Confessions of a Credit Repair Agency
Confessions of a Credit Repair Agency
By Marc Chase
Credit Repair, a very debated topic on the net right now as to whether it?s legal, effective, ethical and an avenue worth pursuing for individuals with negative, inaccurate or unverifiable information on their credit reports. No matter where you search, you will find varying opinions in regard the legitimacy of the credit repair industry, from The FTC and Attorney General, to Debt consolidation companies and law firms practicing credit repair companies. First off to answer the question is Credit Repair and its practitioner?s legal, the answer is yes! There is a specific body of legislation, The Credit Repair Organizations Act (CROA) that outlines how credit repair companies may legally operate. This Federal regulation is proof that the industry as a whole is legal and not a scam. I think the negative overtones are more likely a case of a few hundred bad apples taking advantage of people.
The second most debated topic in many of the popular credit forums is whether or not one should even use a credit repair company, or give it a go themselves? The Art of Credit Repair or credit restoration is not necessarily a difficult one to grasp and despite what a lot of the Credit repair companies and lawyers would like you to believe, there is no ?magical, proprietary dispute letter?. Remember, the Fair Credit Reporting Act (FCRA) was set up so that consumers could fix errors on their credit reports on their own. It was not set up so consumers could fix errors If they had the magic letter. It really is almost as simple as saying?.
?Hey this is not my account, please verify the information and remove from my report?
So why would you consider hiring a company to improve your credit score if it is so easy? The art of credit repair is not perfectly written letter, but more of knowing the little tricks credit bureaus and collection agents use to avoid eliminating the debt. As much bad press credit repair agencies have received, Bureaus and Collection agencies are no angels either. They try and trick you, they don?t always follow procedure and we?ve seen numerous cases of them breaking promises consumers have made with them when negotiating debt.
Credit Report Repair Agencies should be well versed and know what to expect and exactly how to negotiate through all the little tricks that the average consumer wouldn?t. If you are lucky enough to be working with an ethical Company that does its job and at a good price, it can work wonders for your credit score. The people we spoke with that do favor using an agency to fix their credit, do so because typically it?s only 30.00 to 50.00 per month and they just don?t feel like dealing with the headaches, nor do they want to be their own guinea pigs.
If you do make the decision you would rather leave it to the pros, what steps should you take to make sure you?re hiring the right company? At the time of writing this there is very little governing the industry outside of CROA and it is a craps shoot for the most part.
However, there is hope on the horizon. Currently a non-profit organization is being formed called The National Credit Repair Association (NCRA) This industry organization brings overdue legitimacy and integrity to the credit repair field, and represents all certified credit repair organizations. The idea is that accredited credit repair firms are overseen to ensure they embody top standards and ethics, and adhere to all applicable state and federal laws in their practices. In other words, the ?BBB? of the Credit Repair Industry.We highly recommend that you utilize this service when fully launched as it will force legitimate companies to sign up much like they would the BBB and it will also weed out the unscrupulous credit repair companies who do not wish to adhere to standards. The Credit Repair industry is a legal and much needed industry, but much like any ?new fad? its going to take time to get regulated, weed out the scum and let the professionals rise to the top.
In closing credit repair is something that most Americans will probably have to deal with at some point in their lives. It can be done by you with a little homework, accurate record keeping and patience, or you can hire a firm just as long as you?ve done your homework, insist the company is a member of The NCRA and make sure they are not breaking laws when dealing with your personal credit scores.
Article by http://www.mycreditgroup.com
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Debt Relief: A Good Solution For Personal Debt - HULIQ
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Bad Credit Repair
Bad Credit Repair
By Jared Lee
Credit rating bureaus are agencies that specialize in keeping track of credit history of individuals and business establishments. These agencies get information from all creditors who deal with businesses and individual consumers. The information collected by these agencies consists of payment history, credit limits, balances and action taken to collect overdue debts. All information is collated into credit score and credit report.
A bad credit is nothing but negative rating given by credit rating bureaus because of non-payment of loans or an individual or business being too far into debt. A bad credit can have adverse effect on an individual or a business. Bad credit means not being able to secure home loan, auto finance, getting a credit card etc. Businesses suffer because obtaining capital from banks and financial institutions can be an arduous task and it is important to immediately start bad credit repair if you have bad credit history.
One of the most popular methods of bad credit repair is to go for debt consolidation. Here all the loans and debts are combined into one single monthly payment. The individual or company might even end up with a lower interest rate which means making a lower monthly payment each month compared to making several payments, which could be higher.
Sometimes banks offer partial settlement payment to companies and individuals as bad credit repair process. Here the person pays at least 30 percent of his outstanding debt and a written form of the terms of settlement is taken from the creditors. Then documents related to bad credit repair are dispatched to credit bureaus who in turn update their records and the individual’s credit worthiness improves.
Most experts do not advice consumers to file for bankruptcy as measure for bad credit repair because it makes it very tough for consumers to apply for a loan in the future.
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Credit Repair Companies Can Help
By Jake R Avey
Some people turn to credit repair companies when they find themselves unable to solve their credit problems themselves. In fact, the credit repair industry has boomed with financial and economic crisis causing people to be in debt and face unemployment.
In facing debt you have two options: You can fix it yourself or seek professional help. Trying to work on your own means contacting all creditors, negotiating and paperwork - this can be burdensome and you’ll need a lot of effort and patience to make it through. If you choose to ask for assistance, you have to pay a fee for their services.
Credit repair companies then can make things simpler for you. But the industry has been facing a lot of negative feedback due to credit repair scams that take advantage of people who turn to them for help. Aside from that, many people think that they will only be paying high fees for these services.
Truth is, there are many repair companies that have gained repute for helping a lot of people with credit troubles and many of those companies charge little fees since they obtain their income from the creditors.
But remember that the bad reputation of the industry did not come from nowhere. It is a fact that there are numerous debt repair scams scattered all over the internet. If you are considering a credit repair company, always make sure that you make a thorough background check and ask people who have used their services for testimonies.
Credit repair service can help you do negotiations if you are not able to make your payment on time. If you are facing debt that is long overdue, they can find ways to reduce the debt to an amount that you can handle. Some are also well equipped to handle problems from foreclosures to identity theft.
Dealing with credit problems can be very stressful. It is best to hire a company where one person will be in charge of your account instead of a company where you talk to different people every time you check in. It’s very important for a credit repair executive to get to know you so that he or she can easily understand your situation and would know what he needs to make the negotiations with your creditors run smoothly.
Lastly, keep in mind that while a credit repair company can help you a lot, that does not mean you are free of any responsibility. The company can not do everything for you. For instance, they do not have the right to get your credit report - that is something you have to do yourself. They also cannot perform miracles by erasing correct information that is in your file. They also cannot delete all of your outstanding debts and your bad marks on your profile. You will still have to pay your debts but at least you get a lower rate.
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