Many people struggle with the hardship of having bad credit. Having bad credit can definitely make your life more difficult and you will end up paying more for everything from deposits on utilities to the interest rates you pay on credit. It is also possible to suffer problems associated with bad credit through no fault of your own because it has been estimated that over 70% of all credit reports contain errors and mistakes that can affect your score and your finances.
Credit scores and credit reports can be improved and even repaired even for people with the worst credit problems. There is a whole industry of credit repair services that can help you to repair and improve your credit and your finances. However, you do not necessarily need to hire a professional or a credit repair service to help you to repair your credit. You can repair your credit on your own however, it does take some knowledge, time and expertise and you may find it advantageous to hire a professional.
If you do decide to consider the services of a professional credit repair service there are a few guidelines that have been set out by the FTC regarding credit repair services and companies that you should keep in mind.
First off, a?legal credit repair company cannot legally charge you money upfront. They can only charge you after the first work has been performed and after they can charge you as the work is completed. However, as a consumer you must realize that completing the work and getting results are not the same thing. You will be paying for work completed rather than actual results. Results cannot be guaranteed with any type of credit repair. You should be able to feel confident with your possible success but you should be very wary of any actual guarantees of success.
You also have the right to complete any credit repair that you need on your own. A reputable?company should advise you of these rights.?The best?credit repair services can offer you the knowledge and expertise of a professional and they can save you the time and energy it would take to do it on your own. Make sure that you read the entire Fair Credit Reporting Act so that you are completely aware of all of your rights as a?consumer.
It is unlawful for anyone to obtain or use any type of new identity in order to avoid credit problems. It is against the law to use a new Employer Identification Number to replace your old Social Security Number for the intent of avoiding credit problems or establishing new credit. A legal and reputable credit repair company will never advocate for a new identity.
There are credit repair companies that have been in business and doing well for many years and there are also many credit repair companies that come and go. Check out references for any credit repair service that you are interested in. As a consumer you are always your own best advocate.