Times Square Credit Counseling Tips : How to Spot a Credit Repair ...

How to Spot a Credit Repair Scam

Credit repair is the only solution when your credit rating is far from good. While some individuals do it by themselves, there are people who ask for assistance. If you require assistance, you ought to know how to spot if this company is all above board or not.

The initial thing you need to know about credit repair companies is that they?re governed by a law known as the Credit Repair Organizations Act. This means you have certain rights that you ought to know about and any company who violates the rules is more than likely just a scam.

You can tell if this is a credit repair scam if;

The credit repair company does not give you a pamphlet which states your rights under federal and state laws.

If they have a copy, you must be in a position to read and review it before you are asked to sign anything.

Upon reviewing the contract, it ought to be indicated there the amount of cash you will be charged for their services, the services they will offer, the date by which this will be performed as well as the name and address of the establishment. There should also be a clause in the contract telling that you can cancel the contract within 3 days.

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The credit repair company tells you to divvy up front for their services even if they have not done anything yet. The law states that they can just be paid after they have done their part in helping you fix your credit.

If they promise that they can remove anything in your credit report. If this is not possible, they could even say that they will help you make a new federal employer identification number which of course is illegal.

Lastly, the credit repair agency gives you a piece of paper which you have to sign stating that you waive your rights under the CROA or Credit Repair Establishment Act.

There are specific things that a credit repair company can do and improving your credit rating from their end is not one of them. This is one thing that you need to do yourself as you are the one that owes your creditors the cash.

All they are able to do is facilitate a deal that is beneficial to both parties like a consolidating debts plan which you need to fulfill.

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Should the information stated in your credit status be wrong, again there is nothing you can do because you are the only one that has the supporting documents which prove these complaints have been resolved. You might not even need the help of a credit repair agency since you can send a letter simultaneously with the documents to the crediting agency.

If it just so happens that the credit repair agency has requested payment up front, not informed you for your rights as a consumer, want you to waive your rights or let you know to do something that is unlawful, walk away and report them to the local authorities. After that, continue searching for a legitimate credit repair company.

To tell if this company is a scam or not, you can also talk to the Better Business Bureau and any other agencies in your area which are responsible for preventing such things to occur. No one would like to be come a victim but when you desperately need credit repair, it is workable.

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Source: http://www.twanz.com/finance/times-square-credit-counseling-tips-how-to-spot-a-credit-repair-scam/

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