Credit Repair Services

Welcome to our Credit Repair Services mini-website. Here you will find information which will allow you to decide if a credit repair service is a viable means for improving your credit. Here you will also find the most current news about credit repair services, videos, a book store consisting of popular publications about credit repair, and ways to prevent credit repair scams. Are credit repair services simply a type of scam, or do they offer a service which is beneficial to those individuals who are in need of good credit?

If you have developed bad credit due to late payments, lack of payments, or bankruptcy, and this information is accurate, there is no credit repair service that can remove this information. The federal government has laws on the books that prevent this from happening. Gaining good credit can only take place over time. Inaccuracies can be corrected, but removal of accurate negative information simply can not take place, and any company which tells you they can remove this information is simply lying to you.

Does this mean that you should stay away from credit repair services? To answer this question really depends on your situation. For people who simply do not have the time or energy to remove inaccuracies, then a credit repair service may prove beneficial. Just realize that no credit repair service can legally remove accurate negative information. It is important to remember that most of what a credit repair service can do for you is what you can do yourself. According to the Fair Credit Reporting Act (FCRA):

1) If a company denies your application for credit, insurance, or employment, by law you are entitled to a free report as long as you ask for the report within 60 days of the denial information received. The notice of the denial will provide the contact information needed so that you can request a complete report.

2) The three credit reporting companies are Equifax, Experian, and TransUnion. All three of these companies are required to give you a free report, at your request, at least once per 12 months. To order a free report, go to annualcreditreport.com, or call 1-877-322-8228.

3) Most importantly, you can dispute mistakes and outdated items on your credit report for free. To do this you can write to the consumer reporting company about the dispute, and make sure you include copies of any supporting documents. Make sure you include your name and address and that you let them know clearly which items are under dispute. By law, consumer reporting companies must investigate the disputed items within 30 days of receiving your request. Also, by law, the consumer reporting company must correct mistakes.

It can not be overly stated that only time can fix bad credit. A consumer reporting company can report accurate negative information for seven years, and bankruptcy information for 10 years. It is very important to remember that during your waiting period, you do not create further negative information on your credit report, otherwise the clock will start all over and you will never achieve good credit.

Why do people create bad credit? It is usually because people spend more then what their income can handle. If you can not break the habit of spending more then what you make, then it is time to see a credit counselor. Most credit counselors offer services through local offices, the Internet, or on the telephone.

Remember this, if fixing bad credit was so easy, and can be done by a credit repair service, then all credit reports would have no value. And as most people know, credit reports have value and you need good credit for:

• Financing a car
• Renting an apartment
• Getting a home mortgage
• Setting up utility accounts
• In some cases obtain employment, and more

Credit Repair Services - Scam Prevention

The following tips can help prevent you from being scammed by a fraudulent credit repair service:

• Only incorrect information can be removed from a credit report. You are being scammed if a credit repair service tells you they can remove negative information from your credit report.
• Never pay for service up front where only promises are given.
• Make sure you see a written contract, your legal rights are clearly spelled out, and you are given three days to cancel the contract before initiation of service.
• Remember, you can fix mistakes on your credit report yourself. Don’t pay some one else to fix mistakes on your credit report.
• Do not use a credit repair service company which offers a new credit line by giving you a new tax identification number or a new social security number. This practice does not work and it is illegal.

Credit Repair Services - Conclusion

If you are in need of good credit, there is no such thing as a quick fix. Most of what a credit repair service can legally do for you, you can do yourself if you have the time and energy. For some people, spending more money on a service which you can do yourself is not a prudent choice, and can result in you getting further into debt. Credit repair services may be a viable option for people who are simply to busy or simply do not have the time and energy to fix inaccuracies on their credit report. Always remember that you can work with your creditors, because most are very willing to work with you to work out some sort of a repayment plan. Remember, only time can fix bad credit. Credit counseling is a viable option in order to prevent the development of bad credit. Although there are many cases where bad credit develops due to circumstances beyond an individuals control, many cases of bad credit can be prevented simply by making prudent financial choices. You can start to get your financial house in order by setting spending limits, not over spending beyond your means, and making sure payments are made on time. This will result in the development of good credit.