Manage Debt On Your Own As A Credit Repair Company Can Dupe You |
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Don't be taken in by
credit repair companies who promise you the moon and for what sounds like a very small fee. This credit reports, creditors, collection agencies report derogatory information on your credit reports it is not easy to get this reported information removed. However, when you choose to use a credit repair company that does all the work from scratch and researched all your credit problems along with all the research with all your creditors and public record items the investment of cleaning up and repairing your credit will pay you back several thousands of dollars over what you put in to the work of credit restoration. Unfortunately, it's risky to trust anyone to help you repair your credit. It is estimated that credit repair companies have bilked Americans out of more than fifty million dollars. The majority of credit repair companies were started by entrepreneurs with a penchant for marketing. Consumers have flocked to these credit doctors only to discover that their advertisements proved far more impressive than their results. Hiring a credit repair company is like playing Russian roulette. If you are truly wanting to clean up and repair your credit then you must know that this takes time, money and hard work. Make sure you choose the licensed credit repair company. Remember all your personal information is being handled by the credit repair company you choose to use so make sure the company is reputable. If you are going to fix your credit, you should choose a company that makes every effort to help you by using the laws that were enacted to protect you. Don't choose a company simply because they tell you they can guarantee results of credit repair or those that give a false message of charging less ... most charge more since you are charged for things you are not told of. Even though there may be guarantees that can be made The Credit Repair Organization Act states a credit repair organization cannot guarantee anything. Look for a company who will guarantee to work hard to help you. Warning Signs Of A Credit Repair Company - Do not use any credit repair company that doesn't follow industry standards or regulations. - Do not use a credit repair company that offers to wipe out bankruptcies, to remove accurate negative information from your credit history, or to obtain credit for you regardless of your credit history. - Do not use a credit repair company that promises to exploit secret or little known loopholes in the system to remove information from your credit history. - Do not use a credit repair company unless it provides a written disclosure of your rights in relation to your credit history before asking you to sign a contract. The contract should include all the terms and conditions of payment, a detailed description of the services to be provided, including any guarantees of performance and an estimate of how long it will take to perform the contract. The agreement should also include a right to cancel lasting at least three days, if you have second thoughts. - Do not use a credit repair company that attempts to charge money before it has performed the credit repair services. - Do not use a credit repair company that discourages you from directly contacting the major credit bureaus. Anything a credit repair company can do, you can do on your own. Contact a local credit bureau and request a copy of your credit report. You are entitled to a free copy of your credit report if you've been denied credit, insurance or employment and request the report within 60 days of notice, or if you can prove that (1) you're unemployed and plan to look for a job within 60 days, (2) you're on welfare, or (3) your report is inaccurate because of fraud. Review your credit report for mistakes and outdated information - anything beyond the seven or ten year reporting period. If there are mistakes, contact the credit bureau and request a dispute form. So order a copy of your credit report and try to manage your debt on your own instead of taking the help of a credit repair company. |
