Tough economic times have sent millions of Americans deep into debt and created situations whereby payments have been late or missed, repossessions or charge-offs have occurred, judgments have been issued, or even dreaded foreclosures or bankruptcies have been pursued. If you have had any of these experiences recently then your credit has been damaged.
Credit repair can be accomplished by the do-it-yourselfer. However, it can take quite a bit of time, a great deal of effort, a decent amount of knowledge and a lot of aggravation to complete which is compounded by the severity of your credit situation. For this reason, many people opt to contact a credit repair company to do all the leg work for them.
A common problem that a large number of credit repair seekers run into is the issue of credit repair scams. Hundreds of credit repair companies have popped up during the financial crisis and complaints to the Better Business Bureau have skyrocketed with a large percentage of them ending up unresolved. So how can you identify a legitimate credit repair company?
Identify the Fakes
The first step in finding a legitimate credit repair company is to be familiar with the tactics of fake companies. Miraculous solutions to bad credit are posted all over the media. So rule number one is “if it sounds too good to be true then it’s probably a scam”.
Companies that promise to fix your credit report in under 30 days are fake as the Fair Credit Reporting Act allows creditors a full 30 days to provide documentation that validates disputes. The same goes for anyone who guarantees removing 100% of negative items from your credit report. If items are validated then they will remain until the statue of limitations runs out.
Also, beware of companies that suggest illegal practices such as issuing new Social Security Numbers or Employee Identification Numbers, or placing you piggy back on another person’s good credit account. If you get caught doing these things, you could be prosecuted.
Provisions of Legitimate Companies
Legitimate credit repair companies will provide those items to their clients which are mandated by law. They will provide a written contract with a visible statement included which states your right to pursue credit repair yourself as well as a copy of the “Consumer Credit File Rights Under State and Federal Law” which outlines your right to cancel the contract within three business days and how to deal with credit repair company issues.
Legal companies will also not require payment until services are rendered. Illegitimate companies often require high fees of hundreds to over a thousand dollars upfront.
Credit repair companies which are legitimate will also provide a free consultation and won’t offer specific advice until they have looked at your credit report to determine your credit situation.
If you have need of legitimate credit repair services, contact Repair-Credit-Today.com. Receive a free credit report repair consultation and take advantage of over 19 years of qualified, professional credit repair assistance.