Pregnancy Book Financial Planning Parents Beware of Credit Repair Companies | Parents Beware of Credit Repair Companies |
Page 2 of 3 If you sign a contract with a credit repair company, it should include: The payment terms for services, including their total cost; A detailed description of the services to be performed; How long it will take to achieve the results; Any guarantees they offer; and the company's name and business address. Have You Been Victimized? Many states have laws strictly regulating credit repair companies. States may be helpful if you've lost money to credit repair scams. If you've had a problem with a credit repair company, don't be embarrassed to report them. The government's policy is to help those who have been mislead by credit repair companies, the aim of the law is to protect you against scams. Contact your local consumer affairs office or your state attorney general (AG) to report the incident. Instead of paying a whole lot of money for no good reason, try different kinds of self help options. Get your facts about credit history straight, so you are able to repair your repute through legal channels that will produce results. The last thing you need as a new parent is a law suit against you or a waste of money on an unreliable company. Help yourself to good credit repute Everything a credit repair clinic can do for you legally, you can do for yourself at little or no cost. No one can legally remove accurate negative information on your credit report, but you can dispute items on your credit report by asking for a reinvestigation, which should be free of charge. You have basic rights which you are entitled to, according to the Fair Credit Reporting Act. If you are denied credit, insurance or employment you are entitled to know what the source of information for the denial is. The company you are dealing with must give you the name of the credit bureau which supplied the info. If you are denied services, or an employment position, because of your credit report, you are entitled to a free copy of your report (within 60 days after being denied). You can dispute mistakes or outdated items for free. Send in a request for a reinvestigation in writing, explaining why you are disputing your credit report, and add copies of whatever information you have to support your claim (never originals!). If a mistake is detected, you are entitled to ask that a copy of the corrected version is sent out to those who have received the mistaken report in the last 6 months (or in cases of employment options even up to 2 years).
However, if reinvestigation does not resolve your dispute, you can ask the credit bureau to include your version of the dispute in your file and in future reports. |
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