Buyer Beware Credit Repair Scams

Nobody can magically erase negative information from your credit report if it’s true and accurate. Only false and incorrect information can be removed. Accurate information stays on your credit record for 7 years from the time it’s reported (10 years for bankruptcy). Even information about bills you fell behind on but now are paid will remain on your report for these time periods.

By federal law a Credit repair service company or credit repair consultants can not accept your payment for services until they first provide you with a written explanation of your legal rights, a detailed written contract outlining exactly what they are going to do for you, and three day / 72 hour time frame to cancel the written agreement should they choose to back out. This only applies for profit services such as an LLC or a corporation. This does not apply to non-profit organizations, banks, credit unions, or creditors themselves.

NEVER EVER under any circumstances reply to or contact an unsolicited email offering to repair your credit.  These emails are fraudulent scams and these con artists will take your money and outright RIP YOU OFF.

NEVER EVER under any circumstances pay a mortgage broker or anybody else that promises they can fix your credit report. Many mortgage brokers are slick talking sales men or sales women and will say almost anything to take your money. A legitimate credit repair business will NOT promise any guaranteed results but will rather promise and deliver a service such as contacting the credit bureaus and collection agencies on your behalf to dispute your inaccuracies.

If a credit repair company or consultant promises they can raise your credit score RUN AWAY FAST.
NONODY and we mean nobody can deliver on such promises. Remember from the above  – A legitimate credit repair business will NOT promise any guaranteed results but will rather promise and deliver a service such as contacting the credit bureaus and collection agencies on your behalf to dispute your inaccuracies.

You can attempt to correct the mistakes on your credit report yourself if you know what to do and how to do it. You can learn about how to help yourself by reading the articles written in our Fair Credit Blog and you can find legitimate resources in our blog to refer you to companies that will not rip you off.

 

 

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