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Facts Regarding Illegal Credit Repair Schemes

By Ruth Racey
Published: Sunday, April 4th, 2010

One of the biggest problems that any credit consumer may face is the fact that they actually have a very bad credit report. In this case, surely, having a credit report that is full with negative data may be an indicator that you are already nearing bankruptcy. In this case, remember that your credit report actually contains all the records that soon determine your credit rating. This includes your payment history, your outstanding balance, and other facts that involve your credit card account. Therefore, having a bad report may lead to having a low credit rating, while having a good report may lead to a good credit rating. 

These are the reasons why people, especially the ones who use credit cards extensively would like to have the best report as possible. Remember that having a bad credit rating would mean difficulties in securing loans and high interest rates. For people who have a bad credit report, then, are very attracted to go to companies that offers credit repair. The sad fact is, some of these companies may actually offer you ineffective, and worst, illegal repair services. This would not help you, but would rather make your situation more miserable. 

Here then are some of the facts that may help you identify whether your credit repair company is offering illegal credit report repair services or not: 

  • In no way can you erase bankruptcies, bad payment histories, liens, and even overdue bills
    In this case, it is sad to say that there are a lot of consumers who fall into the trap of getting the services of credit repair companies who claims to erase bankruptcies, liens, and even overdue payments. The truth is, there is no way to do this except illegally. Therefore, the next time that you see credit repair companies that offers such services, remember that you can never erase from your credit report bad history. Usually, such companies are only scams, which do more hurt than harm to you. 
  • These fake credit repair services demand exorbitant fees
    In addition, most of the scam credit repair companies that offer erasing all of your cad credit history often demand such high fees for their services. In this case, not only are you having illegal repair services, but is actually paying much of a price in it.
  • The only thing that legal repair companies can do is for it to erase all of the errors in your report
    It is a fact that most of your credit reports have errors in it. This is the situation where credit repair companies are useful. The data that these repair companies can fix is in fact the errors, the inaccuracies in your report, especially when it hurts your credit ratings.

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