Credit Repair Scams: Avoid Bigger Problems Down The Road
Everyone wants to improve their credit score. But when trying to clean up your credit history, traps abound. According to a recent story on CNN.com, the Better Business Bureau is warning that some companies are using the credit crunch to take advantage of consumers who want to clean up their credit. Complaints against credit repair companies have increased more than 38% since 2004 according to the Better Business Bureau.
The bottom line here is that anything a credit repair company can do legally, is something that you can do yourself - for free.
Credit repair services are governed by the Credit Repair Organizations Act. This law requires that the service provide you with a one-page document that tells you what your rights are if you dispute inaccurate information with credit repair companies.
And now the biggie: Make sure you don’t pay for any services upfront. By law, a credit repair organization cannot charge a fee unless and until the repair is completed.
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