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"Credit Repair Scams"
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Article: "Credit Repair Scams"
By Andre Plessis
"Credit Repair Scams"
Jodie Bernstein, director of the Federal Trade Commission’s Bureau of Consumer Protection in Washington, D.C., observes that the FTC has never seen a legitimate credit repair company." In the past, bogus credit repair companies would use clever schemes to get a debt temporarily dropped from an individual’s credit file.
Don’t be tempted to run to one of the many companies saying they will erase your bad credit for a price. You need to be aware that the only ones who can permanently remove a debt from your record are the credit bureau or the creditor.
By law, credit repair organizations must give you a copy of the "Consumer Credit File Rights Under State and Federal Law" before you sign a contract. They also must give you a written contract that spells out your rights and obligations. Read these documents before you sign anything. The law contains specific protections for you. For example, a credit repair company cannot:
Make false claims about their services:
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Make false claims about their services |
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Charge you until they have completed the promised services |
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Perform any services until they have your signature on a written contract and have completed a three-day waiting period. During this time, you can cancel the contract without paying any fees. |
Your contract must specify:
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The payment terms for services, including their total cost |
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A detailed description of the services to be performed |
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How long it will take to achieve the results |
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Any guarantees they offer |
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The company’s name and business address |
Andre Plessis
Andre Plessis
"The Mortgage Guru"
"Andre Plessis is a
Mortgage Planner and Author. He helps individuals improve their credit and offer
guidance in personal finance. His primary goal is to provide the expertise,
guidance and skills necessary to gain financial freedom through real estate and
live a debt free lifestyle".
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