Finding a Credit Repair Company You Can Trust

As is the case with automobile mechanics, insurance agents, plumbers, and every other profession, there are quality credit repair companies and companies to steer clear of. Below are some tips for identifying a credit repair company you can trust.

1. Look for how long the company has been in business. Credit repair is a booming industry with new entrants coming and going all the time. Make sure you go with a company with a solid track record that you know will be in business for the long run. You definitely don't want to get stuck with a company that goes under before they are done helping you.

2. Make sure there is full disclosure. There is nothing a credit repair company can do for you that you cannot do for yourself. In fact, credit repair companies are required by the Credit Repair Organizations Act to inform you of this fact via a written statement when you sign up.

In addition, credit repair services are not guaranteed to work because ultimately, whether or not something gets deleted from your credit record is up to the credit reporting agencies and your creditors. Watch out for organizations that guarantee to improve your credit rating or get you approved for a loan.

3. Make sure their billing policy is legally compliant. By law, credit repair companies are not allowed to collect any fees before performing the agreed upon services. This is to protect people from scammers who would promise to be able to clean up their credit report (often times charging thousands of dollars) and then disappear as soon as the payment was received. This is why most credit repair companies charge a setup fee for creating your account (you should not be charged as soon as you sign up and will in many cases not be charged for a few days), and a monthly fee collected after the previous month's services have been performed.

4. Know the trademarks of a credit repair scam. Because so many Americans are desperate to restore their credit but understand little about how the credit reporting system functions, scammers have set up phony credit repair clinics claiming to help people but ultimately only end up making the situation worse. The Credit Repair Organizations Act (CROA) was established to protect consumers from becoming a victim of a credit repair scam by establishing rules credit repair companies must follow. Knowing these rules will help you avoid being taken advantage of.

Article Source: http://www.moneyarticlelibrary.com

Credit Repair BEST provides information about credit repair as well as a moderated question and answer forum where visitors can learn more about the credit reporting system, what they can do to make the most of their credit score, and how credit repair companies may be able to help.

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