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Credit Repair Services Industry Scams |
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Credit repair services are very beneficial for people who are suffering from various kinds of credit problems. But all credit repair companies are not of very good reputation. Even though there are actually a couple of reputable credit repair services companies out there, the credit repair services industry has been badly bloodied the last decade or so by a whole host of companies that make blatantly false claims and either fail to deliver the goods, or simply disappear with unwary consumers' money.
You see the credit repair services ads all time, preying on basically honest folks who've run into a bit of financial difficulty and are looking for some help getting out of a sticky situation. And they all make the same basic claims: they can simply erase your bad credit history, they can help you create a new credit identity, they can have bankruptcies, judgments, and liens removed from your records even if they are accurate, timely, and legitimate. The credit repair services scam is that all of these claims are either patently false, or they're something you could do yourself for free. These credit repair services promise that after you cough up some up-front they'll clean up your credit files so you can continue living the good life, not worrying about what got you into that situation to begin with. Then, after months of waiting, and perhaps after paying them thousands of dollars in additional fees, they either fail to come through-simply saying that it can't be done, or they vanish altogether, along with your money. The fact is that regardless of what the ads proclaim, neither you nor anyone else, including these so-called credit repair services companies, can force the credit-reporting agencies to remove or re-rate items in your credit files if they are accurate, within the statute of limitations. So, keep your hard earned money and save yourself the trouble of using a credit repair services company that makes these kinds of claims. The only real way to repair your credit is to repay our debts, let the appropriate time limitations pass, and learn to monitor and control your spending habits. If you think that using a credit repair services would actually be beneficial in your specific situation there are several things you can do to help ensure that the company you're dealing with is legitimate. According to the Credit Repair Services Organizations Act, credit repair services are obligated to give you a copy of the Consumer Credit File Rights Under State and Federal Law before you put your signature to anything-legitimate companies will do this. Credit repair services companies must also provide you with a written contract that clearly identifies your rights and contractual obligations, and they must do this before you sign it, giving you the opportunity to review it and seek legal counsel and advice if you so desire. Legitimate credit repair services companies won't make outrageous claims, give you guarantees, or make promises that they might not be able to fulfill. Legitimate credit repair services cannot, by law, charge you for any services rendered-and that includes starting the process -until they have completed all promised services; they cannot perform any services until you have put your signature on a written contract, and even then they have to wait three days to give you time to cancel the contract without incurring any penalties, fees or other charges. If you have contracted with what you thought was a legitimate credit repair services only to discover that they may have conned you out of your money, there is a significant body of law on your side. The best place to start is wit your local city or country consumer affairs, or with your state's attorney general. Many state AGs have implemented toll-free hotlines specifically for this purpose. And don't be shy about using it. If you've been lied to or cheated out of your money, your AG wants to hear from you. |
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