Learn
which letters to send in order to repair
bad credit. This
credit
repair kit will help you repair your credit and
get your debts under control.
Are
you searching for credit repair contract help?
The information below is meant to assist you:
Section 406 of the Credit Repair
Organizations Act protects consumers by making credit
repair organizations provide you with a clear, written
contract before performing any type of credit repair
service. In our economy, many people have bad credit.
A great deal of us are searching for a little help
getting our debts under control so we can improve
our FICO scores.
The
problem is, there are deceptive credit repair organizations
that prey on good people that are trying to repair
their bad credit. You have protection under the law.
Beware of any company, organization, service, or individual
that does not provide you with a proper contract for
credit repair services.
The credit repair contract that is presented
to you must be written, dated, and must include:
-
The terms and conditions of payment, including the
total amount of all payments to be made.
You should never have to guess
the total amount that credit repair services will
cost. You should not have to pay a "retainer"
to any organization that promises ongoing and unlimited
credit repair services. The cost for any services
that will be provided should be clear, concise, and
the results should have an end date.
-
A full and detailed description of the services to
be performed and how long it will take.
The credit repair organization must include all guarantees
of performance, and an estimate of the date when the
services will be complete (or the length of time needed
to perform services). Do not be tempted to work with
any company that claims to have "insider secrets"
that they cannot share with you when comes to YOUR
credit profile. The services that will be provided
by the credit repair organization should be clearly
written. Additionally, any guarantees and claims such
as increased credit scores should be written and include
an end date. Do not accept any verbal warranties,
guarantees, or claims.
- The credit repair
organization's name and principal business address.
Be wary of any credit repair
service that will not provide you with a physical
business address where your information will
be located as they access your credit file. Companies
that only list a post office box as their principal
business address may be fraudulent, and who knows
what they could be doing with your personal information.
-
Terms of cancellation. A
conspicuous statement in bold face type, in immediate
proximity to the space reserved for your signature
on the contract, must read as follows: "You may
cancel this contract without penalty or obligation
at any time before midnight of the 3rd business day
after the date on which you signed the contract. See
the attached notice of cancellation form for an explanation
of this right." The law allows you three days
to cancel your contract without penalty. Take this
time to thoroughly review the contract and get any
questions answered.
-
A 'Notice of Cancellation' form. Each
contract shall be accompanied by a form, in duplicate,
which must have specific wording and include the heading
'Notice of Cancellation'. For your convenience, this
notice of cancellation form must be included in case
you decide during your three day grace period that
you do not want any services performed. If your contract
does not contain this form, be wary. This may indicate
that you are not working with a legitimate credit
repair organization.
Click
here to visit the
official website of the Federal Trade Commission to
view the full text of the law regulating credit repair
organizations and credit repair contracts.
All
credit repair companies are not bad. Legitimate
credit repair can be very helpful as you get your
debt under control. When you know your rights and
handle your responsibilities, you can be successful
in establishing that you are creditworthy. Get credit
repair help and get back on your feet. You will be
glad you did.
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