A Few Comments On Credit Repair Companies
Over the past fifteen years or so, many “Credit Repair Companies” or “Credit Clinics” have opened up across the nation. Their main purpose is to help the individual remove incorrect and negative items from their credit report. Unfortunately, some of these outfits are scams from the word “GO” and have given the whole industry a bad name. They take the consumer’s money and then tell them it will take month s to get results, then disappear without a trace. If you purchase a Self Help Credit Repair Kit you have no need to take that chance. If, however, if you decide to hire one of these companies, check them out!
First, if the sales person or company uses the word “Guarantee” or “Delete”, Run and don’t look back! There is no way to “Guarantee” that ANYTHING will be removed from the credit report! Think about it for a minute.Unless he or she is going to “hack” into the credit bureau’s computer, how can he guarantee anything? The Clinic is NOT the one that “deletes” the information!
Ask to see their license, get a copy of it, and then contact your State’s Secretary of State to make sure that the company has obtained and maintained the necessary license and/or bond. In the State of Nebraska all companies, organizations, or individuals that provide credit services MUST (with NO exceptions) obtain a “Credit Services Organization License” if they charge a fee
BEFORE they provide the services they promise, they MUST also maintain a 0,000 Surety Bond for TWO YEARS after they cease doing business in the state. While you are on the phone with the Secretary of State’s office, ask if there have been any unresolved complaints against the company. Find out how long they have had their license as well.
There have been a number of credit clinics that guarantee to remove any derogatory items from consumer’s credit report. Contact the Attorney General’s office in your state as well, see if there have been any complaints and find out if they are under any kind of investigation.The
Better Business Bureau is also another good organization to check.
If the firm tells you that you can not take a day to think about it or that it is a 24 hour offer tell them to take a hike! They where trying to scam you! Tell them that you want a copy of the contract you will be signing and any disclosures so that your attorney can take a look at it. If they balk, again, good for you, you just flushed out another con-artist. Call the Attorney General to have them investigated so no one else will fall into their trap!
For five years I owned and operated a company here in Omaha that not only assisted individuals and families re-establish their credit reports and obtain new forms of credit; but we also helped establish a budgets, and save money. The last two items were more important than the first two! If nothing else, TIME will repair a damaged credit report. But without the proper savings and budgeting, the smallest disruption in an individual’s cash flow will destroy the BEST credit report. In fact, the “better” the credit, the more potential for damage there is!
I will encourage you to go to your local book store and obtain a book on budgeting. Talk to a family member, friend, or clergyman to get help on setting up and sticking to a budget. One of the reasons people run into the credit situations they do is because when the emergencies hit, there is nothing to fall back on. Don’t let it happen again! Protect your good credit and your good name!
For more information: www.creditdemon.com
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