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) The Credit Repair Organizations Act also guarantees that credit repair organizations must give you a copy of the Consumer Credit File Rights Under State and Federal Law before you sign a contract. They also must give you a written contract that spells out your rights and obligations.
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)
* Perform any services, and even after your signature is on a written contract, they must complete a three-day waiting period
During this time, you can cancel the contract without paying any fees.
Be sure the contract specifies:
* The total cost and the payment terms for services
* The services the company will perform with colorful details and easy-to-understand description
* How many days, hours and minutes to achieve their promised results...okay maybe not that specific, but really drill them on when the services will be completed
* 100% guarantees the company offers
* Company name and 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) The Credit Repair Organizations Act also guarantees that credit repair organizations must give you a copy of the Consumer Credit File Rights Under State and Federal Law before you sign a contract. They also must give you a written contract that spells out your rights and obligations.
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)
* Perform any services, and even after your signature is on a written contract, they must complete a three-day waiting period
During this time, you can cancel the contract without paying any fees.
Be sure the contract specifies:
* The total cost and the payment terms for services
* The services the company will perform with colorful details and easy-to-understand description
* How many days, hours and minutes to achieve their promised results...okay maybe not that specific, but really drill them on when the services will be completed
* 100% guarantees the company offers
* Company name and 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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