The Truth About Credit Repair Scams
Credit repair scams have increased tremendously in economic times like these because of: a shaky economy; record levels of foreclosures; and a rising number of bankruptcies, credit card delinquencies and late mortgage payments. Credit repair is a booming business now and, unfortunately, a lot of unscrupulous elements are thriving in the market.
Credit repair has become a necessary part of today’s economy as more as more people fall victim to bad credit.
Credit repairing is not an easy process, it’s not something that happens over night, but by being patient, organized and the help of many friends and professionals and people that have been trough similar situations as you, it is possible to clean a credit file and remove all the inaccurate information. Like most scams, credit repair scams prey on those people who are feeling desperate and willing to believe even unreasonable promises.
Just a few Credit Repair Scams To Avoid:
· Credit Repair companies that don’t follow industry standards or regulations.
· Credit Repair companies that offer to “wipe out bankruptcies”, to remove accurate negative information from your credit history, or to obtain credit for you regardless of your credit history.
· Credit Repair companies that promise to exploit “secret” or “little known” loopholes in the system to remove information from your credit history.
· Credit Repair companies that won’t provide a written disclosure of your rights in relation to your credit history before asking you to sign a contract.
· Credit Repair companies that attempt to charge money before it has performed the credit repair services.
· Credit Repair companies that discourage you from directly contacting the major credit bureaus.
· Credit Repair companies make it sound like repairing your credit is a big mystery that requires legal expertise and years of practice.
· Credit Repair companies that tell you to lie on loan applications or suggest that you develop a second identity.
What can you do to insure that you don’t fall victim to one of these scams? Start by learning about the types of scams that are out there. If you discover inaccuracies on your credit report the responsibility lies with the you to begin the corrections process. Everything a credit repair clinic can do for you legally, you can do for yourself at little or no cost. You have a right to sue a credit repair organization that violates the Credit Repair Organization Act.
State law enforcement officials may be helpful if you’ve lost money to credit repair scams. As a result, consumers who have experienced credit problems may seek advice and assistance from credit repair organizations that offer to improve the credit standing of such consumers. However, neither you nor any ”credit repair” company or credit repair organization has the right to have accurate, current, and verifiable information removed from your credit report. State law enforcement officials may be helpful if you’ve lost money to credit repair scams. As a result, consumers who have experienced credit problems may seek assistance from credit repair organizations, which offer to improve the credit standing of such consumers. However, neither you nor any ”credit repair” company or credit repair organization has the right to have accurate, current, and verifiable information removed from your credit report.
By Herb Wills
Herb Wills is webmaster and CEO of Credit Repair For Me a leading resource for up-to-date information about Credit Repair Scams. Learn How To Blast Your Credit Score Through the Roof in 90 Days.Article Source: http://EzineArticles.com/?The-Truth-About-Credit-Repair-Scams&id=976875
Improve Credit Score Companies
When you are shopping for a home and in the process of getting a mortgage, it is important to make sure that you have a good credit score. It is recommended that you take the time to improve your credit score because the amount of money involved is substantial.
Some benefits of optimizing credit score include:
- Lower Monthly Payments
- Faster Time to Closing
- Easier Qualification
- Lower Interest Rates
- Peace of Mind
- Personalized Consultation
Veracity Credit Consultants has been providing unique, personal credit repair services since 1998. This company is one of the leaders in credit optimization and credit repair for those who are in the process of financing a new or refinance home mortgage or getting home loans. Clients can get a better credit score to empower them more while shopping for a home loan. This is a big plus since people can save hundreds of dollars every month.
Read some of the testimonials from past clients.
As of the time of this writing, they have a FREE initial consultation, and also a refund policy. They are member of Better Business Bureaus (BBB), so you can also check their reputation before making any decision.
Credit Repair Motivation - Defining Your Goal
It is pretty obvious that everyone could benefit from improving their credit. However, maintaining the effort required to actually make it happen is difficult for some of us. It can be a lengthy process, with many roadblocks popping up along the way. In order to ensure that you follow through with your credit repair plans, it is a great idea to set a goal for your credit reconstruction.
Personally, I don’t think it is best to define a quantitative goal to your credit repair goals. For example, looking for a specific credit score can be disappointing, as fluctuations do occur. A goal defined by a tangible change to your life, however, can make the credit repair process very rewarding, and allow you to experience the benefits of repairing your credit files first hand.
The goals that will best motivate someone to complete the work involved with credit repair are different for everyone. With that said, the following ideas may work for most people:
- Purchase a First Home
- Refinance an Existing Mortgage
- Purchase a New Home
- Lower Credit Card Interest Rates
- Transfer Balances
- Be Approved for a Business Loan
- Higher Education Loans
Whichever goal works for you, it is best to choose what you are shooting for. Credit repair is not always an easy process, but choosing a “light at the end of the tunnel” gives you something to always look forward to, a means to show progress, and a tangible sense of improvement to your existing lifestyle.
The Truth About What Is Not Factored Into Your FICO Credit Score
Many people who are interested in repairing or maintaining their FICO credit scores are concerned about every piece of mail that arrives at their doorstep. The reality is, however, that many factors are not considered when your credit score is determined. Next time, before you worry, be sure to check if your concern is even calculated into your FICO credit rating.
A FICO credit score does not factor in any of the following information:
- Age
- Race
- Religion
- National Origin
- Gender
- Marital Status
- Salary
- Occupation
- Title
- Employer
- Employment Start Date
- Employment History
- Residence Location
- Interest Rates From Existing Accounts
- Child/Family Support Obligations
- Rental Agreements
- Promotional Inquiries
- Credit Counseling Participation
Remember, a lender may or may not consider some of these factors on a case-by-case basis, but your FICO credit score will not be affected by the factors above. For people with less than stable employment history, child support issues, or low salaries, it may be beneficial to utilize automated approval systems, which may focus on credit score alone, as opposed to some or all of the additional components (such as those above), that a human credit evaluation specialist may look into.
Content Is Coming
I didn’t to post again until I really felt that this site was ready to go live, but based on my Google Analytics stats, people are already beginning to trickle in from various search engines. So, I wanted to let everyone know that content will continue to be added rapidly over the next week or so, until all portions of the site are available for viewing. Right now, you can feel free to check out the sections shown in the menu above, or make it a point to swing by again next week!
To those who have already visited, “Thank You!” Seeing some people enjoying what this site has to offer, which is very little, given the fact it is 12 hours old, is very encouraging.
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