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Credit Repair: The 5 Early Warning Signs Of Credit Repair Scams, You Must Know, Today!Credit Repair, You see the advertisements in newspapers, on TV, and on the Internet. You even hear them on the radio. You get the credit repair fliers in the mail. You may even get calls from telemarketers offering repair services. Companies all make the same claims:
Do yourself a favor and save some money, too. Don't believe these statements. Time, a conscious effort, and a few online credit repair companies can help you to improve your credit report. We explain how you can improve your credit worthiness and lists several legitimate resources for help. The Credit Repair Scam:Everyday, companies nationwide appeal to consumers with poor credit histories. They promise, for a fee, to clean up your credit report so you can get a car loan, a home mortgage, insurance, or even a job. The truth is, they can't deliver. After you pay them hundreds or thousands of dollars in up-front fees, these companies do nothing to improve your credit report, many simply vanish with your money. Credit Repair: Five Warning Signs!If you decide to respond to an offer, beware of companies that:
If you follow illegal credit repair advice and commit fraud, you may be subject to prosecution. You could be charged and prosecuted for mail or wire fraud if you use the mail or telephone to apply for credit and provide false information. It's a federal crime to make false statements on a loan or credit application, to misrepresent your Social Security Number, and to obtain an Employer Identification Number from the Internal Revenue Service under false pretenses. Under the credit repair organizations act, repair companies cannot require you to pay until they have completed the promised services. No one can legally remove accurate and timely negative information from a credit report. But the law does allow you to request a reinvestigation of information in your file that you dispute as inaccurate or incomplete. There is no charge for this. Everything a repair clinic can do for you legally, you can do for yourself at little or no cost. According to the Fair Credit Reporting Act:You are entitled to a free copy of your credit report if you've been denied credit, insurance or employment within the last 60 days. If your application for credit, insurance, or employment is denied because of information supplied by a credit bureau, the company you applied to must provide you with that credit bureau's name, address, and telephone number. You can dispute mistakes or outdated items for free. Ask the credit reporting agency for a dispute form or submit your dispute in writing, along with any supporting documentation. Do not send credit repair companies original documents.Clearly identify each item in your report that you dispute, explain why you dispute the information, and request a reinvestigation. If the new investigation reveals an error, you may ask that a corrected version of the report be sent to anyone who received your report within the past six months. Job applicants can have corrected reports sent to anyone who received a report for employment purposes during the past two years. When the reinvestigation is complete, the credit bureau must give you the written results and a free copy of your report if the dispute results in a change. If an item is changed or removed, the credit bureau cannot put the disputed information back in your file unless the information provider verifies its accuracy and completeness, and the credit bureau gives you a written notice that includes the name, address, and phone number of the provider. You also should tell the creditor or other information provider in writing that you dispute an item. Many providers specify an address for disputes. If the provider then reports the item to any credit bureau, it must include a notice of your dispute. In addition, if you are correct - that is, if the information is inaccurate - the information provider may not use it again. If the reinvestigation does not resolve your dispute, have the credit bureau include your version of the dispute in your file and in future reports. Remember, there is no charge for a reinvestigation. Credit Repair: Reporting Negative Information.Accurate negative information generally can be reported for seven years, but there are exceptions:
The Credit Repair Organizations ActBy law, credit repair 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 company cannot: Make false claims about their services; Your contract must specify: The payment terms for services, including their total cost, a detailed description of the services to be performed; how long it will take to achieve the results; any guarantees they offer; and the company's name and business address. Today, you will have the knowledge and power in your hands to change your life financially! You can pay-off your home, credit cards, car loans and other debts the slow, old-fashioned way and maybe end up with a few thousand dollars saved for your retirement years...or by using the unique debt elimination programs listed here, you can stop living Pay-Check to Pay-Check. NOW! Just imagine what you will feel like, when you wake up one morning and absolutely know that all of your debts have been eliminated. You can follow the same proven tips and techniques used by debt elimination and credit repair specialist to eliminate your debts and build the credit rating you really deserve!
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