Learn 5 Credit Repair Tips to Avoid Being Scammed
1) if you have a credit score of 677, you are in the same boat as 70% of all Americans. If your credit score rose just 30 points, your family can save, on average, $421 every month or $5,052 every year on house payments, car payments, credits cards, loans, etc.
2) A lot of people ask whether credit repair really works. The simple answer to that is, "Yes, absolutely." Millions of items have been removed from credit reports, and tens of thousands get deleted every single day (i.e. late payments, collections, bankruptcies, and foreclosures get deleted). A study released by the U.S. Public Interest Research Group in June 2004 found that 79% of the consumer credit reports surveyed contained some kind of error or mistake.
3) The Fair Credit Reporting Act guarantees the credit repair process to you. Although there are many credit repair companies out there, be cautious, however, to avoid being scammed.
4) Also, the credit repair organizations must give you a copy of the "Consumer Credit File Rights Under State and Federal Law" before you sign a contract. Unless they give you a written contract that spells out your rights and obligations, assume you are being scammed.
5) A credit repair company cannot do the following until you give your signature:
* Make false claims about their services
* Charge you unless their promised services is completed
* Start their services unless YOUR signature is on a written contract and they have completed a THREE-DAY waiting period
Know that you have the freedom to cancel the contract with no fuss, no hassle, and no cancellation fees during this time.
Be sure the contract specifies:
* The total cost and the payment terms for services
* A description of the services down to the itty-bitty details the company will be performing
* How many days, hours and minutes to achieve their promised results...okay maybe not that specific, but really drill them on when the services will be completed
* All the company's guarantees
* The company's name and business address
2) A lot of people ask whether credit repair really works. The simple answer to that is, "Yes, absolutely." Millions of items have been removed from credit reports, and tens of thousands get deleted every single day (i.e. late payments, collections, bankruptcies, and foreclosures get deleted). A study released by the U.S. Public Interest Research Group in June 2004 found that 79% of the consumer credit reports surveyed contained some kind of error or mistake.
3) The Fair Credit Reporting Act guarantees the credit repair process to you. Although there are many credit repair companies out there, be cautious, however, to avoid being scammed.
4) Also, the credit repair organizations must give you a copy of the "Consumer Credit File Rights Under State and Federal Law" before you sign a contract. Unless they give you a written contract that spells out your rights and obligations, assume you are being scammed.
5) A credit repair company cannot do the following until you give your signature:
* Make false claims about their services
* Charge you unless their promised services is completed
* Start their services unless YOUR signature is on a written contract and they have completed a THREE-DAY waiting period
Know that you have the freedom to cancel the contract with no fuss, no hassle, and no cancellation fees during this time.
Be sure the contract specifies:
* The total cost and the payment terms for services
* A description of the services down to the itty-bitty details the company will be performing
* How many days, hours and minutes to achieve their promised results...okay maybe not that specific, but really drill them on when the services will be completed
* All the company's guarantees
* The company's name and business address
About the Author:
About The Author: David Wada, who has been improving credit in Northern California for thirty years, has written a very practical guide to de-mystify Credit Repair Companies. For a limited period, you can access a free copy by going to his Credit Repair Companies
posted by Credit Counseling at
6:54 PM
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