Discover 5 Things To Know Before Hiring A Credit Repair Service
1) if you have a credit score of 677, you are in the same boat as 70% of all Americans. If your credit score rose just 30 points, your family can save, on average, $421 every month or $5,052 every year on house payments, car payments, credits cards, loans, 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) The Credit Repair Organizations Act also guarantees that credit repair organizations must give you a copy of the Consumer Credit File Rights Under State and Federal Law before you sign a contract. They also must give you a written contract that spells out your rights and obligations.
5) A credit repair company cannot do the following until you give your signature:
* Mislead you with false claims about their services
* Take your money unless they have finished the promised services (Not half way; but completely)
* Start their services unless YOUR signature is on a written contract and they have completed a THREE-DAY waiting period
Know that you have the freedom to cancel the contract with no fuss, no hassle, and no cancellation fees during this time.
Before you mark your name on the contract, make sure it specifies:
* The total cost and the payment terms for services
* A description of the services down to the itty-bitty details the company will be performing
* 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) The Credit Repair Organizations Act also guarantees that credit repair organizations must give you a copy of the Consumer Credit File Rights Under State and Federal Law before you sign a contract. They also must give you a written contract that spells out your rights and obligations.
5) A credit repair company cannot do the following until you give your signature:
* Mislead you with false claims about their services
* Take your money unless they have finished the promised services (Not half way; but completely)
* Start their services unless YOUR signature is on a written contract and they have completed a THREE-DAY waiting period
Know that you have the freedom to cancel the contract with no fuss, no hassle, and no cancellation fees during this time.
Before you mark your name on the contract, make sure it specifies:
* The total cost and the payment terms for services
* A description of the services down to the itty-bitty details the company will be performing
* 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 improving credit in Northern California for thirty years, has written a very practical guide to clarify 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
7:14 PM
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