Learn
which letters to send in order to repair
your bad credit.
This do-it-yourself credit
repair kit will help you repair your credit and
get your debts under control. Act now and you can
begin to repair your credit today!
As you search for bad credit help, you
can avoid credit repair scams by learning your rights
and clearing your credit YOURSELF.
Always
be cautious of companies that:
- Claim they are able to give
you a better credit score by giving you a new social
security number or employer identification number.
(Your social security number or employer identification
number cannot be changed.)
-
Claim you cannot dispute inaccurate items
on your credit report on your own.
(If you are prepared to do the work, you can dispute
inaccurate items directly with the credit bureaus
yourself. All disputes must be made in writing, and
you must send your disputes to each of the three credit
bureaus seperately. There is no cost to dispute inaccurate
items. If you need help, it is recommended that you
get a professsional to help you.)
-
Advise you to dispute ACCURATE items in your
credit report. (No
matter how damaging your past has been, accurate items
will stay on your credit report. What you need to
do is get into a debt
settlement program so you can move toward better
credit in the future.)
-
Do not explain your legal rights and personal
responsibilities when it comes to credit repair. (Beware
of scam companies that say "oh, this is just
standard procedure" when you ask them a specific
question. Make sure you get real answers to your questions.)
-
Do not provide you with a clear contract.
(By law, credit repair
contracts must include a list of all of the services
they will provide, a total cost, and completion
date or date range. Additionally, the law provides
you three days from the time you sign the contract
to think about your decisions. If you change your
mind, you have three days to get out of your contract
without pentalty or obligation. Use this time to review
the contract and seek professional legal review if
necessary.)
-
Ask for payment in advance. You
should not pay any costs before you sign a contract.
In
September 1996, the Federal Trade Commission enacted
the Credit Repair Organizations Act (CROA) to protect
consumers from scam artists posing as credit repair
companies.
Some
specific protections are:
-
Credit repair companies cannot make claims about the
services they provide that are illegal. Remember,
if it sounds too good to be true, it probably is.
-
Credit repair companies cannot charge you for any
services up front. You can only be charged
once their promised (and legal) services have been
completed.
-
Credit repair companies cannot perform any services
without a signed contract. The contract must
state the exact measures they will take to help you
repair your credit, how much it will cost in total,
and how long it will take before you see results.
-
You have a grace period. All credit repair
companies must complete a three day waiting period
after you sign the contract to give you the opportunity
to review and/or cancel the contract without obligation
if you change your mind.
