Fast Credit Repair
by familymwr

Credit Repair – 5 Ways the Law Protects Consumers Against Deceptive Credit Repair Organizations

If you have bad credit, legitimate credit repair and/or credit restoration services can be a big help if you are trying to establish creditworthiness. The problem is, there are companies that prey on people with credit problems. Title IV of the Consumer Credit Protection Act (Public Law 90-321, 82 Stat. 164) was developed to protect consumers by prohibiting deceptive practices by credit repair organizations.

Here are 5 ways the law protects you against deceptive credit repair organizations.

1. Credit repair companies must “provide prospective buyers of their services with the information necessary to make an informed decision and may not use deceptive advertising”. Beware of any credit repair services or organizations that will not answer ALL of your questions fully and completely, or that make claims that seem too good to be true.

2. Credit repair companies “may not make any statement, counsel, or advise any consumer to make any untrue or misleading statements to any credit reporting agencies”. Beware of any credit restoration organization that claims to have the ability to add false items or remove detrimental (yet accurate) items from your credit report as this cannot be done. Legitimate credit repair organizations will create a clear, affordable, and achievable plan that will help you establish creditworthiness, not claim to be able to alter items on your credit report.

3. Credit repair companies “can not make any statement, counsel, or advise any consumer to make any statement where the intended effect of which is to alter the consumer’s identification.” There are credit repair organizations that may claim to be able to give you a new social security number, allowing you to start over with a brand new credit file. Beware. This is illegal. No organization other than the federal government can provide you with a social security number.

4. Credit repair organizations “may not charge or receive any money or other valuable consideration for the performance of any service before such service is performed.” Beware of any organization that demands full payment of thousands of dollars for services in advance. This is a sure sign of a rip-off.

5. You have the right to cancel your contract with any credit repair organization within three (3) business days from the date you signed it. If you sign a contract with a credit repair service and want to take your time reading it, you have three days to think it through. Take this time to get any afterthought questions answered by the credit repair organization. You may also take this time to get your contract reviewed by an attorney.

Remember, all credit repair organizations are not bad. There are legitimate credit repair services that can really help you establish creditworthiness so you can back on your feet. Read the full text of the law regulating credit repair organizations at Click Here To Visit My Free Credit Reports
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