Credit Repair Booby Traps
Credit is everywhere, as you probably know by now
. It is one of the first things that are asked about when you are applying for a rental unit, or a car loan. The company or the potential landlord will check your credit score. It really depends on how deep your financial history goes. In any case, if you already know your credit score to be decent, then you may want to apply for your first credit card. It is actually required for you to have a relatively good credit score in order to be considered.if you are the kind of person who is leaning towards applying for his own credit card, then by now you should be aware that in order for your application to be approved without hassle, you should have a good credit report and score.
Thus, if you have a bad credit report, then you may want to consider having a credit repair; and you may look for companies that can help you with such. However, in approaching a credit repair company, you should choose one that has a good reputation. How would you know? Here are some things you may want to watch out for.
There may be times when you would encounter a company which can give you all-too-good promises, saying that they can fix your credit in just a few days. They may sound good; but you should know that repairing a credit cannot be done in such a few days; especially if you have bad credit. What the old saying goes: patience is virtue is a reality in the eyes of the credit bureau. Even when you do make credit repairs either by your hands or through a company the changes will be only reflected at least 3 months after it had been solved. In other words, credit repair should be done slowly but surely.
Legitimate companies may use up a whole month to clean your record because they need enough time to make changes in your credit report. They have to get in touch with your creditor and with the credit reporting agencies; and they too shall complete all the necessary papers to be done. But bear in mind that you have to be on you're a Game and make sure that the credit repair company that you hire is actually doing the work, or else you are wasting your money and perhaps are in a contract with them that cannot be broken.
Scam artists may encourage you to apply for a new social security number so that your previous credit history will be wiped out. Really people, there is no one else but you.
may get you an Employee Identification Number which is used by businesses to give information regarding their finances. This number looks a lot like a social security number. However, you should know that it is illegal to use an EIN as you personal social security number; and you should avoid companies who claim that they can help you to erase your credit history for you.
You should also stay away from companies who are asking too much money from you for their compensation even before they start their job. Some of them would just ask for down payment before they do the works, and after you have given them the amount, they will disappear from the scene.
You should not give any amount to the company when until they have finally reviewed your condition and status. After they have assessed your credit history, you should be given a correct estimation of the costs for their services. You should at least get something from them before you part with your money. It is very important that you read and re-read the contract that it makes absolute sense before signing your name on the line.
Many credit repair companies take advantage of people who are desperate to repair credit. Knowing that you are at their mercy and really are looking for a quick fix they prey upon you. As mentioned again and again, you really ought to do the hard research for the credit repair company-making sure that they have a reputation of proven results. A lot of people may take advantage of you and your condition; thus, you should have knowledge of what to avoid when looking for people who may help you with your credit problem. If you are not careful enough, you may be cheated big time.
If you have the extra cash and really cannot be bothered doing the credit repair, you seriously need to make sure that everything is square. Thus, you should know who to approach when you are in need of help. Credit repair will not be too much of a hard work if you have good people to help you with the works. In choosing the right people, you should go with the ones whom you can trust.
by: Teeny solomon
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