Dont Fall for Credit Repair Scams
We've all seen the ads on television or in magazines, shouting, "Erase bad debt!" or "Remove negative entries from your credit report!" If you're a person suffering from a less-than-stellar credit rating, those headlines may seem like the answer to a prayer. The only problems is, those programs don't work, and to add insult to injury, you'll find yourself paying hefty fees to those companies, only to end up right where you started, or worse. Sometimes, what is couched as a credit repair program may actually be an attempt to steal your identity by gaining information about your social security number, bank accounts, and credit cards. Here's how the credit repair scam generally works: First, the company will contact the various credit bureaus and tell them that the negative information contained in your files is false. Since they want to accurately reflect your credit information, the credit bureaus will temporarily remove the negative information while they investigate the claims. Meanwhile, the scammer sends you a copy of your credit file, showing that the negative information has been removed, claiming that your credit history has now been repaired. It will seem like a miracle, until you learn that as soon as the credit bureaus have completed their investigation, any accurate negative information will be returned to your credit report, and you'll be back where you started, minus the fees that you paid to the scammer. The key concept to remember when it comes to your credit report is that accurate entries will stay on that report for seven years from the time they're reported to the credit agencies. Bankruptcies stay on a report for fourteen years. There are many honest companies that can help you with debt problems. But how can you know if a company is legitimate? First, scammers will ask for their money up front, while legitimate credit repair companies can't require payment from their clients until they've performed the services they've promised. In many states, they must also give you a detailed written contract, clearly explaining your legal rights and giving you the option to cancel within three days. The bottom line: know who you're dealing with when it comes to trying to repair your credit. Mistakes can cost you dearly, doing even more damage to your credit, creating even more debt problems, and sometimes costing large amounts of money. Copyright © 2005 Jeanette J. Fisher - All Rights Reserved. Forget what you've been told about credit. "Credit Help!" author Professor Jeanette Fisher was forced into becoming a credit expert. She loves helping people buy houses. Get the credit you need to buy one house or twenty. Visit Real Estate Credit Help Center: http://www.recredithelp.com
Related News
|
 |
|
|
RELATED ARTICLES
The Credit Card Surprise That You Need to Look Out For
Companies that issue credit cards want to make a profit. No one disagrees with that. The problem is that, we as consumers have, is when they have hide or disguise what it really cost for you to use a card.
Ethical Finance: Who Benefits From Our Spending?
On one hand consumers are being universally criticised for running up significant amounts of debt on credit cards, yet conversely many companies are capitalising on the growing credit card debt, from charities and political organisations to football clubs, the Association of Surgeons and somewhat ironically ActionAid, an international development agency whose aim is to fight poverty worldwide.
Update Your Computer System With Bad Credit Computer Financing
The moment I placed myself in front of the computer screen a whole new world beckoned me to join it. And years of strolling have proved incompetent to get me acquainted with the full panorama of computers. You have always wanted one in your home. But something is stopping you. Bad credit? Do I hear bad credit? You think bad credit can stop you from getting your computer financed. Which world are you living in? You certainly need a computer. Computer financing for bad credit can enable you to get your very own home computer, lab tops, desk top or any other computer requirement.
Learn The Truth About Identity Theft
Identity theft is the fastest growing crime in America, according to a recently released FTC study. Did you know that the term "identity theft" did not exist until just a few years ago? It is a recent phenomenon that is causing a great furor around the world.
Credit Card Disclosure Table ? Do You Understand It All?
In addition to the APR (annual percentage rate) and the finance charges, most credit cards have a number of 'fees' associated with their use. Some fees are unavoidable with a particular card (like an annual fee or a program participation fee), while others are triggered by certain circumstances. The most common fees are listed below. To get a better idea of what your credit card may cost to use over the course of a year, check your card's terms and conditions and your user agreement to see which fees may apply to you.
Establishing Credit ? What You Need To Know Part 1
Establishing credit is one of the most important things you can do in order to add stability to your financial record and dramatically increase your ability to borrow necessary funds in order to purchase a new home, new car or even pay for college expenses. Unfortunately credit has two sides to it that consumers can exploit. The good side is very valuable and prevents consumers from having to save for many years in order to afford the finer things in life. The bad or dark side of credit can lead to individuals amassing large amounts of debt they eventually find themselves unable to repay. With this in mind one of the best investments anyone can give himself or herself is the financial knowledge necessary to handle and ultimately use credit wisely.
