1) According to the latest figures, the average American has a credit score of 677. If that same individual's credit score rose to just 720, that family can save, on average, $421 per month or $5,052 per year on house payments, car payments, credit cards, etc.
2) Many people often wonder if credit repair really works, and the short answer is , "Yes, definitely." The U.S. Public Interest Research Group released a report in June 2004 saying that 79% of the consumer credit reports surveyed contained some kind of error or mistake. Even today, million of erroneous items have been removed from credit reports, and tens of thousands get deleted daily, including collections, late payments, 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) A credit repair company cannot do the following until you give your signature:
* Mislead you with false claims about their services
* Charge you unless their promised services is completed
* Perform any services until they have your signature on a written contract and 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 payment terms for services, including the total cost
* A detailed description of the services the company will perform
* The total length of time to achieve the result (Otherwise, they can keep charging you for more than you intended)
* All the company's guarantees
* Company name and address
2) Many people often wonder if credit repair really works, and the short answer is , "Yes, definitely." The U.S. Public Interest Research Group released a report in June 2004 saying that 79% of the consumer credit reports surveyed contained some kind of error or mistake. Even today, million of erroneous items have been removed from credit reports, and tens of thousands get deleted daily, including collections, late payments, 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) A credit repair company cannot do the following until you give your signature:
* Mislead you with false claims about their services
* Charge you unless their promised services is completed
* Perform any services until they have your signature on a written contract and 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 payment terms for services, including the total cost
* A detailed description of the services the company will perform
* The total length of time to achieve the result (Otherwise, they can keep charging you for more than you intended)
* All the company's guarantees
* 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 de-mystify Credit Repair Companies. For a limited period, you can access a free copy by going to his Credit Repair Companies
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