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Credit Repair: May
hurt your credit forever
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,
bankruptcy and or 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.
• Remember if you can’t pay your bills now
you might want to consider Bankruptcy
• Under the Credit Repair Organizations Act, credit
repair companies cannot require you to pay until they
have completed the promised services.
*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.
The Truth
No one can legally remove accurate and timely negative
information from a credit report. But the law does allow
you to get help under the Bankruptcy protection Acts.
If you are not able to pay your bills, do not get fooled
by debt repair companies, speak with an Attorney and
get legal council on all of your credit options.
You
should know you have certain legal rights and must be
very selective of the Lawyer or Law Firm that you chose
to represent you.
Have an Attorney council you on the Right Decision for
You.
Get a Free Consultation
today.
Corporate
Office:
445 Broadhollow Rd.
(Route 110)
Suite CL-10
Melville, NY 11747
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