"Erase Bad Debt !"
"Remove Negative Items From Your Credit Report"
You've probably seen these headlines and others just like it promising to clean up or "fix" bad credit. For someone who suffers from a bad or poor credit rating, these headlines are certainly an appealing offer.
Imagine finally being able to buy that new car, get debt collectors off your back, and enjoy a new found freedom from your past debts.
Sound to good to be true ? It probably is. Once you fall prey to the credit repair offer and pay the hefty fees involved to clean up your record, here's what happens:
1) The credit repair scam artist contacts the credit bureaus and reports that the negative information in your file is false.
2) The credit bureau removes this negative information from your report while they investigate the claim.
3) The scam artist will then show you the cleaned up version of your credit report and "ta-da" your credit history has been fixed !
But here's what the scammer doesn't tell or show you. After the credit bureau completes their investigation the negative information is placed back on your credit report.
Negative but accurate information cannot be removed from your credit profile. Only incorrect information can be removed.
Accurate information remains on your credit file for a period of 7 years from the time it is reported to the credit agencies; a bankruptcy appears for a 10 year period.
Many legitimate companies exist that can help you with your debt problems. But how do you spot a scam offer ? Easy, they'll ask you for their fees up front. By law, credit repair agencies cannot ask for payment until they've provided the service they promised.
Additionally many states require that a credit repair service, whether they are for-profit or not-for-profit, must provide you with a detailed written contract, an explanation of your legal rights, and the opportunity to cancel any signed contract within 3 days.
Also, be aware that a "credit repair offer" could be an attempt to steal your identity by getting you to provide personal information such as a Social Security number, bank account and credit card account numbers.
Always make sure you know who you are dealing with before accepting any offer to help you repair your credit. Those who don't can have their credit ruined further and create more debt problems.
© 2004, www.yourfreecreditreportnow.com
Author: James H. Dimmitt.
James is editor of "TO YOUR CREDIT", a weekly free newsletter. Subscribe to the newsletter by visiting http://www.yourfreecreditreportnow.com.
Ebooks, Scripts,
Websites, and more... Credit cards can be a very quick way of getting... Read More The credit card companies make billions each year in legitimate... Read More As a consumer you've learned the importance of establishing a... Read More Online car finance is convenient. You can apply over the... Read More The economic downturn of the last five years has affected... Read More We spend money every single day on many different types... Read More Here's a dirty secret, today's "non profit credit counselors" are... Read More A credit card allows you to buy things even though... Read More Bad credit can be a burden for otherwise good credit.... Read More Credit cards are just so convenient, aren't they? There's no... Read More Credit score is one of the most basic, determining factor... Read More Ever wonder how a creditor decides whether to grant you... Read More What are the APRs charged by the credit cards in... Read More You've probably never heard of Frank X. McNamara, but he... Read More Have you ever wonder about how to get good credit... Read More Whether or not you receive a loan and what interest... Read More Q: I'm opening a gift shop and want to be... Read More Let's be crystal clear, right up front. Paying someone to... Read More What is a credit card? A credit card is... Read More Years ago your credit score was a big secret, known... Read More A new sickness is plaguing the UK called Denial. Denial... Read More Identity theft is a growing concern among Americans, and rates... Read More Raising your credit score can be a fairly simple and... Read More There is almost nothing more troublesome than having too much... Read More Parents have the full responsibility for their children and their... Read More
Cheap Domain Names
Credit Cards: How To Use Them
10 Dirty Tricks Credit Card Companies Play
4 Steps to Creating Good Credit
Is it Safe to Use Online Car Finance?
Credit Report ? Watch Out for Parking Tickets
Maximizing Credit Card Rewards
Warning: Todays Non Profit Credit Counselors Are Yesterdays Bill Collectors!
What is a Credit Card?
Dealing With and Repairing Bad Credit
Why Credit Cards are a Bad Idea
Credit Score - Reporting Your Financial Health
Get Your Credit Score To Soar In The Twinkling of An Eye
Cutting Credit Card Costs
The Top 5 Secrets to Managing Your Credit Cards?So They Won?t Manage You
Triple AAA in 30 Days
What Is a FICO Score and How Do I Make It Work for Me?
Credit Cards, Merchant Accounts, and Your Bottomline
Credit Repair Companies and Credit Counseling
What You Need To Know About Credit Cards
How To Boost Your Credit Score
The Hitchhiker?s Guide To Insanity
Identity Theft ? Guard Your Childrens Social Security Numbers
Repairing Your Credit Score and Clearing Derogatory Marks on Your Credit Report
How To Eliminate Credit Card Debt
Teaching Students To Keep Out Of Credit Card Debt - The Parents Role
1. Payment History -- 35%The number of accounts paid as... Read More
For all people shop around for the best rate, there... Read More
You hear people talk about credit reports all the time... Read More
For people with a spotty credit history or bad credit,... Read More
There are multiple reasons that tell us why we should... Read More
Finance is a big word for some of us. It's... Read More
A new sickness is plaguing the UK called Denial. Denial... Read More
Your credit rating affects many areas of your life. Opening... Read More
Prepaid credit cards also called stored value card can be... Read More
Joint debts remain joint debts.Both spouses signed a legally binding... Read More
Your credit file may not reflect all your credit accounts.... Read More
Making Your Credit Rating Work For YouOne of the basics... Read More
If gold medals were awarded for marketing consistency, the credit... Read More
Under the Fair Debt Collection Practices Act, collectors are not... Read More
If you're like the average person, let me warn you... Read More
By Federal law, you are entitled to one free credit... Read More
If you've ever applied for a credit card or loan,... Read More
#1 Make sure mistakes aren't hurting your credit.Reviewing your credit... Read More
1- Check your credit report regularly2- Secure personal information in... Read More
Are you thinking of buying a house? Do you want... Read More
Having a credit card is a wonderful convenience for those... Read More
"Cut Your Payments in Half!" the headline screams. "Consolidate Your... Read More
The credit industry if rife with pitfalls. If you have... Read More
There are many evils associated with credit cards, but there... Read More
It is wise for you to have a company credit... Read More
Credit |