Presented by Daniel Toriola
Credit repair companies can make major improvement to your credit score. The company that tells you,
truthfully, that they cannot make ANY promises as far as results show, may not be as appealing as those who
make wild promises.
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Beware of Bogus Credit Repair Companies!
By Omar M. Omar
Beware of Bogus Credit Repair Companies!
by: Omar M. Omar
So-called "credit repair" companies claim they can remove negative information from credit reports.
Advertising as "Credit Advisors," "Credit Rating Correction Services" or "Credit Consultants," they
trumpet variations on this message: "Turned down because of bad credit? We can help!" Many of
these companies charge hundreds if not thousands of dollars for the promise to "clean up" bad credit
reports. But the truth is, these companies can only do what you could do yourself--at no charge.
Nobody can remove negative information that is accurate from your credit report. No company has a
"secret" ability to remove all negative information.
But this doesn't stop their claims. This deceptive quote is from a credit repair company brochure:
"Charged-off accounts, collection accounts, judgments, tax liens, repossessions, and even
bankruptcies can be removed from your credit records in less than one year (five to seven month
average)."
One tactic is to bombard credit reporting agencies with requests to verify information. If a credit
reporting agency cannot verify an entry within 60 days, it will remove the information from the report.
But if the information is later verified to be accurate, it will go back in the report.
Before you even consider signing a contract with a company that promises to repair your credit,
remember these facts: You may obtain a copy of your credit report on your own. You have the right
to dispute entries in your credit report.
Beware guaranteed credit offers!
Credit repair and other companies often claim they "guarantee" to get you a credit card, regardless of
your credit history. In fact, these companies do not always honor their guarantee. Sometimes, they'll
just take your money and run--you will not get any credit, regardless of what they promised.
If they get you a card at all it often will be a "secured" bank credit card, with high up-front "application"
Credit Repair Solutions
Do you know what's on your credit report? Secrets of Credit Repair.
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Presented by Daniel Toriola
fees, that requires you to deposit and keep several hundred dollars in a savings account, or a card that
only allows you to buy items in a catalogue from a business that you probably never heard of. (You can
apply for a secured credit card by yourself. For a free list of banks that do not charge application fees
for secured cards, see the information from Consumer Action in the "For More Information" section
below.)
Credit repair companies often advertise on television, in newspapers and even on matchbooks.
Sometimes they require consumers to dial a "900" telephone number to get more information. Calls to
900 numbers can cost $2 or $3 a minute, so listening to a few minutes of information about the cards
can be expensive.
Some companies try to get people a credit card by having them apply using financial information of
other people with good credit histories. It is a criminal act to apply for credit under someone else's
name--do not do business with one of these companies.
Law enforcement agencies have shut down many credit repair outfits, but it is hard to stop a fraudulent
credit repair outfit unless people complain about it. Therefore, be careful about responding to credit
repair ads and be sure to complain to the agencies listed below if you think a credit repair company
took advantage of you.
For more information
The Federal Trade Commission (FTC) publishes information for consumers on the subject of credit and
enforces federal laws on credit. For a list of free publications, write to the FTC's Public Reference
Department at the address given below. While the FTC does not handle individual cases, it can act
when it sees a pattern of possible law violations develop. Complaints about credit reporting agencies
and credit repair scams must be in writing. Send them to: FTC Credit Practices Division, 6th St., N.W.,
Washington, DC 20580.
Contact your local consumer protection agency or your state Attorney General's office. Many Attorneys
General have toll-free consumer hotlines. These numbers may be listed in the "self-help" or
government sections in the front of your phone book. These agencies can offer you advice and may
also be able to help resolve your complaint.
Consumer Action's free complaint/information switchboards offering non-legal consumer advice and
referrals can be reached from 10 a.m. to 2 p.m. on weekdays. Chinese, English and Spanish are
spoken. Call either (415) 777-9635 (San Francisco office) or (213) 624-8327 (Los Angeles office).
Consumer Action has a free list of secured credit card banks that do not charge application fees. To
receive a free copy, send a self-addressed stamped envelope to: Consumer Action Secured Credit
Card Survey, 717 Market St., Suite 310, San Francisco, CA 94103. (Available in English only.)
