Finding a credit repair company you can trust is not an easy task, especially when there are hundreds of companies all claiming they can clean your credit report and raise your credit score within 30 days or less.
Do your homework. Research the company before you even read the first word on their web page.
The FTC warns against relying on chambers of commerce or other trade associations, where membership is based solely on a fee.
Know your rights. Credit repair companies must follow specific guidelines from the Credit Repair Organizations Act, which are intended to protect consumers. You should receive an explanation of these rights before signing a written contract, Please Read It Carefully.
You should receive a contract with all of the following information:
Remember the grace period. The credit repair firms cannot perform any services for you until you've signed a written contract and completed a three-day waiting period. You may cancel the contract without paying any fees during this period.
Stay away from a credit repair firm that does any of the following:
The theory being that most creditors will fail to respond within 30 days and that item will be permanently deleted.
Which has the same number of digits as a Social Security number. Then they instruct you to apply for credit using this and a different address. This practice, known as file segregation, is a federal and state felony.
Credit repair companies often make illegal or false claims to lure consumers. They target people with poor credit histories, particularly those with recent bankruptcies who may have difficulty getting new credit or loans.
These organizations falsely claim they can legitimately erase bad credit; remove bankruptcies, judgments, and liens; and create a new credit identity. Moreover, they charge fees Of $200 or more for the same legal steps you can easily do yourself.Return from Credit Repair Company to Free Credit Repair!
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