|Most people have some sort of debt. Almost everyone has a credit
card balance, an outstanding student loan, or mortgage and car
payments. All these loans and their payments result in a credit
history, which most people don't usually give too much thought
too until it's too late. Your credit history can have a major
influence on your life, and once you credit history becomes poor
you will find yourself unable to rent cars, obtain services
without deposits, or get a credit card. This is why, if you find
yourself in this situation, it is important that you take steps
towards credit repair as soon as possible.
Many people will find their poor credit history to be
overwhelming, and will be tempted by one of the many companies
online that offer to "fix bad credit" for a fee. Although there
are some situations where these companies may of use, for most
people they are not necessary, and should be avoided.
The reason credit repair companies aren't useful for most people
are because they rarely do anything that you can't do yourself.
These companies will give the impression that they are doing
things you wouldn't normally be able to do on your behalf, but
it most cases they are not.
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The general strategy of many of these companies will be to have
you first request your credit report from the credit reporting
agency, and then to launch numerous challenges to the report in
writing. The idea here is not that there are necessarily many
(or any) mistakes on your credit report, rather you are trying
to take advantage of a legal obligation on the part of the
credit reporting agency: namely, that all requests for
investigations must be responded to in 30 days. If the agency
doesn't respond to you in that time (and it's unlikely they will
if you challenge multiple items) they must remove the item in
question from your credit report.
While this may initially seem like a clever strategy, it's
important to understand that there is nothing to prevent the
credit reporting agency from putting the removed items back onto
your credit report once they find the proper documentation. In
other words: they may not be able to produce the documentation
in 30 days and have to remove something, but they will keep
investigating, and once they find the documentation the item
will be restored to your credit report.
Besides the somewhat dubious strategy that most credit repair
companies employ, you should also be careful to avoid any scams.
Be advised that these companies are legally bound to render all
promised services before accepting any payment from you. They
are also obligated to clearly outline all fees and services that
will be provided. If you do decide to use the services of a
credit repair company, make sure you look over all the paperwork
and fine print provided.
In most cases for most people, a credit repair company shouldn't
be necessary. The only time you should use one is if they are
truly able to perform services you can't do, or don't have time
to do, on your own.
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Free Credit Repair
About the author:
James Mahony is the founder of Free Credit Repair
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