Credit Repair Companies Are Just Not Worth It

By: Ije Valent

Credit repair companies charge and arm and leg for what you can do on your own. Sometimes their charges can be as much as $1000.

About 15 years ago many so called credit repair companies have sprung up out of nowhere and claim that they can fix your credit. What consumers should know is that they are taking a 50/50 chance with dealing with these firms.

Some credit repair firms are legitimate and can rally make a difference to an individual credit score but most new firms that are springing up now and within the past few years are bogus. They can charge a client upwards of $1000 and then they tell you that it will take anywhere from 8months to 1 year to fix your credit and wipe it clean.

Consumers need to be very weary about such firms and perform a thorough check with the BBB to make sure that the credit repair firm is listed and also to make sure they have not been under investigation for fraud. Most if not all states require such firms to practice with a credit services license which legally enables them to request for and access personal files for the consumer. Some states even go as far as requiring all credit repair or credit services firms to maintain a $250,000 surety bond/liability for 2 years after doing business in the state. If you think about it, a client going to any of these credit repair firms produces all their details and hands them over to a total stranger. This could be a recipe for disaster and could even plummet you further into debt.

If you are still in doubt about certain firms feel free to call the state attorney general and inquire about their business practices and if there has been any complaints about the particular company. To tell you the truth all the services that these firms provide can be done by yourself all it takes is the right information. These companies operate under the veil that 99% of the public are clueless about their rights as consumers.

If you really need to use credit companies, your best bet would be to use them as an informative source and learn a few things from the pros, other than that, the service you get from them is something that you can provide for yourself and save lots of money.

Consumers need to be very weary about such firms and perform a thorough check with the BBB to make sure that the firm is listed and also to make sure they havent been under investigation for fraud. Most if not all states require such firms to practice with a credit services license which legally enables them to request for and access personal files for the consumer. Some states even go as far as requiring all credit repair firms to maintain a $250,000 surety bond/liability for 2 years after doing business in the state.

If you think about it, a client going to any of these firms produces all their details and hands them over to a total stranger. This could be a recipe for disaster and could even plummet you further into debt. If you are still in doubt about certain firms feel free to call the state attorney general and inquire about their business practices and if there has been any complaints about the particular company.

To tell you the truth all the services that these firms provide can be done by yourself all it takes is the right information. These companies operate under the veil that 99% of the public are clueless about their rights as consumers.

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