There is no quick fix when it comes to repairing your credit. However, with the right professional help, you can gain a better understanding of your situation, what appears on your credit report and specific things you can do to reduce debt and improve your credit score. The best credit repair companies emphasize credit education to teach you how to avoid problems in the future.
Finding a Reputable Professional Credit Repair Company
The credit repair industry developed a bad reputation in the past with consumers, but government legislation such as The Consumer Credit Organizations Act of 1996 went a long way toward reforming these companies. The industry also attempts to govern itself through trade organization such as The National Association of Credit Services Organizations, The Ethical Credit Repair Alliance and The Certified Credit Consultants Association. These organizations adhere to codes of ethics and have member directories and online processes for filing complaints against members.
The Contract
A credit repair organization may provide no services for a consumer until three days after the consumer has signed and dated a written contract. The contract must state specific terms and conditions, including the total amount of all payments they will make to the credit repair organization or anyone associated with them. The contract must also include a complete detailed description of the services to be performed by the credit repair organization, including any performance guarantee and an estimation of the date by that the services will be completed.
Payment in Advance
According to The Consumer Credit Organizations Act, a credit repair organization may not accept any payment in advance of performing any of their services. They cannot charge you or accept any payments or any other sort of valuable consideration for any services they may have performed for you until those services are fully performed.
What to Expect From a Credit Repair Company
Credit repair companies can do nothing for you that you cannot do on your own. What they can do is to help you to thoroughly review your credit issues and suggestion a course of action so that you will begin improving your credit situation much quicker than you might do by yourself. Expect the firm to explain your legal rights to you before performing any service or asking you to sign anything. Do not deal with any company that suggests that you can create a new identity with a new Social Security number or an Employer Identification Number.
0 comments:
Post a Comment