Like It Or Not, You Have A Score To Settle! Part 1
Just when most people finish with school and can stop worrying about test scores, there's a new kind of scoring that enters the picture. It's called credit scoring. And, its impact on your financial future can mean more to you than a college degree.
Credit and Loan Help for Mortgage Loans
Mortgage loans are some of the most difficult loans to receive if you have
bad credit because lenders focus heavily on your credit score and history
of making payments on time. However, there is credit and loan help for
individuals interested in home mortgage loans.
Good Credit is King, When Qualifying for Mortgage Programs
If you want to purchase a new home or refinance your current mortgage, be sure to check out the wide array of loan programs available. If you have less than excellent or even poor credit, you can still qualify for a loan. If you have outstanding credit, though, you are in the proverbial driver's seat, when it comes to selecting your loan program. Be sure to find a good mortgage consultant, and carefully explain exactly what you need. Here are just a couple of "outside-the-box" programs that come in handy for some people but require excellent credit ratings.
Manage Your Credit Wisely
Getting your first credit card is a big deal and all young people look forward to it with bated breath. We wait for years to be able to apply successfully for out own credit card. This is one of the first things that make us feel like real grown ups. Unfortunately for many they do not have any idea of how to manage the credit once they get it. Just because you feel like an adult does not mean that you know how to act like one. In fact, many real grown ups don't know how to manage their credit any better.
Learning the Disturbing Facts about Credit Card Debt
When I received my first credit card in the mail at age 18 I was ecstatic, I said to myself, wow now I'm getting somewhere in life. This credit card company thinks I'm worthy of 500 dollars in credit. So I made my monthly payments like a good consumer and watched my credit limit grow. I thought boy this company must think alot of me to take such a risk. I however had no idea how the money came into existence. All I cared about was that as long as when I slapped the plastic down I was approved. Like most young people I had no idea what an interest rate even was much less how it effected my monthly payments. I was like a lot of kids in America today, my parents were not a big part of my early adult life and so I really didn't have much guidance when it came to making financial decisions. The lessons I learned were hard and I continue to learn as each day passes.
The Hitchhiker?s Guide To Insanity
A new sickness is plaguing the UK called Denial. Denial has resulted in a national personal debt of almost £1.1 trillion (source Credit Action). Symptoms include:
Applying for Credit Cards Online
In the olden days, about 10 years ago, before the internet, consumers would have to fill in applications for credit cards, loans, mortgages and so on by hand. It's hard to believe now, but this lengthy process was the norm, with requests for extra documentation and references going backwards and forwards, until finally the application was accepted or rejected. These days with the advent of the Internet an application can validated, accepted and a credit card or loan offered with minutes.
Beware of Bogus Credit Repair Companies!
So-called "credit repair" companies claim they can remove negative information from credit reports. Advertising as "Credit Advisors," "Credit Rating Correction Services" or "Credit Consultants," they trumpet variations on this message: "Turned down because of bad credit? We can help!" Many of these companies charge hundreds if not thousands of dollars for the promise to "clean up" bad credit reports. But the truth is, these companies can only do what you could do yourself--at no charge.
Credit Cards - The Top 3 Things You Need To Know
Today there are so many different credit cards available, student
prepaid, low interest cards etc. that it has becomes a real
hassle to find the right one that will suit your needs.
Bounced Checks - Straight Talk On Dealing With Bad Checks (NSF)
A check can be considered bad if it is bogus or the NSF checks (non sufficient funds check), also referred as bounced check.
How To Choose A Credit Card
Your credit score may just be a little number, but it packs a big punch. A poor credit score can keep you from getting a mortgage or a car loan. In addition, your credit score may haunt you for a long time if it suddenly drops. Of course, if you have a good credit score it opens a lot of doors for you. This is just one reason why it is important to think about which credit card you apply for before you do.
How Your Credit History Can Affect Your Life
Your credit history is an important aspect of your life. Maintaining your credit rating is very important to your future and to your lifestyle. A poor credit history can mean denial of credit, high interest rates, and could possibly affect your ability to get a new job or apartment. If you are unsure of your credit score or credit history in general, it is a
good idea to find out the contents of your credit report and to monitor any changes in your credit report carefully.
4 Steps You Can Take If Your Online Credit Card Application Has Been Refused
Help! I've Been Turned Down
Your Credit Score
Credit scores: all lenders use credit scores to determine interest rates and credit limits.
|
