In this article, we wanted to advise you to beware of the credit repair business. While here are a few legitimate businesses out there, willing and skilled in helping people out of debt, the majority of nothing but frauds, people who will charge you a fortune, make great promises, and then slam you down hard. If you want to get out of debt, you can but do it the right way! These so-called credit repair businesses are cropping up all around the country (and world for that matter), preying on the innocent and desperate. Do not allow yourself to be either of those, instead choosing to be empowered.
The credit repair business that makes a claim that all of your negative credit being reported can be removed just exposed themselves for the scandalous outfit they are. Words such as, “Credit Rating Correction Services”, “Credit Consultants”, or “Credit Advisors” should make you immediately put on your protective armor. Again, some are real but few and far between. You will see advertisements that say, “Have you been turned down because of bad credit? No problem, we’re here to help!” Yeah, they’ll help take money out of your bank account and put it into theirs with no problem!
The reason you want to watch out for the credit repair business is that every, single thing they promise they can do, you can do yourself! The only difference is that you will be investing a little time and effort but also, you are not scamming yourself. Unfortunately, the false claims made by the credit repair business do not stop. In fact, they have become so intense that laws are coming down to try to protect you, as the consumer.
You just need to remember that no credit repair business has the secret remedy to creating perfect credit. There are steps to follow and protocol to meet. What happens is that the promises are well, promising that it is easy to be sucked into believing the claims to be true. They will tell you that repossessions, tax liens, bankruptcies, judgments, charge-offs, and collection accounts can easily, and quickly, be wiped out. Those are dangerous claims and sadly, untrue.
The truth is that all of those things can remain on your credit report for seven to ten years. While they will eventually come off, the penalty for each is waiting. Obviously, during that waiting period, you go through credit denial. Another common tactic used by the credit repair business is to literally, bombard credit bureaus with requests for verifying information found on your report. Let us explain why this is a scam – sounds legitimate, right? The answer is WRONG.
The three primary credit bureaus are now required by law to respond to your formal dispute within 30 days. However, they are also mandated to verify information being disputed within 60 days. The kicker is that every day, each credit bureau receives upwards of 10,000 letters of dispute a day! The credit repair business that is out to scam you and the system will send in so many requests that it would be physically impossible for the manpower at the credit bureaus to respond, thus meeting the 60-day deadline. The result, information cannot be verified in time. When information cannot be verified, it must be removed. Okay, that might now sound so bad. Here is the other kicker!
Eventually, the credit bureaus will become caught up and they will verify information. That means all of the removed information is now verified to be accurate and what happens? It goes right back on your credit report! Therefore, the credit repair business just took your money, made you look good for a short time, and now just ruined your credit all over again. Because these businesses are so sly, we recommend you just take things into your own hands, ordering a copy of your credit report and filing your own disputes!
