Credit Repair Companies: Four Tips for Locating a Good One
As is the case with mechanics, chefs, general contractors, and every other profession, there are good credit repair companies and others to avoid. Below are some tips for identifying a credit repair company you can trust.
1. Find out how long the company has been in business. Credit repair is an industry on the rise with many new participants coming and going all the time. Try to go with a company with a solid track record that you know will be in business for the long run. You definitely don't want to end up with a company that goes under before they are done helping you.
2. Look for full disclosure. There is nothing a credit repair company can do for you that you cannot do for yourself. In fact, credit repair companies are required by the Credit Repair Organizations Act to make you aware of this via a written disclosure statement when you sign up for services.
In addition, credit repair services are not guaranteed to work because ultimately, whether or not something gets deleted from your credit record is up to the credit bureaus and your creditors. Watch out for companies that guarantee to improve your credit rating or get you approved for a loan.
3. Make sure their billing policy follows the rules. By law, credit repair companies are not allowed to collect any fees before performing the agreed upon services. This is to protect people from scammers who would promise to clean up their credit report for an upfront fee (often times charging many hundreds or thousands of dollars) and then take off once the payment was received. This is why most credit repair organizations charge a modest fee for creating your account (which should not be charged as soon as you sign up and will in many cases not be charged for a few days), and a monthly fee collected after the previous month's worth of services have been provided.
4. Know the signs of a credit repair scam. Because so many Americans are desperate to repair their credit but have little knowledge of how the credit system works, scammers have set up phony credit repair clinics claiming to help people but only make the situation worse. The Credit Repair Organizations Act (CROA) was drafted to help protect people from becoming a victim of a credit repair scam by establishing rules the credit repair companies must follow. Knowing these rules will help you avoid being taken advantage of.
Questions and Answers
Who else is thinking about trying to fix their credit? Are you considering hiring a professional agency, a big shot lawyer, or simply calling one of those non profits that re-negotiates your debts? In this article we are going to take a quick and easy look at the very BEST way to repair your credit in just a few short months, and review while "self help" remains the number #1 choice for smart and savvy consumers who refuse to get scammed. Curious to know more?
Getting started with repairing your credit is one of the very best things you can do for your financial well being and choosing the right credit repair company to help you achieve your credit goals is pivotal. What follows are tips and things you should look for when choosing the best credit repair company for you.
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Credit repair services have a poor reputation in part because it has been dirtied by some fraudulent players and also because the seeds of doubt that people already had about credit repair have been cultivated by those entities who do not want you to do anything about your credit. Despite the fact that some companies in the industry have been around for decades and have provided services to hundreds of thousands of people, common perception is that credit repair services simply cannot deliver.
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If all you knew about credit repair companies was learned gleaned from how they are portrayed in the media, you'd probably have a very low opinion of them. It is hard to have confidence in a service when you hear so much negative about it, but when it comes to using a credit repair company, doing so may be one of the best financial decisions you can make.
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