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Credit repair agency - Services and resources you can expect

Credit repair agencies help repair bad credit by offering services and resources to enable you to get rid of negative marks from your credit report and by helping you to manage and reduce your debts. Consult a credit repair agency, its FREE. Your favorite search engine has it all: type in “credit repair agency” and get a list of credit repair centers and debt consolidation companies. Often their services include free credit restoration consultation and debt reduction analysis; all you have to do is fill out a simple form.

When choosing a credit repair agency consider their knowledge of the Fair Credit Reporting Act and the Fair Debt Collections Practice Act. Their services can remove inaccurate, unverifiable and incomplete information from your credit reports, including charge offs, bankruptcies, judgments, foreclosures, student loans, etc.

The FTC has this to say about Credit Repair agencies. It is worth reading to ensure you obtain quality, legitimate credit repair service.

Credit Repair: Self-Help May Be Best

You see the advertisements in newspapers, on TV, and on the Internet. You hear them on the radio. You get fliers in the mail. You may even get calls from telemarketers offering credit repair services. They all make the same claims:

"Credit problems? No problem!"

"We can erase your bad credit-100% guaranteed."

"Create a new credit identity-legally."

"We can remove bankruptcies, judgments, liens, and bad loans from your credit file forever!"

Do yourself a favor and save some money, too. Don't believe these statements. Only time, a conscious effort, and a personal debt repayment plan will improve your credit report.

The Scam
Everyday, companies nationwide appeal to consumers with poor credit histories. They promise, for a fee, to clean up your credit report so you can get a car loan, a home mortgage, insurance, or even a job. The truth is, they can't deliver. After you pay them hundreds or thousands of dollars in up-front fees, these companies do nothing to improve your credit report; many simply vanish with your money.

The Warning Signs
If you decide to respond to a credit repair offer, beware of companies that:

Want you to pay for credit repair services before any services are provided;

Do not tell you your legal rights and what you can do-yourself-for free;

Recommend that you not contact a credit bureau directly;

Suggest that you try to invent a "new" credit report by applying for an Employer Identification Number to use instead of your Social Security Number; or

Advise you to dispute all information in your credit report or take any action that seems illegal, such as creating a new credit identity. If you follow illegal advice and commit fraud, you may be subject to prosecution.

You could be charged and prosecuted for mail or wire fraud if you use the mail or telephone to apply for credit and provide false information. It's a federal crime to make false statements on a loan or credit application, to misrepresent your Social Security Number, and to obtain an Employer Identification Number from the Internal Revenue Service under false pretenses.

Under the Credit Repair Organizations Act, credit repair companies cannot require you to pay until they have completed the promised services.

[Read the entire FTC REPORT]