Credit Report Repair Companies: Impressive ADs May Fool You |
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As credit problems are increasing day-by-day, people are busy repairing their credit reports by enrolling in various credit report repair programs. They have become aware that if they are
unable to produce a good credit report in front of a lending agency, they might be denied a loan they have been seeking so badly. Most of the credit report repair agencies are not trustworthy and it is a much bigger problem if one lands up with a wrong credit report repair company. The people with a bad credit rating are not able to make their credit reports worthy because of their bad credit history. As a result, a lot of credit report repair companies in the market claim to offer quality service in the field of credit report repair. While leafing through the newspapers, one can easily come across the names of several credit report repair companies that advertise their worth by claiming to erase bad credit. But the truth is that it is not possible for anyone to get genuine negative information scraped off from your credit report permanently. In fact, information on your credit report, whether it is good or bad stays there for a minimum period of 7 years. However, credit report repair companies are able to remove some of the old or inaccurate information. But if there are legitimate errors on your report or information that is old, you can yourself get it corrected without paying a lot of money to one of these companies. It is very important to beware of the credit report repair companies that are true scams. To attract the customers, they advertisements on newspapers and TV channels claiming to have a magic wand for all your financial worries. But a majority of them do business by taking advantage of your situation. It is therefore better for you not to approach such a company. Instead, contact the three national credit-reporting agencies (Experian, Equifax and TransUnion) and collect a copy of your credit report from each of them. Once you have obtained a copy of your credit report, go through and try to find any errors or mistakes in it. If you come across any such discrepancies, intimate the same and provide the correct information to the reporting agency. The agency contacts creditors on your behalf and eventually corrects the errors. So, it's beneficial for you to contact credit-reporting agencies instead of making a deal with a credit report repair company. But unfortunately, most of the people never think of contacting a credit-reporting agency. They would rather go for to a credit report repair company and take their services. They become aware of the fact that they have direct access to the credit bureaus only when a bank or a financial institute denies them financial help. Generally, a credit report repair company gives a written guarantee to repair your credit report by getting the negative information scraped off your credit report. If they fail to do so, you don't have to pay the company for the service. But actually, credit report Repair Company usually takes $500 to $1,000 for the service and disappears from the scene before the negative information reappears. Therefore, it is essential to be wary of such companies and be careful before striking a deal with them. Following are some tips for choosing the right credit report repair company: - Most good credit report repair companies charge a small amount for their services. They don't ask for money until you are completely satisfied that your credit report has been repaired. Therefore, if a company insists on you paying large up-front fee, drop that company from your list immediately. - Look carefully whether the credit report repair company is really working to improve your credit report. If you have any negative feelings about it, opt out immediately. - If the credit report repair company you have short listed claims that it can completely remove a bankruptcy from your credit report, do not believe them. Thus, it can be concluded that many of the credit report repair companies make false promises. But it would be unfair to say that all of them are fraudulent. Still, there are many companies, which abide by their values and are concerned about customer satisfaction. But instead of going to one of the credit report repair companies and seeking their help for a fee, you can approach the FTC or contact your local consumer protection agency or your state Attorney General's office. These agencies can offer you advice and may also be able to help you resolve your complaint. |
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