Should I Trust the Companies That Offer Credit Repair Services?
Contributed by Melanie Vannuys
Should I Trust The Companies That Offer Credit Repair Services?
We've all seen the advertisements on television, heard them on radio and seen fliers in the mail from companies that offer credit repair services. All scream the same claims: "repair your credit! ", "credit problems - don't worry! ", "erase your bad credit today! " and so on. Save yourself the stress, time AND money and avoid these folks.
These companies appeal to people with shaky or bad credit. For a fee, they promise to fix all of your credit problems and "assure" you that you will be able to qualify for a car loan, mortgage and/or credit cards. What they don't tell you is that it's all a scam. After you've paid them hundreds, maybe even thousands, of dollars, they do nothing to repair your credit and some even just disappear!
What Should I Be Aware Of From Companies Offering Credit Repair Services?
First of all, keep in mind that no one can legally remove accurate negative information from your credit report. And anyone who tells you otherwise is not being honest with you. If after reviewing your credit report, you find that there are INACCURATE entries, then there are steps you can take to dispute them and ultimately remove them, but that's a story for another day!
If you decide to respond to a company that offers credit repair services, there are a few things to watch out for and stay away from:
1. If the company wants you to pay for the credit repair services up front;
2. If they don't tell you your legal rights and tell you that you can do this on your own for free;
3. If they recommend that you DON'T contact the credit bureau directly;
4. If they suggest that you try to create a new credit report by applying for an Employer Identification Number (EIN) instead of using your Social Security Number;
