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Unfortunately there are more than a few unethical companies / individuals in the credit service
industry. Here at Improve My Credit USA we want to make certain that you avoid these less
than scrupulous companies (whether you are using us or even another company.) Credit report
verification processing can cost anywhere from a few hundred dollars to over two thousand and
will take up to a year to complete the process. Choosing the wrong credit repair company can
end up wasting money and perhaps more importantly, your time. Choosing the right credit
repair company, however, may be one of the best things you can possibly do for your financial
future.
Improving your credit score can be the difference between whether or not you get into a new
house, car, or even a job. A higher credit score may also help you refinance your existing
payments so you end up paying less every month. A trusted credit repair company can lend their
expertise and help you on your way to achieving these results.
How can I tell if a credit repair company should be trusted?
Unfortunately, credit repair is an industry that has received a bad reputation because of the
publicity afforded to credit repair scams. While fraudulent credit repair firms tend to be
shut down quickly, it is still in your best interest to learn how to identify the differences
between a legitimate credit repair service and a credit repair scam. One of the most important
and easiest factors to confirm is licensing and bonding. The state of Texas requires credit
service organizations to carry a minimum $10,000 surety bond and to be registered with the
state. Commonly legitiment companies will be registered and bonded but it is uncommon for fly
by night con artists to take the time and make the effort to do so.
(See our Bond and
State Registration
documents and our zero complaints BBB Status.)
(Note: The BBB in Houston, TX. currently will not allow Credit Restoration Companies to become
accredited members. What is most important, however, is not membership but to note the
"Complaints History" section of the report. Any business, member or not, can be reported on
and we are most proud to have maintained a zero unresolved complaints history.)
An easy way to do this is to know a few of the laws that govern credit repair companies. These
laws as defined in the Credit Repair Organizations Act were designed to protect you from
credit repair scams while also protecting your right to get help with repairing your credit
reports. The first law you should be aware of pertains to the way credit repair companies can
bill you for services. In a typical credit repair scam, the so called credit repair company
charges a large upfront fee (many hundreds or even thousands of dollars.)
Depending on your current credit situation, you may be best served by a credit repair company
specializing solely in credit report repair or one that can also provide a full catalogue of
credit repair services.
What do you need a credit repair company to do for you?
A good place to start when determining which credit repair company is best for you is to
figure out what needs to be done to improve your credit. The process of repairing your credit
can involve much more than simply
disputing your credit with the credit bureaus. You should
make sure to use a credit repair company that can fulfill all of your credit needs.
When most people think of credit repair they think of a process that has become known as credit
report repair. When working to repair your credit using credit report repair, a credit
repair company is using your rights under the
Fair Credit Reporting Act to dispute certain
items in your credit reports directly with the credit bureaus. This element of credit repair
has helped many people with erroneous, incomplete, or unverifiable information on their credit
reports improve their credit scores.While credit report repair is a good start, many people
find that it is not enough. Credit report repair works when the credit bureaus are not able
to verify that the questionable items in your credit reports should be there.
In the case where a creditor continues reporting the questionable item, however, credit
report repair is not effective. To help repair your credit in these cases, some credit
repair companies also provide creditor interventions and debt validation services.
Many leading credit repair companies will work directly with your creditors using a variety of
tactics to get them to stop reporting the questionable accounts to the credit bureaus. They
may also work with collections agencies and others to get them to stop reporting questionable
accounts or change the way the accounts are reported. A credit repair company may even go so
far as to challenge the legitimacy of a reported debt.
Are you ready to take action on your credit?
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