Learn 5 Credit Repair Tips to Avoid Being Scammed
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) Many people often wonder if credit repair really works, and the short answer is , "Yes, definitely." The U.S. Public Interest Research Group released a report in June 2004 saying that 79% of the consumer credit reports surveyed contained some kind of error or mistake. Even today, million of erroneous items have been removed from credit reports, and tens of thousands get deleted daily, including collections, late payments, bankruptcies, and foreclosures.
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) Be sure to ask for a written contract that spells out your rights and obligations. The Credit Repair Organizations Act guarantees that credit repair organizations must give you a copy of the "Consumer Credit File Rights Under State and Federal Law" before you sign anything.
5) Read all documents, and before signing anything, know that a credit repair company cannot:
* Mislead you with false claims about their services
* Charge you unless their promised services is completed
* Perform any services, and even after your signature is on a written contract, they must complete a three-day waiting period
During this time, you can cancel the contract without paying any fees.
Be sure the contract specifies:
* The payment terms for services, including the total cost
* The services the company will perform with colorful details and easy-to-understand description
* How many days, hours and minutes to achieve their promised results...okay maybe not that specific, but really drill them on when the services will be completed
* Any guarantees the company offer
* Company name and address
2) Many people often wonder if credit repair really works, and the short answer is , "Yes, definitely." The U.S. Public Interest Research Group released a report in June 2004 saying that 79% of the consumer credit reports surveyed contained some kind of error or mistake. Even today, million of erroneous items have been removed from credit reports, and tens of thousands get deleted daily, including collections, late payments, bankruptcies, and foreclosures.
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) Be sure to ask for a written contract that spells out your rights and obligations. The Credit Repair Organizations Act guarantees that credit repair organizations must give you a copy of the "Consumer Credit File Rights Under State and Federal Law" before you sign anything.
5) Read all documents, and before signing anything, know that a credit repair company cannot:
* Mislead you with false claims about their services
* Charge you unless their promised services is completed
* Perform any services, and even after your signature is on a written contract, they must complete a three-day waiting period
During this time, you can cancel the contract without paying any fees.
Be sure the contract specifies:
* The payment terms for services, including the total cost
* The services the company will perform with colorful details and easy-to-understand description
* How many days, hours and minutes to achieve their promised results...okay maybe not that specific, but really drill them on when the services will be completed
* Any guarantees the company offer
* Company name and 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 de-mystify Credit Repair Companies. For a limited period, you can access a free copy by going to his Credit Repair Companies
posted by Debt Consolidation Loan at
7:12 PM
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