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The Secret of Credit Repair Services
Turning to credit repair services sound like a good way out, if you can't stand the consequences of bad credit rating. Through their ads, credit repair companies promise "quick fixes", for a fee, to clean up your credit report. But, are credit repair agencies really worth the fees?
Federal Trade Commission received complaints from consumers who have
lost money to credit repair scams. The consumers paid hundreds or
thousands of dollars in fees but got no improvement in their credit
ratings. They reported that credit repair companies couldn't deliver
what they had promised. How Credit Repair Services WorkCredit repair services request your credit report from the credit reporting agency, and then to launch numerous challenges to the report in writing. The main idea is not to find any mistake on your credit report.
They just take advantage of credit reporting agency's legal obligation
to respond all requests for investigations in 30 days. If the agency
doesn't respond to you in that time -- which is unlikely if you
challenge multiple items -- they must remove the item in question from
your credit report. For some reasons credit bureaus might not be able to produce the documentation in 30
days and have to remove something. But once they find the documentation
the item will be restored to your credit report. Credit Repair Companies and Your RightsIf you do want to use a credit repair
company be sure to avoid any
scams. It is essential that you understand your rights and obligations, which is
written in the contract. Take some time to look over all the paperwork and fine print
provided and read carefully before you sign anything.
In many cases a credit repair company should not be necessary.
With the right guidance you can do credit repair yourself. And
the only time you should use one is if they are truly able to perform
services you can't do, or don't have time to do, on your own. |
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