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1) The latest figures show that an average American has a credit score of 677. The difference on monthly or yearly payments with a credit score of 677 and 720, for instance, is an average savings of $421 per month or $5,052 per year (i.e. house payments, car payments, credit cards, etc.).
2) I'm often asked whether credit repair really works, and the simple answer to that is, "Yes, definitely." Based on a study released by the U.S. Public Interest Research Group in June 2004, 79% of the consumer credit reports surveyed contained some kind of error or mistake. On top of all the errors and mistakes, millions of items are known to be removed from credit reports and tens of thousands get deleted every single day (i.e. late payments, collections, bankruptcies, and foreclosures).
3) The Fair Credit Reporting Act guarantees the credit repair process to you. Although there are many credit repair companies out there, be cautious, however, to avoid being scammed.
4) Also, the credit repair organizations must give you a copy of the "Consumer Credit File Rights Under State and Federal Law" before you sign a contract. Unless they give you a written contract that spells out your rights and obligations, assume you are being scammed.
5) Read all documents, and before signing anything, know that a credit repair company cannot:
* Mislead you with false claims about their services
* Take your money unless they have finished the promised services (Not half way; but completely)
* Start their services unless YOUR signature is on a written contract and they have completed a THREE-DAY waiting period
You have the power and right to cancel the contract without paying any fees during this three-day waiting period.
Before you sign a contract, be sure it specifies:
* The total cost and the payment terms for services
* The services the company will perform with colorful details and easy-to-understand description
* The total length of time to achieve the result (Otherwise, they can keep charging you for more than you intended)
* Any guarantees the company offer
* Company title, phone number and business address
2) I'm often asked whether credit repair really works, and the simple answer to that is, "Yes, definitely." Based on a study released by the U.S. Public Interest Research Group in June 2004, 79% of the consumer credit reports surveyed contained some kind of error or mistake. On top of all the errors and mistakes, millions of items are known to be removed from credit reports and tens of thousands get deleted every single day (i.e. late payments, collections, bankruptcies, and foreclosures).
3) The Fair Credit Reporting Act guarantees the credit repair process to you. Although there are many credit repair companies out there, be cautious, however, to avoid being scammed.
4) Also, the credit repair organizations must give you a copy of the "Consumer Credit File Rights Under State and Federal Law" before you sign a contract. Unless they give you a written contract that spells out your rights and obligations, assume you are being scammed.
5) Read all documents, and before signing anything, know that a credit repair company cannot:
* Mislead you with false claims about their services
* Take your money unless they have finished the promised services (Not half way; but completely)
* Start their services unless YOUR signature is on a written contract and they have completed a THREE-DAY waiting period
You have the power and right to cancel the contract without paying any fees during this three-day waiting period.
Before you sign a contract, be sure it specifies:
* The total cost and the payment terms for services
* The services the company will perform with colorful details and easy-to-understand description
* The total length of time to achieve the result (Otherwise, they can keep charging you for more than you intended)
* Any guarantees the company offer
* Company title, phone number and business address
About the Author:
About The Author: David Wada, who has been improving credit in Northern California for thirty years, has written a very practical guide to clarify Credit Repair Companies. For a limited period, you can access a free copy by visiting his Credit Repair Companies
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