View Your Free Annual Credit Report - Avoid Credit Repair Companies
Before reading this article, please note that credit repair companies are different that credit counseling.
If you are in dire need of repairing your credit, you may be thinking about using a credit repair company. A myriad of these companies exist. In most cases, however, it is better to repair your credit by viewing your annual credit report, thus avoiding the help of repair companies.
Below are some reasons that you should repair your own credit and avoid a credit repair company.
Many Employee Black Hat Tricks
Many credit repair companies perform black hat tricks to boost your credit in the near term. These tricks can range from shady to downright fraudulent. Below are two tricks that are often used.
Many companies will dispute everything on your credit report. Because the credit bureaus cannot respond to all of the disputes within the 30 day period required by law, they must remove the unverified information from your report.
In the near term, this appears to be a good solution. Unfortunately, much of the information that was removed will eventually be verified and added back to your report. If you received any new credit during the time period that the valid items were not on your report, you could face legal issues.
Some firms have you establish a new identity by using an Employee Identification Number (EIN). By using the EIN (some agencies even suggest you use the EIN as a SSN), you can get a fresh start and begin building your new credit.
The problem is creditors will often catch this. Now you have taken on a new identity and received credit under false pretenses. Not good. You, not the credit repair agency, can be prosecuted or run into a sea of legal issues.
Few Deliver Results
Few credit repair firms actually deliver positive results. Because credit repair is a new industry, there are no standards or key indicators to judge whether a firm has done a good job for the price paid.
In addition, deceptive advertising is so rampant that a federal law called The Credit Repair Organization Act was developed to help protect consumers from deceptive advertising and business practices performed by credit repair companies.
They Are Expensive
Repair companies are often expensive; not an attractive feature when you are trying to get out of debt. If you are considering paying expensive fees to improve your damaged credit, it may be time to take a look in the mirror.
If you can repair your credit for free, then isn't paying expensive fees financially irresponsible? Repairing your own credit is a step toward making better financial decisions by being more resourceful and saving money; money that can go towards paying debts.
Summary
Repairing your credit is not complicated. By reviewing your free annual credit report, you can ensure that good items are on your report, bad items that are old get removed, and that your report doesn't contain someone else's information. Take the leap and become more resourceful, leaving you with more money to pay your debts.
Questions and Answers
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