Do The Best Credit Repair Services Improve Your Credit Score?
The best credit repair services set realistic expectations, while taking much of the drudgery out of fixing your credit score. While none of them can perform magic, the best credit repair services can help improve your credit score.
There are hundreds of credit repair services advertising today, but the Federal Trade Commission considers most of them to be scams. Companies that claim they can help you erase bad credit, or offer guarantees to raise your credit score, are probably scams.
According to the FTC, "No one can legally remove accurate and timely negative information from a credit report." Many of these companies will advise you to dispute all negative entries on your credit report. In most cases, this is illegal, just as following illegal advice is.
The best credit repair services don't sell you your own credit reports. The federal Annual Credit Report laws make everyone is entitled to a free copy of their credit report, one from each of the three credit-reporting agencies (TransUnion, Experian, and Equifax), once each year, or in a twelve month period.
Most, if not all of the things these companies will do for you are things you can do yourself, but it may be very helpful for those who may not be aware of what their options are. Doing some of the work on your own might actually lower their fees, or of course you can simply do it all yourself instead.
It is important to differentiate between credit repair services and "debt consolidators". A debt consolidator does not try to fix your credit, but rather works to help you bring your outstanding debt under control.
This is done by contacting your creditors on your behalf, and negotiating a 'settlement' agreement, often a fraction of the actual outstanding debt. Then they combine these amounts. You in turn pay a single amount each month to the company, who then sends a portion to each creditor.
The best credit repair services can only help those who want to help themselves. They aren't a "bailout" that erases bad debt like bankruptcy filing, however they can help set you on the road to improving your credit score, and in turn your financial future.
There are hundreds of credit repair services advertising today, but the Federal Trade Commission considers most of them to be scams. Companies that claim they can help you erase bad credit, or offer guarantees to raise your credit score, are probably scams.
According to the FTC, "No one can legally remove accurate and timely negative information from a credit report." Many of these companies will advise you to dispute all negative entries on your credit report. In most cases, this is illegal, just as following illegal advice is.
The best credit repair services don't sell you your own credit reports. The federal Annual Credit Report laws make everyone is entitled to a free copy of their credit report, one from each of the three credit-reporting agencies (TransUnion, Experian, and Equifax), once each year, or in a twelve month period.
Most, if not all of the things these companies will do for you are things you can do yourself, but it may be very helpful for those who may not be aware of what their options are. Doing some of the work on your own might actually lower their fees, or of course you can simply do it all yourself instead.
It is important to differentiate between credit repair services and "debt consolidators". A debt consolidator does not try to fix your credit, but rather works to help you bring your outstanding debt under control.
This is done by contacting your creditors on your behalf, and negotiating a 'settlement' agreement, often a fraction of the actual outstanding debt. Then they combine these amounts. You in turn pay a single amount each month to the company, who then sends a portion to each creditor.
The best credit repair services can only help those who want to help themselves. They aren't a "bailout" that erases bad debt like bankruptcy filing, however they can help set you on the road to improving your credit score, and in turn your financial future.
About the Author:
FIX YOUR CREDIT QUICKLY at fixcreditrepair.info! Learn more about the Best Credit Repair Services.
posted by Debt Consolidation Loan at
10:48 AM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home