Mysteries Revealed About Credit Repair Companies - Finance Plaza

Actually, credit repair companies do a lot that you can do yourself. Credit repair companies would have you believe that they can work miracles with your credit report that has negative items on it. The truth is that if the negative information is accurate it will not be removed until seven years from the date of entry.?

Credit repair companies claim that they can remove bankruptcies, judgments, liens, and other negative credit information from your file. This simply cannot be done if the entries belong to you.?The scam companies will claim that a credit repair company can create a new identity for you is not possible and such action is illegal. There is no legal way to accomplish this.Many credit repair companies charge hundreds or thousands of dollars in fees giving you all kind of promises that you will never see come true.?

Credit Reporting Agencies are required under the Fair Credit Reporting Act to correct any information that is inaccurate or that cannot be verified. You can accomplish this by obtaining a copy of your credit reports and reviewing them for the accuracy of the entries. Each report comes with instructions on how to dispute items on your report. This is all the credit repair companies will do once you furnish them with a copy of your credit reports. The only people that a credit reporting agency is obligated to work with are either you or your attorney. ?

In fact, you are entitled by law to a free copy of your credit report once each year. So, they are easy to obtain and they are very easy to understand. If you have questions a non-profit credit counseling agency would be the first place to seek help. The Credit Repair Organizations Act is a Federal law that contains specific protections for you. These are some of the provisions of the law which state that a credit repair company cannot:?

?Make false claims about their services.??

?Charge you until they have completed the promised services.??

?Perform any services until they have your signature on a written contract and have?completed a three-day waiting period.??You can cancel the contract without paying any fees during the three day period.?

Companies that are not open with you about what they really can and cannot do should be avoided.?Many credit repair companies give advice which is illegal, and if a person follows this advice they are subject to Federal prosecution. It does happen so be very careful about what advice you follow.?

There are active web sites on legal credit repair. They offer sample letters to write to credit bureaus and letters asking for a reinvestigation if you feel the first letter did not get the action it should have. Send any documentation that supports your claim.

If a court judgment has been paid and it is not recorded as paid, then send a copy of the paid judgment to the credit bureaus If you believe that a credit account is reported on your report in error, then you should contact the credit issuer and ask them to clear it up. They almost always will cooperate because it is illegal for them to keep reporting inaccurate data.?When using a credit repair company, do your homework. ?There are a decent amount that are looking to scam you out of your money, but there are a few that are genuinely in business to help those whose credit has lost its way.

This has been a guest post by The Credit Geeks, helping thousands of customers improve their credit scores for years.

Source: http://www.financeplaza.org/2012/09/mysteries-revealed-about-credit-repair.html

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