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Posted on March 7, 2008 by Devora Witts | Posted under Debt Consolidation
Is A Doctor Necessary To Place Credit Band Aid?
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It used to be rather simple years ago to walk into a store and purchase whatever item one wished to take home. Modern day technology and little plastic cards with mega logos have been a life saver for some and a death penalty for others. Whether some may think it's an invasion of privacy, creditors can look into your credit history and verify not only your payment punctuality but your credit score. This 3 digit number can determine your approval for credit or how low or high your monthly payments will be. Not only have creditors gotten into the habit of checking your past, but possible employers and insurance companies as well. This fascination to improve one's credit report has made many think twice about getting it polished up. How Can You Recheck Your Credit Report? If you feel that your credit report is incorrect then you have the right to have it rechecked. According to The Fair Credit Reporting Act, any person can recheck their credit report. Even though the process to review all the paperwork and have it resent is extensive, it's worthwhile in the end knowing any modification can ultimately change your line of credit. How Do Credit Repair Services Tangle You Into Their Lies? Nothing, almost nothing comes for free in life. Especially agencies who promise to erase your bad credit history just so you can start purchasing new items again. Yes it is true, they do all the nasty paperwork, review millions of numbers and mail out professionally typed letters, but some promise miracles and the point of the matter is, it's not going to happen. How can these agencies promise to erase any record of bankruptcy in your credit report when the law states that such record must remain intact? It makes you wonder exactly what kind of service they are offering. They are only working honorably if they have substantial support from the Fair Credit Reporting Act. The Federal Trade Commission states that there are not authorized credit repair clinics. People get easily tricked into signing or paying upfront for a service promised to clean sweep their credit report. Scams stating that your credit can be protected and repaired only turn out to cause more harm and end up disappearing once they have received your money. Some people have spent over $2,000.00 for credit emergencies. Take A Walk Through Credit Clinics It is important to research a company you plan to share your credit report with first. Before anxiously signing away or reaching into your wallet to pay that miraculous debt removal fee, investigate with the Better Business Bureau and The Federal Trade Commission to see if the company has ever had any legal disputes or has had any unlawful transactions. These credit services must obey by the rigorous structures and show the way to the Credit Repair Organization Act. You should be well informed of the company's name and business address, the turn around time expected for results, a description of procedures and possibility of canceling at any time without having to pay any fees. Do not let a credit service trick you into applying for a Federal ID Number in order to establish a new credit identity. This is a state felony and can cause you to do time instead of a fine. Negative records like bankruptcies and lawsuits cannot be erased from your records and remain for a maximum of up to 10 years. What The Acts Say? The Fair Credit Reporting Act and the Credit Repair Organization Act state that you are entitled to a copy of the Commission Credit File Rights under state and Federal Law. These credit repair services should be out to protect you, not run with whatever hope you have left of correcting your credit history. Be aware of scams and unwritten promises. Be specific about terms and fees involved in services. Even though it may take longer to look into a credit repair service clinic, in the long run your credit can become healthier and have no need to visit a doctor's office!! About The Author: Devora Witts is a certified loan consultant with several years of experience in the credit area who instructs people regarding credit recovery and approval for personal loans, home loans, consolidation loans, car loans, student loans, unsecured loans and many other types of loans. If you want to understand Unsecured Loans for Bad Credit and Debt Consolidation thoroughly you can visit her site http://www.badcreditloanservices.com. |
Tags: CREDIT REPORT, FAIR CREDIT REPORTING ACT, LINE OF CREDIT, CREDIT HISTORY, BAD CREDIT HISTORY, BANKRUPTCY, THE FEDERAL TRADE COMMISSION, DEBT, BETTER BUSINESS
