Credit Repair – Scam or Worth a Try?
Credit repair is often used to describe a methodical process of improving the
individual’s credit scores. If you decide to use a credit repair company,
The Better Business Bureau recommends avoiding companies that don’t tell
your legal rights and what you can do, legally, for free. They too
We recommend that you do not pay for credit repair services before any services
and you are advised not to engage in anything that appears to be illegal,
such as creating a new credit identity by obtaining a federal employer
identification number to use instead of a social security number.
If you have a complaint about a credit repair company, contact the Better Business Bureau,
the state attorney general’s office and the Federal Trade Commission. If you
decide to respond to a credit repair offer, look for these telltale signs of a
Scam: Companies that want you to pay for credit repair services before they do
provide all kinds of services, companies that use an email account from free email
service provider like @hotmail, @yahoo, @gmail etc…, companies you can
don’t find any information online about and repair companies that haven’t been
around for a very long time. By law, credit repair organizations must give you a copy
of “Consumer Credit File Rights Under State and Federal Law” before you sign
contract. If they don’t provide that, find another company that will
with
Many states have laws regulating credit repair companies. State law enforcement
employees may be helpful if you have lost money to one of these scams. You have
right to sue a repair organization that violates the Credit Repair Organization
act. This law prohibits fraudulent practices by credit repair organizations. The
The Federal Trade Commission regulates credit bureaus and credit repair
organizations.
Take some time and educate yourself about your credit reports and help yourself
eliminate problems that can keep your scores low. Many credit repairs
companies are a scam, but there are several legitimate, by the book, loans
repair companies and there. Use due care when deciding whether to
use a credit repair company or not. Ask for referrals, do some background
work on the company and make sure they do or don’t do some of the items
mentioned above.
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