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The Ultimate Truth Of Credit Repair Services |
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Many people are deceived by promises of quick and easy credit repair services. Various credit repair services and credit clinics will offer to clear your credit record of any negative information for a fee. In many cases, these businesses take your money and do little or nothing to improve your credit report because the reality is nothing is in their hand.
If you decide to respond to credit repair services offer, beware of companies that: want you to pay for credit repair services before any services are provided, do not tell you your legal rights and what you can do-yourself-for free, recommend that you not contact a credit bureau directly or suggest that you try to invent a new credit report by applying for an Employer Identification Number to use instead of your Social Security Number or advise you to dispute all information in your credit report or take any action that seems illegal, such as creating a new credit identity. Remember, if you follow illegal advice and commit fraud, you may be subject to prosecution. You could be charged and prosecuted for mail or wire fraud if you use the mail or telephone to apply for credit and provide false information. It is a federal crime to make false statements on a loan or credit application, to misrepresent your Social Security Number, and to obtain an Employer Identification Number from the Internal Revenue Service under false pretenses. Always kept this in your mind that under the Credit Repair Organizations Act, companies offering credit repair services cannot require you to pay until they have completed the promised services. Before go for any credit repair companies beware of their false claims. No companies offering credit repair services can legally remove accurate and timely negative information from a credit report. But the law does allow you to request a reinvestigation of information in your file that you dispute as inaccurate or incomplete. There is no charge for this. Remember, there are no quick fixes in credit repair. Common sense tells you that a third party doesn't know your credit history better than you. Everything a credit repair clinic and credit repair services can do for you legally; you can do for yourself at little or no cost. According to the Fair Credit Reporting Act: You are entitled to a free copy of your credit report if you have been denied credit, insurance or employment within the last 60 days. If your application for credit, insurance, or employment is denied because of information supplied by a credit bureau, the company you applied to must provide you with that credit bureau's name, address, and telephone number. You can dispute mistakes or outdated items for free. Ask the credit-reporting agency for a dispute form or submit your dispute in writing, along with any supporting documentation. So, why you go to a company providing credit repair services. Clearly identify each item in your report that you dispute, explain why you dispute the information, and request a reinvestigation. This is very simple; there is no need to go to a company offering credit repair services. If the new investigation reveals an error, you may ask that a corrected version of the report be sent to anyone who received your report within the past six months. When the reinvestigation is complete, the credit bureau must give you the written results and a free copy of your report if the dispute results in a change. If an item is changed or removed, the credit bureau cannot put the disputed information back in your file unless the information provider verifies its accuracy and completeness, and the credit bureau gives you a written notice that includes the name, address, and phone number of the provider. If the reinvestigation does not resolve your dispute, have the credit bureau include your version of the dispute in your file and in future reports. Remember, there is no charge for a reinvestigation and there is no need of using a company for credit repair services. But the final decision is still left with you: decide yourself using the credit repair services is a smart move or not. |
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