How can a person check a credit repair company's legitimacy?
Posted by | Posted in Credit Repair | Posted on 30-03-2010-05-2008
9
I have this project for economics class and I can’t seem to find the answer. Like how can you know if a credit repair company is real or just a scam.
Relevant Links
- DoctorMo's Blog » Blog Archive » Bruno on Economics
- Be careful when examining the Credit Repair Company | Best Refinance Mortgage Rates, Lowest Mortgage Refinance Rates, Best Home Equity Loans
- Excellent Service Low Rates! (Credit Repair Companies) | Power Cast Radio
- School boy economics | JohnBM:Liberal
They’re pretty much all scams; only time and responsible money management can repair a credit history.
For your project, go to the websites of the credit reporting agencies (Experian, Equifax, TransUnion) and see what they say.
Also, check out the website of your State’s Attorney General or Consumer Protection office; there is a wealth of good information there also.
Good luck on your project!
Easy. They are all scams.
They are all scams. Why pay anyone to do something that you can do yourself for free?
No, they’re NOT all scams! Just like in any business, there are honest companies, and there crooks that give the others a bad name.
However, you DO need to "do your homework" if you wish to avoid being ripped off!
Ask lots of questions, references, and most importantly, check with the Ethical Credit Repair Alliance
I love the content…very informative.
http://www.mycreditcheckup.info
how to fix bad credit…
This website is incredible – I will be coming back tomorrow!…
Thanks for the detailed information about credit repair, I was always confused about this topic
Thanks again !!
i have heard of a few decent places but mostly i have heard a lot of scammers.
Seven Signs of a Scam
You could be getting scammed if any of the following are true:
1. You aren’t given a copy of the “Consumer Credit File Rights Under State and Federal Law” letting you know your rights to obtain a credit report and dispute inaccurate credit report information.
2. You aren’t given a copy of the contract to view before you’re asked to sign it.
3. The contract doesn’t contain the following information:
* The amount you are being charged
* Details about the services being performed on your behalf
* The date by which the services will be performed (or the time period required to perform the services)
* The name and business address of the organization
* A statement letting you know you can cancel the contract within 3 days
4. You’re asked for payment before the services have been performed
5. The company promises to remove accurately reported information from your credit report
6. The company promises to create, or asks you to create, a “new” identity with a new social security number or federal employer identification number (EIN)
7. You’re asked to sign a form waiving your rights under the CROA