The truth about credit repair

June 21, 2007 at 12:38 pm Leave a comment

I’m sure you’re aware of credit clean-up and repair services. Like it or not, the credit repair business is booming. Why? Because people are obsessed with their credit score and the benefits a good score brings.

Chances are good that you or someone close to you is considering the services of a credit repair company or credit counseling. I’ve never been a fan of these services and feel that they are absolutely a rip-off.

Things to watch out for:
1. Companies that want you to pay for credit repair services before any services are provided. According to the Credit Repair Organizations Act, you are not require to pay for credit repair services until they have completed the promised services.

2. Companies that don’t disclose your legal rights. See Fair Credit Reporting Act for more information.

3. Companies that don’t tell you what you can do-yourself-for free. Nobody knows your credit history better than you, so you are more than qualified to handle it yourself.

4. Companies that recommend that you not contact a credit bureau directly. You can contact a credit bureau yourself and dispute any inaccuracies in your credit report.

5. Companies that suggest that you try to invent a new credit report with an Employer Identification Number instead of using Social Security Number. By the way, attempting to ‘create’ a new credit report is illegal and is subject to federal prosecution.

6. Companies that advise you to dispute ALL of the information in your credit report. You are only allowed to dispute items that are inaccurate. If there is inaccurate information in your credit report, you can dispute it and ask for it to be corrected within 30 days. If it is inaccurate and is not corrected in that time period, you can have it completely removed from your history.

Source: The Ultimate Truth of Credit Repair (CreditLoan.com)

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Entry filed under: Credit Bureaus.

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