Credit Repair

You may be able to repair your own credit and save money besides. The credit repair industry is full if scammers. They promise to do a credit repair job for you but disappar with your money.

Check out the FTC Credit Repair Site

This short blurb is from the FTC

"The Scam

Everyday, companies nationwide appeal to consumers with poor credit histories. They promise, for a fee, to clean up your credit report so you can get a car loan, a home mortgage, insurance, or even a job. The truth is, they can't deliver. After you pay them hundreds or thousands of dollars in up-front fees, these companies do nothing to improve your credit report; many simply vanish with your money.

The Warning Signs

If you decide to respond to a credit repair offer, beware of companies that:

Want you to pay for credit repair services before any services are provided;

Do not tell you your legal rights and what you can do-yourself-for free;

Recommend that you not contact a credit bureau directly;

Suggest that you try to invent a "new" credit report by applying for an Employer Identification Number to use instead of your Social Security Number; or Advise you to dispute all information in your credit report or take any action that seems illegal, such as creating a new credit identity. If you follow illegal advice and commit fraud, you may be subject to prosecution."

Real Credit Repair

As you can see the credit repair business is a lot more than a cottage industry. You can rest assured that any time money changes hands the scammers and thieves are trying to get a cut. Don't be taken in by the bold promises and smooth talk of these guys. You are a lot better of repairing your credit on your own. Just because you see a slick ad on TV or in a newspaper does not mean the folks that bought the ad are honest. The guy selling the ad space has no duty to check and see if what is promised in the ad is true. His duty is to sell ad space so that he can make enough money to pay his bills.

You got yourself into this trouble and you can get yourself out. The first thing that you have to do is face reality. A realistic budget will do more to repair your credit than all of the empty promises in the world. There is no point in spending a lot of time being ashamed of yourself. You are not alone by a long shot. Sometimes the offers are so tempting that an angel could not resist.

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