With so much hype and fear over a bad credit score thousands of companies have sprang up overnight ready and willing to take peoples money with the offer of repairing their credit. For a nice little fee these companies claim to fix bad credit, unfortunately in reality all that is accomplished is an added debt with no discernable results.
Before seeking the advice or services of a credit repair agency you should know the following:
Be cautious of any advertisements that claim repair/fix a poor credit rating. Though a repair company may make a promise that they will improve your credit rating, in reality, there is no credit repair agency that has the power or ability to alter or expunge any truthful information on your credit file.
Be on the lookout for any companies that will fix bad credit for a fee. This fee is often pretty hefty and is typically due in advance. These repair agencies make the claim to have the negative credit information taken off the record, they claim to be able to eliminate history that includes bankruptcy, late payments etc. Be aware that The North American Consumer Credit Reporting Act is quite clear that no information may be removed for a period of seven years unless it is inaccurate.
It is illegal for credit repair companies to charge a costumer before they can provide results. This includes down payment or payment of any kind. Before payment may be requested there has to be proof that the clients credit was better as a result of actions taken by the repair company.
Another fact is that is illegal for any credit repair agency Its advertise a claim that says that they can improve your credit score. They most first look at your credit history before making such a claim.
Put simply, dont be fooled by misleading ads and out in out lying, most of these companies are there to take your money. Fixing your credit is as simple as making your payment on time and ensuring that the information on your credit report is correct.
Jacob Damier is a credit specialist with over 10 years of experience helping people and companiesout of debt and is a consultant for CreditConsumerReport .com and works closely with Veridian and Evergreen Credit Unions. For information and resources regarding credit is available through our site .
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