credit repair has become an industry to itself over the last 5 or so years. With promises better credit and improved interest rates many so called credit repair companies charge a hefty fee and deliver very little in return. In fact, most costumers are often disillusioned when a credit repairer promises to improve and manage their credit but ultimately they often add to current debts and do nothing.

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.

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.

Remember that credit repair takes time and only you have the ability to effectively raise your credit score. Dont be fooled by scammers and false advertising.

Jacob Damier is a credit specialist with a decade of experience helping people and companiesout of debt and is a consultant for CreditConsumerReport .com and is partnered with Veridian and Evergreen Credit Unions. For information and resources regarding credit is available through our site .

Similar Posts:

Share