Discover 5 Things To Know Before Hiring A Credit Repair Service
1) The latest figures show that an average American has a credit score of 677. The difference on monthly or yearly payments with a credit score of 677 and 720, for instance, is an average savings of $421 per month or $5,052 per year (i.e. house payments, car payments, credit cards, etc.).
2) A lot of people ask whether credit repair really works. The simple answer to that is, "Yes, absolutely." Millions of items have been removed from credit reports, and tens of thousands get deleted every single day (i.e. late payments, collections, bankruptcies, and foreclosures get deleted). A study released by the U.S. Public Interest Research Group in June 2004 found that 79% of the consumer credit reports surveyed contained some kind of error or mistake.
3) The Fair Credit Reporting Act guarantees the credit repair process to you. Although there are many credit repair companies out there, be cautious, however, to avoid being scammed.
4) Also, the credit repair organizations must give you a copy of the "Consumer Credit File Rights Under State and Federal Law" before you sign a contract. Unless they give you a written contract that spells out your rights and obligations, assume you are being scammed.
5) A credit repair company cannot do the following until you give your signature:
* Make false claims about their services
* Take your money unless they have finished the promised services (Not half way; but completely)
* Perform any services until they have your signature on a written contract and have completed a three-day waiting period
Know that you have the freedom to cancel the contract with no fuss, no hassle, and no cancellation fees during this time.
Before you sign a contract, be sure it specifies:
* Payment terms for services and total cost
* The services the company will perform with colorful details and easy-to-understand description
* How long it will take to achieve the result
* 100% guarantees the company offers
* The company's name and business address
2) A lot of people ask whether credit repair really works. The simple answer to that is, "Yes, absolutely." Millions of items have been removed from credit reports, and tens of thousands get deleted every single day (i.e. late payments, collections, bankruptcies, and foreclosures get deleted). A study released by the U.S. Public Interest Research Group in June 2004 found that 79% of the consumer credit reports surveyed contained some kind of error or mistake.
3) The Fair Credit Reporting Act guarantees the credit repair process to you. Although there are many credit repair companies out there, be cautious, however, to avoid being scammed.
4) Also, the credit repair organizations must give you a copy of the "Consumer Credit File Rights Under State and Federal Law" before you sign a contract. Unless they give you a written contract that spells out your rights and obligations, assume you are being scammed.
5) A credit repair company cannot do the following until you give your signature:
* Make false claims about their services
* Take your money unless they have finished the promised services (Not half way; but completely)
* Perform any services until they have your signature on a written contract and have completed a three-day waiting period
Know that you have the freedom to cancel the contract with no fuss, no hassle, and no cancellation fees during this time.
Before you sign a contract, be sure it specifies:
* Payment terms for services and total cost
* The services the company will perform with colorful details and easy-to-understand description
* How long it will take to achieve the result
* 100% guarantees the company offers
* The company's name and business address
About the Author:
About The Author: David Wada, who has been repairing credit in Northern California for thirty years, has written a very practical guide to clarify Credit Repair Companies. For a limited period, you can access a free copy by going to his Credit Repair Companies
posted by Credit Counseling at
7:07 PM
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