Credit repair has become an industry to itself over the last 5 or so years. With promises better credit and improved interest rates many so called credit repair companies charge a hefty fee and deliver very little in return. In fact, most costumers are often disillusioned when a credit repairer promises to improve and manage their credit but ultimately they often add to current debts and do nothing.
Should you be interested in a credit repair opportunity you may want to look at the following:
Be cautious of any advertisements that claim repair/fix a poor credit rating. Though a repair company may make a promise that they will improve your credit rating, in reality, there is no credit repair agency that has the power or ability to alter or expunge any truthful information on your credit file.
Though these companies say they can take bad credit history away for fee what they are really doing is lying. Not only do they charge a lot for their services but according to credit reporting law (see the North American Consumer Credit Reporting Act) no one can remove accurate information from a persons credit file. All correct information stays on file for a period of seven years.
It must be noted that is illegal for a credit repairer to charge or to accept any form of advance payment, or deposit. It is also unlawful for the costumer to be charged unless there is definitive proof that their credit improved based on the actions of the repairer.
If you find an advertisement that states that a company can improve your credit score, they are a scam. It is illegal to make such a claim without first reviewing the clients credit report.
Remember that credit repair takes time and only you have the ability to effectively raise your credit score. Dont be fooled by scammers and false advertising.
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