Credit Repair Companies
May 11, 2009 by
Filed under Credit Score
You credit is in serious trouble. You’ve seen credit repair companies advertise on TV about restoring your credit and raising your score 50-100 points in less than 30 days. So you give them a call and ask how they can help your credit. The answer you get will be what you want to hear but it won’t be what they are going to do. Some companies what your money up front before any work is done. Don’t fall for this.
Although credit repair companies may be able to remove inaccurate negative information from your credit, they cannot remove accurate negative information from your report. It is against the law and no credit bureau will allow it. So how are they able to restore your credit and give you that added boost to your score?
Repair Companies communicate with your debtors acting like they are you. That’s why they don’t want you to be involved with none of the process. They don’t want you to talk with any of your debtors or any of the bureaus.
They start off by creating a disputing letter stating that the information on your credit is inaccurate and needs to be removed. Second, they send these letters to your debtors and all three credit bureaus. Their goal is to have the credit bureaus not respond within the 30 day time limit. Credit bureaus have within 30 days to start an investigation about the dispute and send a letter when they reached some kind of results.
Now here’s the flipside. They will charge $30-$150 for this service. You have to pay close attention the fine print also. They may try to slip something by you. As stated earlier, they may want their fee upfront. Do not pay for any services not yet rendered. Credit repair services also have to supply you with a form stating that you have the right to correct “your own” credit.
Research; ask questions and get as much information as you can before forking over your hard earned money. Restoring your credit will take time. Resorting to credit repair companies can be risky. Some will deceive you while others are legitimate. Know that “you” can repair your credit.
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