If you are looking for Credit Repair, the following article will help you tell if the company you are dealing with is a scam or not.
Credit Repair Scam Indicators:
1. If a company wants you to pay for credit repair services before they provide any services, it may be a scam. Under the Credit Repair Organizations Act, credit repair companies cannot require you to pay until they have completed the services they have promised.
2. If a company refuses to tell you your rights and what you can do for yourself for free when asked, it may be a scam.
3. If the company recommends that you do not contact any of the three major national credit reporting companies directly, it may be a scam.
4. If the company tells you they can get rid of most or all the negative credit information in your credit report, even if that information is accurate and current, beware, it probably is a scam. No one can wash your report completely legally if the information is accurate and timely.
5. If the company suggests that you try to invent a "new" credit identity and then, a new credit report by applying for an Employer Identification Number to use instead of your Social Security number. This is a a good indicator of a scam.
6. If the company advises you to dispute all the information in your credit report, regardless of its accuracy or timeliness. Disputing the information may slow down the process, but it usually will not clear your report of any negative information.
Be advised:
If you follow illegal advice and commit fraud as some credit repair companies suggest, you may find yourself with a legal issue as well. You would be breaking a federal crime if you lie on a loan or credit application. If you misrepresent your Social Security number to obtain an Employer Identification Number from the Internal Revenue Service under false pretenses and false information. Which may cause you to be charged and prosecuted for mail or wire fraud if you use the mail, telephone, or Internet to apply for credit and provide false information. So don't be persuaded to follow bad and illegal advice.
Here is a key fact...Absolutely No one can legally remove accurate and timely negative information from your credit report. If you feel the information is incorrect, the law allows you to ask for an investigation of information in your file that you dispute as inaccurate or incomplete, but it will not be completely removed. Also, it is free for you to do this. You can hire hire a company to investigate this on your behalf, but anything a credit repair clinic can do legally, you can do for yourself at little or no cost if you want to put in the work. According to the Fair Credit Reporting Act:
If you are denied credit:
The law entitles you to a free report if a company takes "adverse action" against you, like denying your application for credit, insurance, or employment. However, you have to ask for your report within 60 days of receiving notice of the action or denial. The notice will give you the name, address, and phone number of the consumer reporting company that has denied you credit. You should make note of this for you free credit report request.
Everyone is also entitled to one free report a year, if you are unemployed and plan to look for a job within 60 days, if you are on welfare, or if your report is inaccurate because of fraud, including identity theft.
All the nationwide consumer reporting companies like TransUnion, Equifax, Experian, and others provide you with a free copy of your credit report once every 12 months, but you have to ask for it. The three main credit reporting companies have a central website, a toll-free telephone number, and a mailing address for consumers to order a free annual credit report.
For more information and help with debt problems and credit repair:
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If you would our recommendations and reviews on debt settlement companies and credit repair companies, please visit: http://thedebtcalvary.com Your online source for debt help.
Article Source: http://EzineArticles.com/?expert=Kevin_Scott_Smith
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