Having negative entries in your credit report? Looking for a credit repair
agency to wipe out the blemishes. Stop! You could be heading for trouble. The
three reasons listed in this article will open your eyes to the credit repair
fraud. Read on to know how the credit repair companies are ripping you apart.
1. Credit repair companies take advantage fears of credit card holders with
negative credit reports, and use it to fill up their coffers. To do this they
aggressively market themselves as if they can get every single negative entry on
your credit report removed. This is simply not the case. Naturally plenty of people see this as a great opportunity, aggressively marketing their credit repair companies to those in trouble.
2. They will charge hefty fees, upfront. Whether they succeed or not it
doesn't matter, and they won't listen to you when they are unable to accomplish
anything squarely blaming things on you. Some credit repair firms are outright
scams. However, hard they might try to convince but the fact remains that
credit repair companies do not have any special relation with the credit
reporting companies. No insider contacts, no influential hands, no special
powers. Don't get fooled by their claims. Credit reporting agencies do not
endorse any credit repair firms.
3. Despite what the ads might lead you to believe, credit repair companies don't have any special relationship with the credit bureaus to make credit repair easier. They can't magically get negative entries on your credit history erased.
Some credit repair agencies suggest you fraudulent means to get a new credit
history. This could involve changing your identity and starting afresh. Can you
imagine how dangerous that can be?
Generally a credit repair company will only do things that you can do yourself.
One popular strategy is to get a copy of your credit history and challenge every negative entry. While this may seem like the credit repair company is taking action, in fact it's quite likely that this will achieve nothing unless there's genuinely been a mistake. And in the end, you can get the report and challenge entries without any help.
All that a credit repair agency does is to get a copy of your credit report
and challenge every negative entry in it. This is not a very complicated thing
and can be done by a person very easily. Why pay huge sums to those credit
repair agencies then?
A good strategy for credit repair would be to get your credit report
regularly. Check every entry in that credit report. If you keep a record of
every financial transaction you make it will be very easy to substantiate your
claim with credit rating agencies. Staying within your credit limits and not
over-borrowing will keep you at a distance from the negative entries in your
credit report and help build your credit history.