Credit Repair: Do Yourself a Favor - Fix Your Own Credit Report

You can save money and avoid potential scams by developing your own personal debt repayment plan to improve your credit report and credit score. Making use of legitimate low cost or no-cost resources to do your own credit repair can help you achieve better results on your credit report for much less money.

The Promise:

Individuals with poor credit histories are bombarded daily with promises of quick credit report fixes to achieve a higher credit rating so they can get the insurance, car loan, mortgage, or possibly even the job they so desperately want. credit repair The fact is, most companies can't deliver on these promises and simply vanish with your money, leaving you with nothing to show for it - or sometimes worse.

Warning Signs An Offer May Be Too Good To Be True:

* You are not advised of your legal rights and what you could do for yourself
* Payment is required before services are rendered or are not clearly defined
* Promises are made to eliminate or reduce all your debts
* You are advised to contest all information in your credit report just to create a delay
* Suspicious actions, such as creating a new credit identity by requesting an Employer ID Number to replace your social security number, are taken on your behalf
* Your contact with creditors is limited and all communications must be routed through the company, not you
* You are pressured to act on the offer right away without having time to weigh your options
* Not all promises are in writing with expectations of both parties clearly defined
* No effort is put toward developing a plan to avoid problems in the future

You are responsible for any and all actions taken on your behalf by a credit repair service. It is a federal crime to apply for credit or a loan using false information and you can be prosecuted for it. An unscrupulous credit repair company could actually leave you a lot worse off than when you started. It's just not worth it to take the chance, especially when there are easy, legal steps you can take on your own. Despite the promises, there is no quick fix!

The Bottom Line:

Unfortunately, the quality of some of these organizations is suspect and they make promises they can't possibly keep. For instance, there simply is no way to legally remove accurate and timely information from a credit report. Anyone that suggests otherwise is just preying on your lack of knowledge to get your business. credit repair You can however choose to dispute items on your credit report you deem inaccurate or incomplete by requesting a reinvestigation of the information in your file.

Under the Fair Credit Reporting Act you can easily accomplish on your own what a credit repair service can do for you - for free. First of all, if you have been denied credit within the last 30 days, you are entitled to a free copy of your credit report from all three credit reporting agencies. Review of your credit report will show you what information can be seen by creditors and you can check it for accuracy and completeness.

If you find any inaccuracies, you have a right to request that information be reviewed through the creditor's reinvestigation process. This is a formal process so it is necessary to submit your challenge in writing and supply documentation to back up your claims. credit repair But if you have a legitimate dispute, your claim will be quickly reviewed and resolved. The credit reporting agencies are required by law to make timely changes and update files when inaccuracies are brought to their attention.

While these steps won't guarantee you a higher credit score, staying on top of the information on your credit report can lead to incremental improvements over time. So do yourself a favor. Roll up your sleeves and get busy. With a little legwork and elbow grease you can clean up your own credit report and build your credit score to the levels you need to achieve your financial goals.
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