Credit Repair Companies Accused of Abuse
by: WilliamBlake |
Total views: 3 |
Word Count: 425 |
View PDF | Print View
Share This Article
In recent years there has been much unfavorable publicity when it comes to companies that offer credit repair counseling. It has become public knowledge that many such counselors have been caught deceiving their clients and betraying the trust that was placed in them.
It is commonly said that if you can fix your own credit problems, it is a good idea to do so. You can thus be sure that you private personal information stays just that and is not tampered with.
You must realize that most credit repair counselors do little to improve your credit rating.
Instead of bettering your credit rating, many such companies merely help you reduce your debt. Some counselors may even damage your credit rating. Even if you turn your payments in to him on time every month, you are at his mercy. If he makes the payments late, this will reflected negatively on your credit report. You would have been better off making the payments yourself.
Some of these companies are fraudulent in other ways. Some have been known to contact credit bureaus stating that there are errors in their reports. They are able to convince the bureau to get rid of this information pending an in depth investigation. They then show these improved reports to their clients as proof that their credit score is improving. However, these reports are entirely misleading. Once the investigation has been completed and it is established that the previous report was accurate, all of the negative notes are once again put in your credit report.
Not all such credit counseling companies are to be mistrusted, however. Some pride themselves on their credibility and can actually be quite helpful. If there are truly errors on your credit score, such as items listed twice, other people's items, or items erroneously still showing up as pending, they can help you to get them wiped clean.
You do need to understand, however, that regardless of any claims a credit repair company cannot do anything more that what was just stated. It is impossible to remove negative aspects from your credit score if they are not mistakes. Such notations will be on your credit score for a total of seven years, with bankruptcy information showing up for more than ten years.
It is always best to handle the issues related with your credit yourself. This way you don't provide personal information to a third party, and also know what your actual credit standing is.
Share This Article
Rating: Not yet rated Next Article - A Look At Loans For Poor Credit Rating and Previous Article - How To Research Payday Loan Companies
About the Author
Are debt consolidation non profit services the best way to consolidate your debt? Maybe, but not always. Get the full story at the Inside Debt Consolidation website
Comments
No comments posted.Add Comment
Popular Articles about: Credit
1: High Limit Credit Cards2: How To Protect Your Debit and Credit Cards
3: 5 Simple Methods For Getting Control Of Debt
4: Start The Credit Card Debt Consolidation Process Today
5: Debt Consolidation Plan Extras For Success
6: Credit Cards Can Help Prevent Your Financial Doomsday!
7: Self Help Credit Repair Steps
8: Divorce and Credit–Are You Liable?
9: Credit Cards - Does It Really Pay To Be Loyal?
10: Credit Cards - Does It Pay To Be Loyal?
11: Find The Best Credit Card Deals Online
12: Poor Credit
13: What Can A Credit Card Counseling Company Do?
14: Chase Credit Cards And Why You Need To Be Informed
15: Joint Credit Cards
16: Advantages of No Fax Payday Advance Loan Solutions
17: Trade Lines Increase Credit Scores 200 points in 15-30 Days
18: Credit Rating Scores and How They Affect Credit Card Applications
19: 5 Tips On Choosing Credit Cards
20: Credit Card Management
21: Comparing Credit Cards and Choosing the Card for You
22: Do It Yourself Credit repair
23: Remove and Delete Charge Offs
24: Take Full Advantage of Owning a Credit Card
25: Why a small business enterprise is better and wiser
26: What To DO When Finding Bad Credit Bank Accounts
27: Best Way to Pay off Credit Card Bills
28: What Can I Do To Improve My Credit Score?
29: How To Avoid Free Credit Scams On The Internet - From Shirley Dipace
30: Understanding Your Credit Score