Many people have been surprised to find that their credit is not so stellar. One such person is Liza. She is a young, single mom who had no idea how her bad credit would impact her ability to find a place for her and her son to live. As Liza began the process of purchasing her first home she found that she did not qualify for several loans because of her credit status. Her lender suggested that she repair her credit in order to qualify for a loan to purchase a house. Since Liza had no clue that her credit was bad, she had no idea how exactly she could repair her credit.
In trying to understand exactly what is meant by credit repair, Liza turned to the internet to for information. She learned that credit repair is the process by which one actively works to make sure his or her credit report is completely accurate. This in turn, ensures one’s credit score is the best that it can be. It also describes the way one organizes his or her finances to eliminate debt and ultimately rebuild credit to become eligible for things like mortgages and auto loans.
When she looked for companies that could help her repair her credit, Liza found hundreds of credit repair companies to choose from. Figuring out where to start was completely overwhelming.
If you find yourself in the same situation, continue to read this article. Here you’ll find lots of helpful information regarding how a credit repair company’s services can benefit you while also learning to separate the legit from the devious.
What you should expect from your Credit Repair (CR) Company:
1) According to the Credit Repair Organization Act of 1996, all CR organizations must give you a copy of the ‘Consumer Credit File Rights Under State and Federal Law’ before you sign any contracts with them. It is important that you take the time to read this and understand this.
2) Credit repair companies must also provide you with a written contract that explains in detail your rights and obligations to the contract. The contract must contain information that shows payment terms with total cost of services, a completely detailed description of the services that they will be performing for you, a list of any and all guarantees that they offer as well as how long it will take for them to achieve results with your credit. If the contract is missing any of this information, it is important that you do not sign the contract and perhaps even go looking for another company to do business with.
3) You should expect that the CR company that you choose will not expect any payment up front. Payment should only be rendered with they have completed the services as outlined in the contract.
4) Never trust a company that promises to create a new identity for you. This is usually done in an illegal manner and should be avoided as it is considered fraud.
5) A good CR service will not only tell you to get your credit reports and review them with you, but they will also help you dispute any problems.
The truth of the matter is that no one can remove negative information from your credit report if that negative information is true. Accurate negative information on your credit report will stay there for at least seven years or more. All good credit repair agencies will understand this and should be able to provide you with alternative ways to improve your credit score other then just removing the negatives.
AUTOPOST by BEDEWY VISIT GAHZLY
