The Truth About Credit Repair Scams

Credit repair scams have increased tremendously in economic times like these because of: a shaky economy; record degrees of foreclosures; and a rising number of bankruptcies, credit card delinquencies and late mortgage repayments. Credit repair is a booming business now and, unfortunately, lots of unscrupulous elements are thriving on the market.

Credit repair has become a necessary section of today’s economy as more as more people fall victim to bad credit.

Credit repairing is not an easy process, it’s not something that happens over night, but when you are patient, organized and assistance from many friends and professionals and folks that have been trough similar situations as you, it is possible to clean a credit history and remove all of the inaccurate information. Like most scams, credit repair scams victimize those who find themselves feeling desperate and willing to believe even unreasonable promises.

A few Credit Repair Scams To Avoid:

� Credit Repair companies that don’t follow industry standards or regulations.

� Credit Repair companies offering to “wipe out bankruptcies”, to eliminate accurate negative information from your own credit history, or to obtain credit for you no matter your credit history.

� Credit Repair companies that promise to exploit “secret” or “little known” loopholes in the system to remove information from your credit history.

� Credit Repair companies that wont provide a written disclosure of one’s rights with regards to your credit history before asking you to sign a contract.

� Credit Repair companies that attempt to charge money before it has performed the credit repair services.

� Credit Repair companies that discourage you from directly contacting the major credit reporting agencies.

� Credit Repair companies ensure it is sound like repairing your credit is a big mystery that requires legal expertise and years of practice.

� Credit Repair companies that tell you to lie on loan applications or suggest that you create a second identity.

So what can you do to insure that you don’t fall victim to one of the scams? Start by studying the types of scams that are out there. If you discover inaccuracies on your credit report the duty lies with the one to begin the corrections process. Everything a credit repair clinic can do for you legally, you can do for yourself at little or no cost. You have a right to sue a credit repair organization that violates the Credit Repair Organization Act.

State law enforcement officials could be helpful if you’ve lost money to credit repair scams. Consequently, consumers who’ve experienced credit problems may seek advice and assistance from credit repair organizations that offer to improve the credit standing of such consumers. diy credit repair However, neither you nor any ”credit repair” company or credit repair organization gets the right to have accurate, current, and verifiable information taken off your credit report. State police may be helpful if you have lost money to credit repair scams. Therefore, consumers who have experienced credit problems may seek assistance from credit repair organizations, which offer to improve the credit standing of such consumers. However, neither you nor any ”credit repair” company or credit repair organization gets the right to have accurate, current, and verifiable information taken off your credit

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