The Consumer Credit Counseling Service (CCCS) assists consumers who have problems in paying
their bills--before their good credit ratings suffer. Your local CCCS office can help you work out flexible
payment plans to make debt repayment more feasible. Call (800) 388-CCCS for an interactive
recording that will provide you with the phone number of the office nearest to you. Spanish-speakers
can call (800) 68-AYUDA (800-682-9832) between 8 a.m. and 7 p.m. central time.
Before you sign a contract with any company, check it out with the local Better Business Bureau (BBB),
a non-government service which advises consumers on fraud prevention. Call your local BBB. If you
Credit Repair & Collection Agencies
Credit Repair & Debt Collections Help For Consumers.
Page 2
Presented by Daniel Toriola
cannot find a local number listed in the phone directory, call the Council of Better Business Bureaus at
(703) 276-0100 for a referral to the office nearest you.
© Copyright. http://www.deleteuglycredit.com
Omar M. Omar is the owner of http://www.deleteuglycredit.com. The website is dedicated to provide
credit consumers with information about their credit right and how to dispute inaccurate information on
their credit report. Omar M. Omar is also the author Of "The Credit Repair Bible" book.
You have permission to publish this article electronically or in print, in your Newsletter, on your website,
or in your E-Book, as long as the author's Resource Box is included with the article.
omar@deleteuglycredit.com
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Page 3
Presented by Daniel Toriola
Danger Signs of Bad Credit Repair Companies
By John Rasor
If you are considering legitimate credit repair and restoration, then good for you. The first step in
improving your credit score is to get a grip on your finances and handling up on your debts. Remember
that no one can remove accurate credit reporting. If that's your car that was repo'd, it's not going away
any time soon. On the other hand, if that car was someone else's then you'll have no problem getting it
deleted from your credit report.
You may be thinking about hiring a credit restoration company to help you tackle some of your credit
glitches. That's perfectly ok if you find a good one and there are good ones out there. However there
are some pretty bad companies out there that promise ridiculous results.
Beware of credit repair companies that ask you to pay in advance or ask for a retainer for services that
haven't been rendered. The Credit Repair Organizations Act state that credit restoration companies
cannot charge you fees until after they've completed the services that they promised. If you are asked
to pay up front then they've directly violated this law.
You should also be very wary of companies that promise everything under the sun. No one can
remove accurate records of bankruptcies, judgments, tax liens or bad credit from your report. Nearly all
negative information stays on your credit report for seven years. If you know in your heart that it's your
debt, why would you think anyone could magically make it disappear?
Another sign of a chop shop credit repair company is one that advises you to dispute everything on
your credit report both good and bad. They will jam the credit bureaus with letters after letters disputing
it all. The trick here is that if creditors don't reply within 30 days then they must permanently delete the
item. The truth is that most credit, particularly accurate credit, is verifiable. You will hardly ever see
credit scores increase due to this method of madness. If the account is removed and it was legitimate
then it will only be a matter of time before it shows up again.
You could go to jail if you partner up with a credit restoration company that offers to help you get a new
identity. They will coach you on how to get an EIN or employer identification number as well as apply
for credit with a bogus or new address. This is a felony and we don't advise anyone take part in this
malicious scam.
Illegitimate credit quick fix companies prey on consumers in desperate situations. There are many
people out there that want to change their credit history regardless of the consequences. Don't believe
the hype, no one can deliver a quick fix for credit repair. You can improve your own credit scores by
getting your free credit report, consolidating debts and fixing erroneous credit items yourself. You do
not need to pay someone else to do this. Save the money and apply it to your outstanding debt.
About the author: John Rasor is the owner of Dallas, Texas based http://www.creditscorecowboy.com/
Credit Score Cowboy is one of the most unique on line resources in the world for free credit score
reports, free credit scores, secured credit cards, identity theft protection and a BLOG with a wealth of
information about credit and how to raise your credit score.
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Page 4
Presented by Daniel Toriola
Related eBooks:
Danger Signs of Bad Credit Repair Companies
What a Credit Repair Services Company Can Do For You
How to Get Your Credit Repaired Without Getting Scammed
What to Look For in a Credit Repair Company
Finding the Right Credit Repair Company
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