| How to Repair Your Credit Score and Save Money |
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| Written by Jon Baker |
| Friday, 24 July 2009 14:21 |
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How to Recognize a Credit Repair Scam
How to Recognize a Credit Repair Scam You see the advertisements in newspapers, on TV, and on the Internet. You hear them on the radio. You get ads in the mail, and maybe even cold calls offering credit repair services. They always make the same claims: "Do You have credit problems? No problem!" "We can remove all your bankruptcies, liens, judgments and bad loans from your credit file for good!" We can legally erase all your bad credit - 100% guaranteed. Create a completely new credit identity - legally. It is rather dumb to believe these claims: they are in many cases signs of scam operations. Many professionals even state that there is not one real credit repair company that tries to make those claims. The truth of the matter: most often there is no fast solution for bad credit and creditworthiness. The truth is, however that you can actually improve your credit score legitimately, but it does not happen over night and it takes a persistent effort. And also you should stick to a personal debt repayment schedule. Here are some warning signs that go along with a Credit Repair Scam All the time, companies target uninformed consumers who have poor credit histories with promises to clean up their credit report so they can get a car loan, a home mortgage, insurance, or even a job once they pay them a fee for the service. The truth is, these companies cant deliver an improved credit report for you using the tactics they promote. No one can legally remove accurate, but negative information from your credit report. So after you hand them over thousands of dollars in fees, you are often left with the same credit report and someone else has your money. If you encounter credit repair offers, here is how you can tell whether the firm that does it is crap: The service company does not tell you your rights and what you can do for yourself for free. The firm wants that you refrain from contacting or calling any of the three major national credit reporting agencies directly yourself. The company tries to offer to create a brand new or false credit identity - and then get a completely new credit report - by applying for an EIN number, so that you use that instead of your old and "damaged" Social Security number. The organization wants you to pay for credit repair services before they provide you any services. Under what is called the the Credit Repair Organizations Act, companies that are offering to repair credit, cannot require you to hand over the money, until they have completely delivered the services they have advertised. DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. Why pay for Repairing Credit Service if you can do it yourself free. Legally Raise Credit Score 100 pts. in 30 days! |