Find out more on Debt Consolidation Credit Counseling In Phoenix Now!
Thursday, January 1, 2009
1) According to the latest figures, the average American has a credit score of 677. If that same individual's credit score rose to just 720, that family can save, on average, $421 per month or $5,052 per year on house payments, car payments, credit cards, etc.
2) A lot of people ask whether credit repair really works. The simple answer to that is, "Yes, absolutely." Millions of items have been removed from credit reports, and tens of thousands get deleted every single day (i.e. late payments, collections, bankruptcies, and foreclosures get deleted). A study released by the U.S. Public Interest Research Group in June 2004 found that 79% of the consumer credit reports surveyed contained some kind of error or mistake.
3) The Fair Credit Reporting Act guarantees the credit repair process to you. Although there are many credit repair companies out there, be cautious, however, to avoid being scammed.
4) The Credit Repair Organizations Act also guarantees that 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.
5) Read all documents, and before signing anything, know that a credit repair company cannot:
* Claim facts about their services that are false
* Charge you until they have completed the promised services
* Perform any services until they have your signature on a written contract and have completed a three-day waiting period
Know that you have the freedom to cancel the contract with no fuss, no hassle, and no cancellation fees during this time.
Before you mark your name on the contract, make sure it specifies:
* Payment terms for services and total cost
* A description of the services down to the itty-bitty details the company will be performing
* How long it will take to achieve the result
* 100% guarantees the company offers
* The company's name and business address
2) A lot of people ask whether credit repair really works. The simple answer to that is, "Yes, absolutely." Millions of items have been removed from credit reports, and tens of thousands get deleted every single day (i.e. late payments, collections, bankruptcies, and foreclosures get deleted). A study released by the U.S. Public Interest Research Group in June 2004 found that 79% of the consumer credit reports surveyed contained some kind of error or mistake.
3) The Fair Credit Reporting Act guarantees the credit repair process to you. Although there are many credit repair companies out there, be cautious, however, to avoid being scammed.
4) The Credit Repair Organizations Act also guarantees that 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.
5) Read all documents, and before signing anything, know that a credit repair company cannot:
* Claim facts about their services that are false
* Charge you until they have completed the promised services
* Perform any services until they have your signature on a written contract and have completed a three-day waiting period
Know that you have the freedom to cancel the contract with no fuss, no hassle, and no cancellation fees during this time.
Before you mark your name on the contract, make sure it specifies:
* Payment terms for services and total cost
* A description of the services down to the itty-bitty details the company will be performing
* How long it will take to achieve the result
* 100% guarantees the company offers
* The company's name and business address
About the Author:
About The Author: David Wada, who has been repairing credit in Northern California for thirty years, has written a very practical guide to clarify Credit Repair Companies. For a limited period, you can access a free copy by visiting his Credit Repair Companies
posted by Credit Counseling at
7:12 PM
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