"Erase Bad Debt !" "Say Goodbye to Negative Data on Your Credit Report!"
You've probably seen these headlines and others just like it promising to clean up or "fix" bad credit. And it is usually easy to inveigle consumers who actually do have a bad credit rating, as these headlines appear at first glance to be the answer to their prayers.
Imagine finally being able to buy that new car, get debt collectors off your back, and enjoy a new found freedom from your past debts.
Yeah, it probably sounds too good to be true. You betcha. Take a look at this article if you want to see what really happens once you accept a credit repair offer and find your bank account drained by the usurious fees required to purportedly erase that bad credit record.
The people behind these credit repair scams tell the credit bureaus that any negative information in your record is incorrect.
The credit bureau removes this negative information from your report while they investigate the claim.
The scammer will present to you this credit report, all tidied up and bowdlerized, so to say, and just like pulling a rabbit out of a hat, you, my friend, have "perfect" credit!
But here's what the scammer doesn't tell or show you. Once the credit bureau has completed the investigation, usually finding no merit to the dispute, the negative information goes back to your credit report.
You cannot remove negative information from you credit report so long as it is accurate. Only incorrect information can be removed.
Accurate information would take seven years from the time it is reported to the credit bureaus before it is removed from your report, whereas bankruptcies remain for ten years.
Many legitimate companies exist that can help you with your debt problems. But how do you spot a scam offer ? Simple - they demand up front payment for their services. By law, credit repair agencies cannot ask for payment until they've provided the service they promised.
There would also be certain laws applicable to several states, stipulating that a credit repair service furnish individuals with a written contract replete with details and specific terms and conditions, which can be canceled within three days of signing, and including a list of the signor's legal rights.
These "credit repair offers" may also be thinly-veiled attempts at identity theft, which would involve the companies stealing your credit card, bank account and/or Social Security numbers through the information you enter upon application.
Before you entrust the job of repairing your credit in anybody's hands, you have to be sure you trust the person or company you are dealing with. You may find yourself sinking even deeper into debt if you deal with untrustworthy, unscrupulous companies "specializing" in these services.
You've probably seen these headlines and others just like it promising to clean up or "fix" bad credit. And it is usually easy to inveigle consumers who actually do have a bad credit rating, as these headlines appear at first glance to be the answer to their prayers.
Imagine finally being able to buy that new car, get debt collectors off your back, and enjoy a new found freedom from your past debts.
Yeah, it probably sounds too good to be true. You betcha. Take a look at this article if you want to see what really happens once you accept a credit repair offer and find your bank account drained by the usurious fees required to purportedly erase that bad credit record.
The people behind these credit repair scams tell the credit bureaus that any negative information in your record is incorrect.
The credit bureau removes this negative information from your report while they investigate the claim.
The scammer will present to you this credit report, all tidied up and bowdlerized, so to say, and just like pulling a rabbit out of a hat, you, my friend, have "perfect" credit!
But here's what the scammer doesn't tell or show you. Once the credit bureau has completed the investigation, usually finding no merit to the dispute, the negative information goes back to your credit report.
You cannot remove negative information from you credit report so long as it is accurate. Only incorrect information can be removed.
Accurate information would take seven years from the time it is reported to the credit bureaus before it is removed from your report, whereas bankruptcies remain for ten years.
Many legitimate companies exist that can help you with your debt problems. But how do you spot a scam offer ? Simple - they demand up front payment for their services. By law, credit repair agencies cannot ask for payment until they've provided the service they promised.
There would also be certain laws applicable to several states, stipulating that a credit repair service furnish individuals with a written contract replete with details and specific terms and conditions, which can be canceled within three days of signing, and including a list of the signor's legal rights.
These "credit repair offers" may also be thinly-veiled attempts at identity theft, which would involve the companies stealing your credit card, bank account and/or Social Security numbers through the information you enter upon application.
Before you entrust the job of repairing your credit in anybody's hands, you have to be sure you trust the person or company you are dealing with. You may find yourself sinking even deeper into debt if you deal with untrustworthy, unscrupulous companies "specializing" in these services.
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