Credit Repair
With so much hype and fear over a bad credit score thousands of companies have sprang up overnight ready and willing to take peoples money with the offer of repairing their credit. For a nice little fee these companies claim to fix bad credit, unfortunately in reality all that is accomplished is an added debt with no discernable results.
Before seeking the advice or services of a credit repair agency you should know the following:
Many claims exist of improving an individuals credit rating however the truth of the matter is, legally, there is no quick solution to improving a credit score. A credit score is a reflection of payment history and no company has the power to alter or erase credit information or history.
The North American Consumer Credit Reporting Act stipulates that all information on your credit report/history remains valid for 7 years. During that time no one has the ability to remove or change it. Credit repair companies simply take your money and deliver no results as they legally cannot. Note if there is incorrect information on your report than you have the right to dispute it.
Unless the credit repairer can provide solid evidence that your credit was improved because of their actions they are not legally entitled to payment. In fact it is illegal for them to request any form of payment or advanced payment until they can provide you proof.
Many shady companies are out there to scam you. If for instance you see an agency that advertises their ability to improve your credit rating then they are a scam. It is illegal to even make such a claim prior to reviewing your credit history.
Remember that credit repair takes time and only you have the ability to effectively raise your credit score. Dont be fooled by scammers and false advertising.
