Home > Credit Repair >
Credit Repair Services > Credit Repair Services Companies: True Lie
Credit Repair Services Companies: True Lie |
|
You must understand that companies offering credit repair services cannot remove accurate negative information in your credit file. They may be advertisements from credit repair services companies that they can obliterate bankruptcies, judgments, liens and bad loans from your credit file forever (for a fee) so that you can qualify for a credit card, auto loan, home mortgage, or even a job but they will not be able to deliver. For improving your credit, you will need a reasonable amount of time, a deliberate effort and a debt repayment plan. Ask your credit repair services company to help you out! Be very careful about the companies that advertise credit repair services and allure consumers with poor credit histories to take certain actions that may violate federal law. They may ask you to make false statements on a loan or credit application, misrepresent your Social Security number, or advise you to get an Employer Identification Number from the Internal Revenue Service under false pretenses. Beware! If you do anything like that, you are committing a fraud and will land yourself in a bigger mess. Most Credit Repair Services Companies Are Scams Any credit repair services company cannot take off true negative information on your credit report. Correct information, good or bad, stays on the credit record for seven years, whereas bankruptcy stays on the credit report for ten years (not more than seven years after repaying debts under Chapter 13 bankruptcy). Bankruptcy cannot legitimately be removed from your credit report. Any claim by a company offering credit repair services that bad credit can be erased from your credit report, is an absolute distortion of the truth. A bankruptcy in your credit report does not indicate a black mark on your credit report. It will only be reported as a bankruptcy in the past by the credit bureau. You can turn the bankruptcy into an asset by taking suitable actions. By improving or updating the existing negative information so that it reflects you in the best light, you can improve your credit rating. Instead of paying any credit repair services company to do it for you, it is best doing it yourself. It won't take you more than five to six hours and you will have the best possible credit history on your credit history. If, however, you have been conned by a credit repair scam, stop blaming yourself and start acting. Get proper information by spending the fees and move ahead. Get copies of all your current credit reports and use the information gained from this chapter to update your credit report on your own. The credit repair services companies allure customers with bad credit by promising the moon. They even offer a written guarantee that they will get the negative information of your report completely erased, or else they won't take any money from you. Actually, they can have the negative information removed temporarily with the help of a certain clause in the law, but the negative information will reappear as soon as the creditor is contacted by the credit bureau. However the credit repair services company will show you the clean slate of the interim period and take your money (usually $500 to $1000) and disappear, before the negative information reappears. The Reality of Credit Repair Services Companies The baseline is that these companies can't do anything for you that you can't do on your own. Do not hire a Credit repair services company, just because you do not have the requisite time. All that these companies do is charge you between $250 and $5,000 for their unnecessary services. You should contact your creditors if you feel that you can't make the payments. You can even contact the local credit counseling service for help in working out a payment plan and a budget. This service is almost free. You can also take the help of your employer, credit union, or housing authority for no-cost credit counseling programs. |
|
| ------------------------ |
|---|
|
|
| ------------------------ |
|---|
|
|
|
|
| ------------------------ |
|---|
|
| ------------------------ |
|---|
Custom Search
|
| ------------------------ |
|---|
|
|
| ------------------------ |
|---|
Consumer Alerts | About | Bookmark Us | Contact | Espanol | Privacy Statement | Copyright | Terms & Conditions | Financial Widgets | SiteMap
Copyright © 2006 Credit Loan, LLC. 235 APOLLO BEACH BLVD, STE 218 Apollo Beach, Florida 33572 All rights reserved.
Disclaimer: The content provided on CreditLoan.com is for informational purposes only; do not make any financial decisions based on its content. Financial decisions are personal, based on an individual's situation. Consult with a financial professional before making any financial decisions. CreditLoan.com is not liable for your financial actions.
