Credit Repair Companies
Some credit repair
firms are easy to spot; others can be more difficult to identify because they
may market themselves as financial counseling and advice companies. To help prevent you from getting duped, here
are some sure signs of a credit repai 414w225e r company:
· The company's advertising and literature
make impossibly extravagant promises such as: 'We can wipe out bankruptcies and
other negative information in your credit record.' Or, ' We
can get you credit no matter how bad your credit history.'
· The company says it will use 'little known
loopholes' in the FCRA to rid your credit record of negative information.
· The company claims that it can get you a
major bankcard despite your credit record.
Credit repair firms
use a wide variety of techniques to market their services to consumers. These techniques can include fliers
distributed in parking lots and posted on telephone poles, television
advertising, direct mail and telemarketing. Credit repair firms that use direct mail or telemarketing techniques
often develop their target lists of consumers from court records of people who
have filed for bankruptcy.
Regardless of the
specific technique a credit repair firm uses to interest a consumer in its
services, its goal is to get that consumer either to call a telephone number to
learn more about its services or to schedule an appointment with a
representative of the firm. Despite their claims and promises, credit repair
companies cannot do anything you can't do yourself for little or no cost under
the terms of the FCRA. That law gives
you the right to have inaccurate or outdated information deleted from your
credit records as well as the right to have inaccuracies corrected. Although patience and persistence are often
required when dealing with a slow-to-respond credit bureau, an expenditure of
your time to resolve credit record problems is far preferable to paying a
credit repair firm a lot of money to accomplish little or nothing.