July 13, 2008
Credit Repair Companies - Can they Be Trusted?
By Justin Hazler
Many credit repair companies make bold claims to fix your credit report. They claim that no matter what the individual’s credit problems are, the company can fix them. Is this true?
No, fraudulent credit repair companies exist and take advantage of individuals with a low credit score. It is rumored that the fraudulent companies take millions of dollars from consumers annually.
This happens because people with bad credit are often frustrated paying high fees and interest. So they naturally look for a way to avoid these high costs.
What about guarantees? When a credit repair company makes a guarantee you should use extreme caution. This company is probably a phony and only interested in collecting money from you, not actually repairing your credit.
However there are credit repair companies that can be trusted. They will fight to repair your credit and are typically more effective than an individual. This is because they are familiar with the credit bureaus and how the bureaus try to avoid conducting investigations into disputed listings.
When looking for a credit repair company, look for warranties or refunds if results don’t occur instead of guarantees. Also do your homework and see what is being said about the potential company by other people.
Credit bureaus rarely investigate dispute requests because it costs the bureaus money. It also goes against the goal of the credit bureaus. This is to provide lenders with a measurable value on the likelihood of the individual repaying on the credit line.
Credit repair is a good idea if you are sick of paying high fees for a mistake you made in the past. Quality credit repair companies can often get the credit bureaus to act. Lexington Law firm is a trusted credit repair company with 15 of experience and thousands of deleted listings.
Topics: Credit |
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