Credit Clean Up
By Jayme Hanson
In today's economy with individuals struggling to keep their head above water, more and more shady credit repair organizations are claiming they can help you with for a fee. These companies target people who are having problems with bankruptcy or are trying to rebuild damaged credit reports and credit scores.
These shady credit repair organizations will promise that for a fee they can get your credit cleaned up so you can get a car loan, a home mortgage, insurance or even a job. In most cases, these companies don't live up to their promises. They will charge you hundreds or even thousands of dollars in fees and do nothing to clean up your credit - most simply vanish with your money. So instead of having your credit cleaned up, you may end up deeper in debt and actually see your credit score get worse.
The only way to obtain is through better financial management. Dishonest credit repair organizations will offer to remove negative information from your credit report by contacting the three major credit reporting agencies
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and disputing questionable items on your credit reports. The truth is that no one can legally remove accurate negative information from your credit report. Credit reporting agencies are obligated under the Fair Credit Reporting Act (FCRA) to correct or delete inaccurate, incomplete, or unverifiable information, usually with 30 days. They are not required to remove accurate information unless it is more than seven years old (or bankruptcies that are over ten years old).
When it comes to credit clean up, you have the right to dispute any inaccurate or incomplete information on your credit report and it will cost you very little or nothing at all.
Avoid these shady companies with their scams and save yourself some money when it comes to and improve your credit on your own. There are some excellent nonprofit credit counseling organizations that can help you develop a plan for managing your finances and improving your credit. The National Foundation for Credit Counseling (NFCC) can help you locate a nonprofit network in your area.
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