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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
fraudulent and they use the dispute process to obtain impressive results. In
fact, they delete thousands of negative credit listings every day. There is
a company called Lexington Law who has been doing it for 15 years.
Click here to learn more
Unfortunately, it is risky to trust just anyone to help you restore your credit.
It is estimated that fraudulent credit repair companies have bilked
Americans out of more than fifty million dollars. The majority of credit
repair companies were started by entrepreneurs with a penchant for
marketing. Consumers have flocked to these "credit doctors" only to discover
that their advertisements proved far more impressive than their results.
Hiring a credit repair company is like playing Russian roulette. Many of
them are effective and legitimate, but it is difficult to tell a rip-off
from the real article.
So, can credit repair companies guarantee results?
Not a chance! No credit repair company is so good that it can guarantee a
specific outcome. It would be like a defense lawyer guaranteeing that the
jury will find his client innocent. Guarantees are a sure sign of credit
repair fraud. A warranty, where the credit repair company promises a refund
if certain results don't occur, is a better, more realistic claim.
Lexington
is a respectable company that we recommend.
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 bureaus unflinchingly deny that accurate information can be
removed from a credit report.
The simple truth is that you do not have to endure bad credit for seven to
ten years as long as you feel comfortable challenging the accuracy or
verifiability of your 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
restore your credit.
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