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The Truth on Credit Restoration

Contrary to what the credit bureaus would like you to believe, credit repair does work and can work for 100% of people in most circumstances. This is, of course, provided you are getting the best advice and have an experienced professional working on your case.

Anyone with a credit score below 720 can benefit long-term from the advice and information provided through credit repair; however, there are times when your own limitations make adhering to this advice impossible. The two limiting factors are: (1) your financial situation and (2) the time frame within which you need to reach your results. It is possible to remove anything from a credit report, if the creditors do not adhere to the law outlined under the Fair Credit Reporting Act.

The Sad Reality

The credit bureaus may advise against seeking the help of a credit repair agencies because some disreputable credit repair companies prey on clients in desperate situations in order to profit financially, while offering little or no help to the consumer.  However, when hiring a reputable company such as GCM, credit repair can be beneficial to many consumers.

The Advantage of Credit Repair Services

A credit repair business may help clients get past due debts up to current, out of collections, work out payment plans, and guide them plan out specific ways to increase their credit score. In addition, a reputable company will work to educate their clients, so that they will continue to make better financial choices in the future.

Six Red Flags: How to Avoid them!

    > The company demands upfront payment for services before they are rendered. The law under the Credit Repair Organizations Act requires that any  company completes promised services before they are allowed to collect payment.

    > The company representative is elusive or vague about answering questions concerning your rights.

    > The company does not endorse your request to your own credit reports or your score for your own personal review. They also advise you not to speak directly with your creditors and the credit bureaus.

    > The company will lead you to believe that they can delete all the negative items on your credit report, even if the current data is correct.

    > The company has you dispute all information listed on your credit report as “not mine” in an effort to get many of the entries dropped from your report.

    > The company persuades you to sign up for a new identification or social security number. Some will even instruct you to sign up for an Employer Identification Number which will be used in place of your Social Security. This is illegal and could land you in jail.

You Could Get Scammed if Any of The Following Are True:

    >> You aren’t given a copy of the “Consumer Credit File Rights Under State and Federal Law” letting you know your rights to obtain a credit report and dispute inaccurate information.

    >> You aren’t given a copy of the contract to view before you’re asked to sign it.

    >> The contract doesn’t contain the following information:
            *  Details about the services being performed on your behalf
            * The date by which the services will be performed (or the time period)
            * The name and business address of the organization
            * A statement letting you know you can cancel the contract within 3 days

Tips to Help You Shop for a Responsible Credit Repair Professional:

    >> Does the company have affiliations with a national association of professionals that acts as a regulatory body?

Find out if the company is a member of the National Association of Responsible Credit Repair, or some similar organization. When choosing a credit repair professionals, the NARCRA is a regulatory agency specific to that profession. This organization requires all its members to agree to a stringent code of Ethics and to always work in the best interest of their clients. As a result, a member company is likely to be a safer choice when seeking help.

    >> Does the company guarantee results?

In the credit repair business results can never be guaranteed! However, they can guarantee to refund your money if you are not satisfied.

    >> Does the credit repair company promise quick results?

Repairing credit takes time. If you see any advertisement promising results in less than 30 days, this is simply not true. Your debt did not accumulate overnight, so allow yourself time to clean it up.

Take Action to Protect Yourself!

    >> Learn some basics about credit repair before you begin your search

Before choosing a credit repair company, educate yourself about the credit repair process. Remember that a credit repair specialist will not be able to work miracles, and one that makes bogus claims should not be trusted. Also, beware of companies that promise to fix a consumer’s credit in a very short amount of time, as this is simply not possible. While a credit repair business can help a consumer regain control of their finances and increase their credit scores, this process takes time, patience, and effort.