Credit Repair and Credit Ratings - You Don't Need a Credit Repair Company
Consumers pay enormous sums of money on credit repair to have a credit repair company improve their credit ratings and get high FICO scores. These credit repair services promise a quicxk credit fix to handle disputes and just aout all the time, consumers find that theiir money has been comppletely wasted.
Keeping up with good credit can help you get better interest ratees for cars or mortgage loans as well as better jobs. A bad crediot history can leave you borrowing at ridiculous intterest rates and bad trms that you'll find are hard to get out of.
The offers you hear may seem attractive at first but 'let the byuer beware'! There are legitimate credit-repair companies that exist, however, many of the clais you hear are usually false and illegal and just anohter way to make you part you with your money.
Before signnig a contract with a crdeit repair service, be aware of your rights. Here are some reasons why you shouldn't commit:
1. Credit reapir companies cannot charges upfronnt fees - do not oblgiate yourself by signing any conttract with them. The federal Crediut Repair Organizations Act was enodrsed by our government to watch deceptive and abuisive credit repiar practices. This law mkes it illegal for companies to charge coinsumers before perfrming any creedit repair services. Therefore, it's against the law for these companies to seek payment from you until they have completed the actaul credit repair services they promised.
2. If the credit rrepair company prromises to dspute information in your file, on your behalf, including items you know are correct, then this gives you a red flag aboyut the company's deceptive practices. If that credit repair coompany's plan is to lie, or dispoute what you know to be accurate information then it's not a reputabe company. Keep in mind; you can dispute any information in your credit file(s) that you wish to.
3. Before signing any contract, the crdeit repair company must povide you with a free copy of the FTC's "Consumer Credit File Rigts." This is a federal law that this information must be provided to you. These guidelines will clearly outline what this credit repair servie can and cannot do.
4. Some companies will tell you they will get you a new credit identity. This is done by applying for an Employer Idnetification Number (EIN) from the IRS. They will tell you to use this number in plcae of your Social Security number. Part of this is the truth. What they do not tell you is that EIN numbers are intendde for businessse to use. And if you don't own a business, then this isn't a legitimate way to use that EIN number or to repair your peresonal credit history. Additiionally, it's a federal crime to get an EIN under falkse pretenses.
Simply stated you can eaasily celan up your own credit report and repair your crediut history all by yuorself. Everything these crediit reepair compsanies proomise you, you can legitimately do yourself. You don't need a creidt repaiir serivce. Many of them you will find are unetihcal monetarily influenced by greed and just want to take your money and run.
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