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Can credit repair companies be trusted? |
Many "credit repair" companies claim to remove negative credit with the flick of a wrist. Their advertisements make bold assertions and money-back guarantees: "Bankruptcy, tax liens, judgments... no problem!! One hundred percent guaranteed!! Credit report 100% cleared in 30 days!!" Can they really make such sweeping guarantees?
While some credit repair companies are outright frauds, others are not frauds and they use the dispute process to obtain impressive results. In fact, they assist in having thousands of inaccurate, obsolete or unverifiable credit listings deleted every day.
Working within the credit bureau maze requires substantial background knowledge - knowledge that takes credit repair companies years to learn. In fact, U.S. District Court Judge J. Wexler entered the following legal opinion in the Federal Supplement. "Since allowing third parties to assist consumers will likely lead to the expedited correction of credit reports, it will further the purposes of the [Fair Credit Reporting] Act."
Not surprisingly, the credit bureaus have declared war against the credit repair companies and those selling instruction on how to do-it-yourself. The bureaus lambaste credit repair companies in the media and send anti-credit repair literature to anyone whom they suspect of using credit repair services.
The simple truth is that you do not have to endure bad credit for seven to ten years so long as you feel comfortable challenging the accuracy or verifiability of your questionable credit listings. If so, it is possible to restore creditworthiness within a much shorter time.
However you decide to address your credit challenges, realize that regardless of what you may hear in the news media, thousands before you have sought help and restored their credit. They can show you their homes, cars, and credit cards. Despite the newspaper articles, TV reports, and other credit bureau propaganda to the contrary, the simple truth remains: you can fix your unfair credit reports.
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