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Credit Repair Companies

By: Shayne A. Sherman

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You could have read about some credit repair companies claiming they can give you a clean credit report. They assert that they can remove all of your bad debts to mend bad credit for you. Some companies claim they can promise you will be approved for a credit card, regardless of your credit history.
The Truth
Unfortunately, the true story is that neither you nor someone else can legitimately get rid of accurate negative issues from your credit report. The Fair Credit Reporting Act dictates that credit reporting agencies must remove only inaccurate, incomplete, or unverifiable problems. Often, they must take action within 30 days of being told about the error. They have no obligation at all to delete true list items, except if the items are more than seven years old (ten years in the case of bankruptcy).
Bad Credit, Bad Companies
There are credit repair companies that use individuals with bad credit. Companies issuing outlandish claims to erase bad credit have made away with millions of dollars from innocent consumers without mending their credit one bit.
It is common to be frustrated with absorbitant fees and interest, especially when money is running out. Often,Many people look for a way out of these exorbitant costs through credit repair services. However, legitimate credit repair companies will not promise you perfect credit. If they do make these promises, you should run, not walk, away as fast as you can.
The Good and the Bad
Just as there are sketchy companies, there are good credit repair companies that offer convenient services to those looking to fix bad credit. People are simple too busy to deal with the paperwork and phone calls necessary. There are two common ways these companies can assist you to improve your credit score.
Two Ways to Fix Your Credit
This first method credit repair companies restore your good credit is by helping you to dispute wrong information on your credit report. They benefit from their knowledge and experience to communicate with the credit bureaus. These companies work with the bureaus to get invalid negative line items removed as quickly as possible.
But what about the negative items on your credit report that are accurate? Can action be taken on those? Well, yes, but it takes a light touch. Credit repair services are unable to erase your bad debt, but they can easily ask politely that negative line items be removed, even though they are proper. Just like calling and requesting for a refund on a service you signed up for in error, you can request late payment reports be deleted.
Helpers, not Magicians
You should understand that credit repair services are not anything special. You can do all of this on your own. What you are actually paying for is the time and effort you would invest in fixing bad credit yourself. Credit repair services spend the time resolving problems so you will not have to.
Legitimate credit repair companies are not magic makers. They are only hired helpers who take care of paperwork and make phone calls as a service.

Article Source: http://depositarticles.com/

To learn more about the top credit repair services available, please visit my Lexington Law review page, or call 1-800-258-0062 for a free credit counceltation.

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