“Eliminate Your Bad Debt!”
“Remove Negative Items From Your Credit Report”
You’ve probably seen these headlines and others just like it promising to clean up or “fix” bad credit. And for those individuals who have an unsatisfactory credit rating, these are indeed attractive headlines that would entice them to keep reading.
Imagine finally being able to buy that new car, get debt collectors off your back, and enjoy a new found freedom from your past debts.
Sound to good to be true? Of course! Once you fall prey to the credit repair offer and pay the hefty fees involved to clean up your record, here’s what happens.
The credit repair scam artist contacts the credit bureaus and reports that the negative information in your file is false.
While your claim is being investigated, the credit bureau would temporarily remove any negative information in your report.
The fraudulent company or individual will show you this temporarily cleaned up credit report and bada bing, bada boom, John or Jane Smith has perfect credit once again!
But here’s what the scammer doesn’t tell or show you. Once the credit bureau has completed the investigation, usually finding no merit to the dispute, the negative information goes back to your credit report.
You cannot remove negative information from you credit report so long as it is accurate. The only information that can be removed are actual disputes.
Accurate information remains on your credit file for a period of 7 years from the time it is reported to the credit agencies; a bankruptcy appears for a 10 year period.
Many legitimate companies exist that can help you with your debt problems. But how do you spot a scam offer ? Elementary, Dr. Watson – they are the ones that demand instant payment. By law, credit repair agencies cannot ask for payment until they’ve provided the service they promised.
There would also be certain laws applicable to several states, stipulating that a credit repair service furnish individuals with a written contract replete with details and specific terms and conditions, which can be canceled within three days of signing, and including a list of the signor’s legal rights.
Also, be aware that a “credit repair offer” could be an attempt to steal your identity by getting you to provide personal information such as a Social Security number, bank account and credit card account numbers.
Always make sure you know who you are dealing with before accepting any offer to help you repair your credit. Those who deal with untrusted sources may find themselves in a deeper rut than they were in originally, thus leading to more debt problems.
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Tags: credit, Credit Repair, debt, debt consolidation, finance, loans, personal finance