Credit repair is important for all consumers today. Having bad credit can result in many unwanted things like higher interest rates, less financial benefits, and even less consumer protections. To make matters worse, the economy is currently in a recession making credit repair even harder than usual. Many consumers are asking “how do I get my credit back on track?”
There are many companies and individuals offering credit repair services. Most of these companies offer to increase Credit Inqury your credit scores with little to no effort or expense from you. Unfortunately, there are many of these scam artists and questionable companies out there that are only interested in your money. These dishonest companies have unfortunately regressed our credit reports for a price. Many consumers who were never late or missed a payment are now being offered impossible to meet deadlines, extra fees, and worthless products that do not help fix your poor credit reports. In order to avoid being taken advantage of by these companies there are some things to consider when looking for a company to assist you.
First, you should make sure that the company you are researching is a licensed and trusted resource. If they are promoting or selling you something for an upfront fee then they are most likely conducting a business without your consent or knowledge. You should also be wary of any credit repair organizations that claim to have a magic system to completely repair your bad credit reports or guarantee you that they will change your poor credit reports within a certain amount of time.
Next, you should make sure the credit repair organizations must meet or exceed all State and Federal laws. All legitimate credit repair organizations must adhere to the guidelines and laws of the Fair Credit Reporting Act and all other relevant State and Federal laws. They are also required to submit audited financial statements to the consumer for review and approval. Finally, all legitimate credit repair companies must inform their customers in writing regarding any negative action that they take. You should never pay a company to repair your credit unless it is state licensed and has proper consumer protection guidelines.
There are several credible sources online that can help you find the right company to get you started on repairing your credit reports. The Federal Trade Commission, or the FTC, has detailed guidelines and information on how to find a good company that can help you with your credit repair jobs. These resources will also provide you with information on the different things that these reputable credit repair companies are required to do in order to get your credit information updated. The various credit bureaus are responsible for collecting your credit information and keeping it up to date. Most of the time these bureaus will update your information on a monthly, quarterly, or yearly basis depending on the type of report that they are reporting.
A good credit repair company will work with you and try to get your negative reports removed in an accurate manner. You will be provided with all of the information and resources that you need to get started. The company will review your reports for accuracy and then they will take action to have the negative information removed. You can expect that you will begin to see improvements in your credit score within just a few weeks of using one of these services.