Credit Repair Service: the Devil in Disguise
Contributed by Kris Griebe
Credit repair service: The scam
Everyday, a credit repair service is bombarding consumers with advertisements on TV, radio, and even the internet claiming that they can "erase your bad credit history". They promise, for a fee, to clean up your credit history so you can get that much needed car loan or mortgage, insurance, or even a job. Whatever statements they make, do yourself and your money a favor; don't believe them. Only time, diligence, and maybe even a debt repayment plan will improve your credit history.
There are several warning signs a credit repair service is a scam that you should be aware of. Beware if they want you to pay for their service before any services are provided. Chances are your money is going into their pockets and you'll be left with nothing to show for it. Bells, whistles, and flashing red lights should go off in your head if a credit repair service suggests that you create a new credit identity. You could be charged and prosecuted for fraud as this tactic is illegal.
Credit repair service: The truth
The truth is no one, including a credit repair service, can legally remove accurate and timely information from your credit report. But the law does allow you to have information that you dispute to be inaccurate investigated by the reporting bureau. Here's the deal though, everything that a credit repair service claims to be able to do, you can do for yourself.
