Reputable Credit Repair Companies - The Red Flags Of Credit Repair
Many people are under the burden of bad credit these days due to the recession in the market
. There are many people who are on the verge of bankruptcy and are desperate to restore their credit. These people are the most susceptible to credit repair scams because they easily swallow the tall claims made by the fraudulent credit companies and fall prey to them. They are not ready to accept that the process of credit repair can sometimes take as long as 12 months. The fact is that there is no quick fix solution for credit repair. However good the company you hire, it still takes time and patience.
There are certain indicators which will help you to differentiate legitimate credit companies from fraudulent ones. The first indicator is when a company promises you impossible results. They will tell you that they can have every unfavorable item removed from your credit reports. They will also tell you that your credit scores will improve dramatically and overnight. The fact is that only the erroneous and outdated information can be actually removed from your credit report. Sometimes the credit reporting agencies may remove some details because they are not able to verify them within 30 days. However, if these items are verified at a later date they will be put back on to your credit reports and to make matters worst the credit rating agencies will brand you as a fraudster.
Another thing that they may do is to try to involve you in illegal activities. They may promise to give you a new social security number. However, getting a second social security number is not only illegal, it may get you into trouble with the authorities. This new social security number may actually belong to someone who already is in trouble with the law. Another factor which should give you doubts about a credit repair company is if they ask for their fees at the time when you enroll in their program. Most credit repair scam victims have reported this to be the modus operandi of fraudulent credit repair companies.
Many people are unaware that the credit report can be used as a tool to erase bad credit. This can result in a boost to your score by a possible 200 points. Many negative items found on credit reports are disputable and can be removed legally to erase bad credit. Click the following link for free information on safe and legal ways to repair your credit: