CREDIT REPAIR - Help Yourself
You see the advertisements in newspapers, on TV, and on the Internet. You
hear them on the radio. You get fliers in the mail. You may even get calls
from telemarketers offering credit repair services. They all make the same
"Credit problems? No problem!"
"We can erase your bad credit -- 100% guaranteed."
"Create a new credit identity -- legally."
"We can remove bankruptcies, judgments, liens, and bad loans from your
credit file forever!"
Do yourself a fav or and save some money, too. Don’t believe these
statements. Only time, a conscious effort, and a personal debt repayment
plan will improve your credit report.
The following explains how you can improve your credit worthiness and lists
legitimate resources for low or no-cost help.
CREDIT REPAIR COMPANIES
Everyday, companies nationwide appeal to consumers with poor credit
histories. They promise, for a fee, to clean up your credit report so you can
get a car loan, a home mortgage, insurance, or even a job. The truth is, they
can't deliver. After you pay them hundreds or thousands of dollars in up-front
fees, these companies do nothing to improve your credit report; many simply
vanish with your money.
The Warning Signs…
If you decide to respond to a credit repair offer, beware of companies that:
4Want you to pay for credit repair services before any services are
4Do not tell you your legal rights and what you can do -- yourself -- for free;
4Recommend that you not contact a credit bureau directly; or
4Advise you to dispute all information in your credit report or take any
action that seems illegal, such as creating a new credit identity. If you
follow illegal advice and commit fraud, you may be subject to prosecution.
You could be charged and prosecuted for mail or wire fraud if you use the
mail or telephone to apply for credit and provide false information. It's a
federal crime to make false statements on a loan or credit app