Nowadays there seems to be an “expert” credit report repair company everywhere you look. There are advertisements on the television, in your newspapers, and of course all over the Internet.
In addition, every time you turn on your radio or look in the mailbox you will continue to find credit repair companies that make bold claims about how well they can get your debts cleared and resume your financial status back into the green zone.
What’s with all the hype?
You know exactly the type of claims I am talking about. These credit repair companies all say the same thing:
“Do you have credit problems? No problem, we can help!”
“Work with us and legally create an entirely new identity”
“We can erase all of your bad credit, no matter how much debt you have, and it is 100% guaranteed!”
“Do you have judgments, bankruptcies, bad loans, and liens? Our services can wipe these items from your credit file and remove them forever!”
Do not fall for these very misleading statements
It is quite understandable to be persuaded by the sales hype of these types of credit report repair offers. Let’s face it, your credit is a mess, debts are high, and like most people, you would do anything to repair and clear your credit. But like the old saying goes: “If it sounds too good to be true, then it probably is”
You must learn to recognize the red flags of false advertising and misleading credit repair claims. Most of these companies are just looking for a fast buck by taking advantage of desperate men and women who have piled on debt over the years. Unfortunately, many young people tend to fall for these types of offers because of poor spending decisions and extremely high student loan expenses.
Watch out for the following red flags
When responding to any offer from a credit report repair company, regardless of whether it is in good standing with their clients are not, watch out for the following red flags:
1. Credit repair companies that ask for payments upfront before any of their services are provided to you.
2. Agencies that except your payment but then refer you to directly contacting the credit bureaus yourself.
3. Debt repair services that use illegal tactics in order to try to beat the credit filing system, such as offering to help create a new identity for you.
4. Credit repair companies that do not fully disclose your legal rights and what you can do for yourself to help repair your credit that is free of charge.
All hope is not lost, there are trustworthy credit repair agencies available!
The point of this article is not to scare you off into thinking that all credit repair companies and their offers are scams. In fact, there are indeed some very professional and reputable credit report repair companies that can help you with your debts. But certainly you must heed the advice of not falling for every offer that promises to clear your name and your debts overnight, literally.