fee that can range anywhere from a few dollars to hundreds of dollars. A Credit Repair Company will claim to fix your credit record even if you are unable to get credit and they will tell you that all negative information on your credit report will be removed. They will often try to get you to dispute the accuracy of the credit bureau’s file whether it is accurate or not. Therefore, they end up removing all the negative information from your file, without having the time to investigate the issue properly. But, all questioned entries on credit reports will continue to be investigated even after they have all been dropped, and if it turns out that the negative information that was originally on your credit report turns out to be correct, that information will then get re-entered into your file. All that information will then stay on your credit report for a seven to ten year period. A Credit Repair Company must register with the Department of Justice and they have to obtain a certificate of registration that has to be visible for you to see and inspect at all times. Be aware that they are required to advise you of all your rights under the Fair Credit Reporting Act and you have to receive a written contract from them that will tell you exactly what services are going to be performed. You will also have the right cancel the contract without paying anything to them. But, this will need to be done within five days of signing the contract. It is also required that they are not allowed to take any payment from you until the service they have promised to perform for you, is completely done. This most often should be done within six months. If you decide that you want to do any business with a Credit Repair Company, it is vital that you make sure you do your research and choose a company that would best suit you. Make sure that the company that you have chosen is reliable and trustworthy. And, also check to see whether they are registered and are at least known by others. Make sure that you get to see the company’s certificate of registration. It is very important that you get a written contract from them. So make sure that you understand exactly what the company will or will not do for you, as well knowing exactly what information they will be changing on your credit report. Do not let any Credit Repair Company tell you that you will need to pay for any service before anything has been done. And, they have to by law tell you what your legal rights are and what you can do yourself for free. |
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