Credit Repair
April 30, 2009 by RA St. James
Filed under Bad Credit
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:
Many claims exist of improving an individuals credit rating however the truth of the matter is, legally, there is no quick solution to improving a credit score. A credit score is a reflection of payment history and no company has the power to alter or erase credit information or history.
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.
Unless the credit repairer can provide solid evidence that your credit was improved because of their actions they are not legally entitled to payment. In fact it is illegal for them to request any form of payment or advanced payment until they can provide you proof.
If you find an advertisement that states that a company can improve your credit score, they are a scam. It is illegal to make such a claim without first reviewing the clients credit report.
Keep in mind that fixing a poor credit score is a matter of time and making your payments on time. Dont be suckered into false ads and promises, youll just waste your money. Order your credit report, make sure everything is up to date and accurate, then pay your bills and all is well.
Max Wood (1)