5 Things To Know About Credit Repair
1. Credit repair organizations are regulated nationally by the Credit Repair Organizations Act (CROA), which is overseen by the Federal Trade Commission (FTC). As well, some credit repair organizations operate by the credit repair laws of the state in which the business is located.
2. By law, no credit repair organization can guarantee results. For example, a credit repair company cannot say, “We guarantee to raise your credit scores by 130 points in 30 days” or “We guarantee to remove negative accounts from your credit report”. This type of guarantee is considered deceptive and is illegal.
3. By law, no credit repair organization can guarantee the removal of negative accounts from your credit report. This includes removing paid or unpaid collections, charged-off accounts and repossessions. By law, negative accounts can remain for 7 years (10 years for a Chapter 7 Bankruptcy); however, it is possible to remove qualified negative accounts sooner if they are deemed inaccurate or unverifiable.
4. By law, no credit repair organization can demand payment up front before a service is performed. This includes (but not limited to) a setup fee or monthly fee. If you’re looking to hire a credit repair organization and the company is “demanding” you to pay an upfront service fee before any service is performed; do yourself a favor and WALK AWAY.
5. Before hiring a credit repair organization, DO YOUR RESEARCH to avoid getting scammed. Check with the Better Business Bureau to review their accreditation and rating. A credit repair organization must be vetted and meet the criteria of the BBB in order to become accredited. Who would you rather do business with… a trusted and accredited A+ rated company, or a non-accredited business with a C, D or F rating?
ABOUT US: Since January 2008, we have helped consumers raise their credit scores by pointing them in the right direction to achieve scores of 700 and beyond. We are a reputable credit repair organization. We are accredited with the Better Business Bureau and we have an A+ rating. We are honest, compassionate, understanding, non-judgmental and trustworthy.
CLICK HERE to verify our accreditation and A+ rating.
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