Credit Reports & Credit Repair

01.07.2009 | Author: admin | Posted in Credit

You have seen ads, billboards and TV commercials where credit repair companies promise to \”erase bad credit.\”
Typically they charge $50 to help you, but frequently they do nothing to help till assume your money and disappearing.
Under the New Jersey Fair Credit Reporting Act, consumers are entitled to a free credit message annually.
Federal law now also provides consumers with a toll-free number and Web site to obtain a free credit message from all three national credit agencies by making one contact: Credit Crunch Fix

If you have a credit problem, hold this in mind:

1. Accurate negative credit information can’t be erased. If a credit repair firm tells you that it will be able to remove negative information from your credit message, they are not telling you the truth.

If you have a poor credit history, the only thing that will improve your credit message is time.

2. It is illegal to hide bad credit. Some credit repair companies will speak they can \”hide\” bad credit by helping you establish a new credit identity. They will sentence to make a new credit file for you with a fake Social Security number. Don\’t do it! This is fraud and it is a crime.

3. You can rebuild your own credit record. Contact your creditors when you realize you can’t create scheduled payments. If you need help working out a payment plan and a budget, contact your local credit counseling service.

Till using a local credit counseling service find out if the counselors are certified, how many the services price and if the agency is accredited. Also, check with your employer, credit union or housing authority for no-cost credit counseling programs.
If you solve to search assistance from a credit repair firm, you are protected under the federal Credit Repair Organizations Act.

A credit repair firm can’t take money from you till services are completed.

Till you sign a contract, the credit repair firm should speak you, in writing, what your legal rights are.

A credit repair firm should give you a written contract which clearly describes all of the terms and conditions of payment, a detailed description of services to be provided and an evaluate of how long it will take to complete those services.

You have three days to cancel the contract between you and the credit repair firm.

Any contract that is made between you and the credit firm that does not comply with the laws is void.

Credit repair companies are prohibited from making deceptive claims about their services.

If you believe your rights have been violated, you must contact Credit Crunch Fix
Since millions of credit reports are sold daily, it is light for some information to be wrong. You must review your credit message on a regular basis and correct mistakes immediately. If you want to know about your credit, contact the three credit bureaus cited adown.

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