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Credit Score News, Tips & Advice « Credit Scores > Credit Score Advice > Keep off the fake credit repairers- when to know if a company’s offer for help is the real deal

Keep off the fake credit repairers- when to know if a company’s offer for help is the real deal

By George Hauser
Published: Friday, October 9th, 2009

All over the internet, credit repair scams distract the attention of credit users by stating the ease of erasing bad credit records with their services, thus the need for a credit score advice. Credit repair, however, is not as easy as the companies offering it say. These companies may be offering to clean your record in bad faith. Given the accuracy of your negative credit record, these companies will be breaking the law if they wipe it out in part or entirely. Chances are they are only claiming they can to profit from you while leaving you with the same credit record and reduced finances. Be in the know through a credit score advice to avoid hassles.

The Federal Trade Commission has policies under the Credit repair organizations Act that protect consumers from fraud committed by preying organizations. For a credit score advice, here’s how you can detect whether the credit repair organization that’s offering you its services is actually what it claims it is to be:

  1. Credit repair organizations do not offer their services prepaid. They first perform their services before they ask for payment. Be careful because your money might fly off before you even see your credit repaired.
  2. If you and/or they know that your credit record is accurate, they will not advise you to make any untrue or misleading statement regarding it. Equifax, Experian and TransUnion keep records of your credit so you have no means of denying whatever negative data your record has.
  3. You cannot make any statement denying your true identity by applying for an Employer Identification Number to use instead of your Social Security Number. Companies that counsel you to do this cannot be trusted. With the intent of concealing the consumer’s credit history, this “advice,” when done, is a legal violation.
  4. You have the right to contact Equifax, Experian and TransUnion whenever you find inaccuracies in your records. Reputable credit repair companies do not recommend cutting off direct contact with the credit bureaus. You may contact the said bureaus through writing to them directly as to the records you find disputable without interference or aid from a credit repair company.
  5. You have the right to information about how credit repair works. Credit repair companies should furnish information about your rights as a consumer and tell you what you can do for free even without their services. The Credit repair organizations Act mandates the disclosure of consumer credit file rights under state and federal law to you before you enter into a contract with a credit repair organization.
  6. Your contract with the organization has to be written and dated. It also has to contain the details for the terms and conditions of the services that the organization will provide to you. The contract also has to state that you have the right to cancel your contract with any credit repair organization for any reason within three business days from the date you signed it.

Failure to comply with the Credit repair organizations Act results to civil liability so you better check get a credit score advice now. Research about the credibility of the credit repair organization first before you engage in an agreement with them. Look into how they plan to conduct their services before you allow them to. Know your rights through a credit score advice and avoid the dilemmas of credit card mishandling.

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