Lots of people get offers for credit repair services and credit repair companies that claim to make these problems disappear. The fact is that there’s no quick fix for poor credit, it actually takes some time and effort. These companies target consumers who have poor credit histories knowing how desperate they are, thus making it easy for them to fall prey. Here’s how to tell if a bad credit repair offer is likely to be a scam:
* When a company doesn’t tell you your rights and what you can do for yourself for free. Beware of offers that keeps certain credit repair information from you. The law allows you to ask for an investigation of information in your file that you dispute as erroneous or incomplete for free, but some people would rather have a company do the investigation on their behalf, and would be required to pay a fee.
* Credit repair companies are aware of how desperate individuals with bad credit issues are and how fast they want to get rid of their poor credit position,they use this as a leverage to demand for unreasonable fees and promise to erase debts that they cannot guarantee.
* When a company requires you to pay for credit repair before they provide any information or counseling services. Under the Credit Repair Organizations Act, credit repair companies cannot require you to pay for services until they have completed the services they have promised to render.
* If for any reason the company suggests you dispute all the information in your credit report, regardless of its accuracy or timeliness. Following an unlawful procedure in erasing negative items from one’s credit report is criminal, knowing that It’s a federal crime to lie on a loan or credit application. Getting involved in the above can cause grave legal implications.
* When a company advises you to create a new credit identity and a new credit report by applying for an Employer Identification Number from the Internal Revenue Service under false pretenses to use instead of your Social Security number. You should be aware that you could be charged and persecuted for doing this.
* If the company recommends that you do not contact any of the three major national credit reporting companies directly.
* When a company tells you they can erase most or all the negative items or credit information in your credit report, even if that information is accurate and current. You save yourself a lot of quality time when you only dispute mistakes and or outdated items on your credit report.
You should be aware that anything a credit repair company can do legally, you can do for yourself at little or no cost. You are only advised to get help from credit repair experts when you don’t have the time to do it yourself or if you get trapped or start having difficulties along the line.
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