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Information About Credit Repair Companies

By: Shayne A. Sherman

Read More About Credit Reports and Repair

You may have read about some credit repair companies claiming they can give you a clean credit report. They claim they can negate all of your bad debts to repair bad credit for good. Some companies claim they can promise you will be approved for a credit card, regardless of your bad credit.

The Truth

Unfortunately, the true story is that neither you nor anybody else can legitimately get rid of accurate negative issues from your credit report. The Fair Credit Reporting Act stipulates that credit reporting agencies need to remove only inaccurate, incomplete, or unverifiable items. Typically, they are required to take action in 30 days of being told of the error. They have no requirements at all to take out true list items, unless the items are more than seven years old (10 years in the case of bankruptcy).

Bad Credit, Bad Companies

There are credit repair companies that take advantage of individuals with bad credit. Companies asserting outlandish claims to erase bad credit have made away with millions of dollars from unwary consumers without helping their credit one bit.

It is normal to be frustrated with high fees and interest, especially when money is running out. Frequently, people look for a way to escape these exorbitant costs by using credit repair services. However, legitimate credit repair companies will not promise you perfect credit. If they make these claims, 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 provide convenient services to those looking to fix bad credit. Many people are simple too busy to manage the paperwork and phone calls required. There are two typical ways these companies can aid you to improve your credit score.

Two Ways to Fix Your Credit

This first method credit repair companies fix your good credit is by helping you to dispute wrong items on your credit report. They benefit from their expertise and experience to deal effectively with the credit bureaus. These companies work with the bureaus to get questionable negative items removed as quickly as possible.

What about the negative entries on your credit report that are accurate? Can anything be done on those? Well, yes, but it takes finess. Credit repair services are not able to erase your bad debt, but they can easily ask politely that negative information be removed, even though they are correct. Just like calling and asking nicely for your money back on a service you signed up for by mistake, you can ask that late payment reports be taken off.

Helpers, not Magicians

You should be aware that credit repair services are nothing special. You can perform all of this for yourself. What you are actually paying for is the time and energy you would take fixing bad credit on your own. Credit repair services make the time resolving problems so you will not have to.

Legitimate credit repair companies are not wizards. They are only hired helpers who do paperwork and make phone calls on your behalf.

Article Source: http://depositarticles.com/

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

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