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Avoiding Credit
Repair Scams
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If you have less than perfect credit, you’ve probably seen advertisements
for credit repair services. In newspapers, TV, radio, and on the Internet
credit repair services claim to be able to remove bankruptcies, create
new credit identities, and even erase bad credit.
Unfortunately, many of these credit repair companies exist only to cheat
money out of their customers. After you’ve paid them hundreds of dollars
in fees, these credit repair companies simply vanish because they can’t
deliver what they have promised. The only real way to improve your credit
report is with time, effort, and a personal debt repayment plan.
If you decide to work with a credit repair service, there are certain
warning signs you should look for to decide if the company is legitimate.
A credit repair service should not want you to pay for credit repair
services before any services are provided. Another warning sign is if
a credit repair service recommends that you not contract the credit
bureau directly or refuses to answer questions about your legal rights
as a debtor.
Some phony credit repair services will advise you to dispute all information
in your credit report or take any action that seems illegal, such as
creating a new credit identity by applying for an Employer Identification
Number to use instead of your Social Security Number. If you follow
illegal advice and commit fraud, you may be subject to prosecution.
It's a federal crime to make false statements on a loan or credit application,
to misrepresent your Social Security Number, or to obtain an Employer
Identification Number from the IRS under false pretenses.
Negative information on your credit report is generally reported for
seven years. Bankruptcy information can be reported for ten years. Default
information regarding US government insured or guaranteed student loans
can be reported for seven years.
While no one can legally remove accurate and timely negative information
from a credit report, the good news is that the law does allow you to
request a reinvestigation of information in your file that you dispute
as inaccurate or incomplete. According to the Fair Credit Reporting
Act, you can dispute mistakes or outdated items for free. Ask the credit
reporting agency for a dispute form or submit your dispute in writing.
Include supporting documentation, clearly identify each item in your
report that you dispute, explain why you dispute the information, and
request a reinvestigation. Make sure you remember to keep a copy of
the dispute for your records. If the new investigation reveals an error,
ask that a corrected version of the report be sent to anyone who received
your report within the past six months. If the reinvestigation does
not resolve your dispute, have the credit bureau include your version
of the dispute in future reports.
Many states have laws regulating credit repair companies. If you believe
you have been cheated by a fraudulent credit repair service, don’t hesitate
to report the company to your local consumer affairs office or your
state attorney general.
About The Author:
Peter Dobler is a veteran in the IT business. His passion for experimenting
with new internet marketing strategies leads him to explore new niche
markets.
Read more about his experience with credit and mortgages; visit
Credit
Score Information Directory
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