Consumer Credit Repair Done Right

Consumer Credit Repair Done Right
  • Opening Intro -

    There are two ways to repair your damaged credit.

    One way involves employing suspect methods where you attempt to convince creditors that you deserve a better rating, while the other way involves a concerted and long-term initiative to enhance your credit standing.

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As you can imagine, the method that takes longer to accomplish is the one that brings forth long lasting and positive results. Read on and we will compare the two ways of consumer credit repair and where each path can take you.

The Broad Path

Sure as a jackrabbit, but maybe entirely outside of the realm of legality too. Numerous consumer credit repair companies have risen down through the years to help debt-laden consumers with their credit issues. In many states, these types of companies are able to avoid licensing and government review, therefore the company you are dealing with may be run entirely by individuals who have little experience with credit repair.

Here is what you should look for with an eye toward avoiding such businesses:

Special promises to help you instantly update your credit rating with their “special” consumer credit software. Just so you know: there is no software available that can manipulate the data that appears on your credit reports. The company may be able to serve up the form letters, but this won’t change your credit score. Be on the look out for unsubstantiated and wild claims in this area!

A change of a taxpayer’s identification number. Every consumer has a taxpayer identification number which is typically your Social Security Number. Some consumer credit repair companies may encourage you to take out an employer identification number (EIN) and use that number instead to apply for new credit. But, don’t listen to this appeal: you are still required to pay off everyone you owe and the Internal Revenue Service could penalize and even prosecute you if you use your new number in an attempt to avoid paying taxes.

Pay big fees up front and as you go. Anyone who wants to receive money from you up front should be avoided. You are already experiencing deep financial troubles: if you were to give them your money before they did any work for you, they just might leave town with your cash and leave you in worse shape than you were before. Do not do this!

The Narrow Road

As slow as a box turtle, but a winner nonetheless. Problems with your credit cannot be repaired instantaneously and that is why consumer credit repair involving a long term strategy is the most effective to take. Here is what to look for when searching for help:

A credit repair program that honestly looks at where you are and how long it will take for consumer credit repair to begin. Initial baby steps taken will build up and lead to much bigger results. Know that this process can take many months if not years to see your bad credit fortunes reversed and conquered.

Helpful and spot-on advice. No consumer credit repair company is worth a look if they do not share with you the steps you can take to remedy your situation yourself. For instance, you can obtain free copies of your credit reports yourself by visiting AnnualCreditReport.com. Also, you should be given form letters to customize and send out to the credit reporting bureaus.

Your fee structure must be transparent. A reputable consumer credit repair consultant or company will tell you exactly what your fees will be. If extra work is to be done for you, then you should find out what those tasks will be and what charges you will incur.

Financial Freedom

Lastly, if you choose to use the services of competent consumer credit repair specialist you will find that this professional’s way offers the right path to financial freedom. It may not be easy, but you will get there and avoid the legal entanglements that such “quick fix” solutions can cause.

See Also — What Your Credit Agency May Promise You

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Categories: Credit Repair