What you should know about Credit Repair Companies

What You Should Know About Credit Repair Companies

With so much hype and fear over a bad credit score thousands of companies have sprang up overnight ready and willing to take peoples money with the offer of repairing their credit. For a nice little fee these companies claim to fix bad credit, unfortunately in reality all that is accomplished is an added debt with no discernable results.

Before seeking the advice or services of a credit repair agency you should know the following:

Be cautious of any advertisements that claim repair/fix a poor credit rating. Though a repair company may make a promise that they will improve your credit rating, in reality, there is no credit repair agency that has the power or ability to alter or expunge any truthful information on your credit file.

The North American Consumer Credit Reporting Act stipulates that all information on your credit report/history remains valid for 7 years. During that time no one has the ability to remove or change it. Credit repair companies simply take your money and deliver no results as they legally cannot. Note if there is incorrect information on your report than you have the right to dispute it.

Unless the credit repairer can provide solid evidence that your credit was improved because of their actions they are not legally entitled to payment. In fact it is illegal for them to request any form of payment or advanced payment until they can provide you proof.

Another fact is that is illegal for any credit repair agency Its advertise a claim that says that they can improve your credit score. They most first look at your credit history before making such a claim.

Remember that credit repair takes time and only you have the ability to effectively raise your credit score. Dont be fooled by scammers and false advertising.

Jacob Damier is a financial expert with a decade of experience helping people and companiesout of debt and is a consultant for CreditConsumerReport .com and works closely with Veridian and Evergreen Credit Unions. For information and resources regarding credit visit our site.

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