This
legitimate credit
repair service or debt
help service can help you establish or re-establish
your credit.
You
need help getting your credit situation under control.
The problem is, there are deceptive credit repair
companies that prey on people with bad credit. Title
IV of the Consumer Credit Protection Act (Public Law
90-321, 82 Stat. 164) was developed to protect consumers
by prohibiting deceptive practices by credit repair
organizations.
Here
are 5 ways the law protects you against deceptive
credit repair organizations:
1.
Credit repair services must present you with a legal
contract that "provides prospective buyers of
their services with the information necessary to make
an informed decision and may not use deceptive advertising".
Beware of any credit repair services or organizations
that will not answer ALL of your questions fully and
completely, does not offer you a credit repair contract,
or that make claims that seem too good to be true.
2.
A credit repair service "may not make any statement,
counsel, or advise any consumer to make any untrue
or misleading statements to any credit reporting agencies".
Beware of any credit restoration organization that
claims to have the ability to add false items or remove
detrimental (yet accurate) items from your credit
report as this cannot be done. Legitimate credit repair
services will create a clear, affordable, and achievable
plan that will help you establish creditworthiness,
not claim to be able to alter items on your credit
report.
3.
Credit repair companies "can not make any statement,
counsel, or advise any consumer to make any statement
where the intended effect of which is to alter the
consumer's identification." There are credit
repair organizations that may claim to be able to
give you a new social security number, allowing you
to start over with a brand new credit file. Beware.
This is illegal. No organization other than the federal
government can provide you with a social security
number.
4.
Credit repair organizations "may not charge or
receive any money or other valuable consideration
for the performance of any service before such service
is performed." Beware of any organization that
demands full payment of thousands of dollars for services
in advance. This is a sure sign of a rip-off.
5.
If you accept a credit repair contract, you have the
right to cancel your contract within three (3) business
days from the date you signed it. What this means
is if you sign a contract with a credit repair service
and want to take your time reading it, you have three
days to think it over. Take this time to get any afterthought
questions answered by the credit repair organization.
You may also take this time to get your contract reviewed
by an attorney.
You can read the full text of the law protecting you
against deceptive credit repair organizations here.
The
good thing is,
all credit repair organizations are not scammers.
There are legitimate
credit repair services that can really help you
establish your creditworthiness so you can back on
your feet. But who has time to weed through all the
scammers to uncover the legitimate credit repair comanies?
We do. We search, find, and recommend legitimate credit
repair services to those with bad credit so you don't
get "got"... you get real
credit repair help.
For
more, visit our homepage.
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