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Credit Repair Facts

If you are looking for help with credit repair you probably are finding plenty of offers.  There are advertisements on TV, in newspapers, and on the Internet.  You see web sites like this one.   You hear ads on the radio. You get fliers in the mail. You may even get calls from telemarketers offering credit repair services. They all make the same claims:
  • "Buried in credit? No problem!"
  • "Tired of bad credit? We can fix any credit report."
  • "Bad credit?   Let us give you a  new credit identity-legally."

Do all of these sound too good to be true?  Well if they do its because they are all false statements.   All of them make it sound like it is simple and easy to repair your credit.  This is not true.  But that doesn't mean its not possible to repair your credit.  With time and a debt repayment plan you can repair your credit and build a good credit rating.

The following information covers some of the basic things to look out for with companies that are offering to help you repair your credit.

The Credit Repair Scam

If you have bad credit there are many, many companies that want to talk to  you.  And they will make promises to clean up your credit and help you out of debt.   But along with their promises they will charge fees.   And the truth is that they often can't deliver what they have promised.  But by the time you have realized this you will have already paid your fees and they may be long gone.   After you have paid hundreds, or in some cases even thousands of dollars, they no longer answer the phone and leave you with the bill and worse credit than when you started.

Warning Signs Your Credit Counselors Aren't Going to Help You
When reviewing offers to repair your credit, beware of companies that:

  • Ask you to pay an upfront fee before they will do anything to help;
  • Never tell you your legal rights;
  • Tell you not to contact a credit bureau directly;
  • Advise you to create a "new" credit profile by applying for an Employer Identification Number to use in place of your Social Security Number; or
  • Tell you to take any course of action that seems illegal.   Remember, if you do something illegal even though someone else told you to do it, you still can be subject to prosecution.

 It's a federal crime to make false statements on a loan or credit application, to misrepresent your Social Security Number, or to obtain an Employer Identification Number from the Internal Revenue Service under false pretenses.

For more information please read The Truth about Credit Repair Companies


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