7 Simple Steps To Finding A Good Credit Repair Company!

Credit repair company and total credit card debt elimination, 7 simple steps to finding a good credit repair firm and information on free credit repair guide!

Finding a good repair company you can trust is not an easy task, especially when there are hundreds of companies all claiming they can clean your report and raise your score 100 points within 30 days or less.

Have you seen or heard the advertisements on TV, radio, or the Internet that promise to hide your negative information and to establish a new identity? It’s known as file segregation and its services are often illegal.

A phony repair company will often make illegal or false claims to lure consumers. They target people with poor payment histories, particularly those with recent bankruptcies who may have difficulty getting new loans.

These organizations falsely claim they can legitimately erase bad marks; remove bankruptcies, judgments, and liens; and create a new identity. Moreover, they charge fees for the legal steps you can easily do yourself.

Do your homework. Research the credit repair company before you make a payment.

  1. Contact the Better Business Bureau to see if the firm has had any consumer complaints. You can visit the Better Business Bureau's website www.bbb.org and find reports on hundreds of companies.
  2. Check with your state attorney general's office or other state consumer agencies to find out if there are any pending legal investigations against the company.

A good credit repair company will be able to help you with:

The FTC warns against relying on chambers of commerce or other trade associations, where each companies membership is based solely on a fee.

Finding A Good Credit Repair Company.

The Credit Repair Organizations Act. Know Your Rights! By law, organizations must give you a copy of the Consumer Credit File Rights Under State and Federal Law before you sign a contract. They also must give you a written contract that spells out your rights and obligations. Read these documents before signing the contract.

The law contains specific protections for you. For example, a credit repair company cannot:

  • make false claims about their services
  • charge you until they have completed the promised services
  • perform any services until they have your signature on a written contract and have completed a three-day waiting period. During this time, you can cancel the contract without paying any fees.
Credit repair companies must follow specific guidelines from the Credit Repair Organizations Act, which are intended to protect consumers. You should receive an explanation of these rights before signing a written contract.

You should receive a contract with all of the following information from each credit repair company:

  1. The payment terms for services, including their total cost
  2. A detailed description of the services to be performed
  3. How long it will take to achieve the results
  4. Any guarantees they offer
  5. The company's name and business address
Remember the grace period. The repair company cannot perform any services for you until you've signed a written contract and completed a three - day waiting period. You may cancel the contract without paying any fees to the company during this period.

Top 5 Danger Signals To Look For In A Credit Repair Company!

Stay away from a repair company that does any of the following:

  1. Promises you the moon. Most negative information stays on your report for seven years; judgments and lawsuits are reported for seven years or until the statute of limitations runs out; bankruptcy remain for up to 10 years.
  2. Offers to help you get a new identity. The company tells you to apply for an Employer Identification Number or EIN number. Which has the same number of digits as a Social Security number. Then they instruct you to apply for loans using this and a different address. This practice, known as file segregation, is a federal and state felony.
  3. Advises you to dispute all negative information in your fico report. The company will flood the top 3 credit bureaus with letters disputing both inaccurate and accurate information. The theory being that most creditors will fail to respond within 30 days and that item will be permanently deleted.
  4. Asks you to pay for service before services are provided. This is a direct violation of the CROA, which states that repair companies can't charge you fees until after they have completed the promised services.

These organizations falsely claim they can legitimately erase bad marks; remove bankruptcies, judgments, and liens; and create a new identity. Moreover, they charge fees Of $200 or more for legal steps you can easily do yourself.

Remember a repair company may often make illegal or false claims to lure consumers. They target people with poor histories, particularly those with recent bankruptcies who may have difficulty getting new loans.


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