Understanding 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 within the state the business is located.

2. No legitimate credit repair organization will promise or guarantee results. For example, “We guarantee to raise your credit scores by 100 points in 30 days” or “We guarantee to remove negative accounts from your credit report”. This is considered deceptive marketing and is illegal.

3. No legitimate credit repair organization will promise or 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. No legitimate credit repair organization will demand payment or advanced fees before any 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 requires or demands you to pay an upfront fee before any service is performed; do yourself a favor and WALK AWAY.

5. Before hiring a credit repair organization, DO YOUR RESEARCH. 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 CREDIT EXPERT LLC: Since 2008, we have helped consumer’s raise their credit scores to 700 and beyond. We are reputable and trusted. We are accredited with the Better Business Bureau and we have an A+ Customer Satisfaction Rating.

CLICK HERE to verify our BBB accreditation and A+ rating.

CLICK HERE to read Hire a Reputable Credit Repair Organization

 

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