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Using Credit Repair Services |
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There are many credit repair services and
credit clinics promising quick and easy solutions to clear your credit record of any negative information for a fee. The stark reality is that they can do little or nothing except adding to your financial troubles by taking away hundreds of dollars. Fraud Credit Repair Services: Look Out For The Warning Signals If you decide to use credit repair services you should look out for the following warning signals: 1) If the company wants you to pay for credit repair services up-front before providing any services 2) If the company does not tell you your legal rights and what you can do yourself- for free 3) If the company recommends that you should not contact a credit bureau directly 4) If the company suggests that you try to invent a new credit report by applying for an Employer Identification Number to use instead of your Social Security Number 5) If the company advises you to dispute all information in your credit report or take any action that seems illegal, such as creating a new credit identity. By following the above illegal suggestions, you could be committing fraud and thereby become liable for prosecution. If you use the mail or telephone to apply for credit and provide false information, you could be further liable for mail or wire fraud and consequent prosecution. Remember that 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. Moreover, you should know that under the Credit Repair Organizations Act, companies offering credit repair services cannot require you to pay until they have completed the promised services. The reality of companies offering credit repair services Companies offering credit repair services claim that they can legally remove accurate and timely negative information from a credit report. This is not true as no company can do so. However, per the law, you can request a reinvestigation of information in your file that you dispute as inaccurate or incomplete. This can be done without any charge. Credit repair cannot be done with quick fixes. You should know that you can do for yourself anything that a credit repair clinic and credit repair services can do for you legally and that too at little or no cost, as you would know your credit history better than any one else. The Fair Credit Reporting Act entitles you to: 1) A free copy of your credit report if you have been denied credit, insurance or employment within the last 60 days. The company is duty bound to provide the name, address and telephone number of the credit bureau that supplied the information leading to the above denials. You can ask the credit report agency for a dispute form and submit your dispute in writing, along with any supporting documents, for free. 2) Request a reinvestigation by clearly identifying each item in your report that you dispute and explaining why you dispute the information. You may request for a corrected version of the report to be sent to anyone who received your report within the past six months, if the new investigation reveals an error. You can do all this yourself without the help of any outside agency. 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. There is no charge for reinvestigation. You can now decide whether you still need the credit repair services or not. |
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