Credit Repair Company - Can You Trust them?

July 21st, 2008

Credit repair companies tend to make grand statements about credit repair. They give the impression that hiring the company will fix any and all of the individuals credit problems. Is this true?

Unfortunately no, it’s not. There are fraudulent credit repair companies that prey on people with bad credit. It is said that fraudulent companies have taken over 50 million dollars from the consumers.

The reason for this is when your credit is damaged you pay high costs on new credit lines. Frequently people become desperate for a way to escape these high costs.

Can they guarantee results? No, and when a credit repair company guarantees a result this is a huge warning sign. A guarantee is a good indicator that the company is a fraud and you should not hire them.

Some credit repair companies are legit and can be trusted. These companies will battle to have your negative listings removed and your credit repaired. They are usually more powerful in getting the credit bureaus to respond to a dispute. This is because they are familiar with the credit bureaus and the tactics the bureaus use to avoid investigations.

When researching credit repair companies look for warranties and refunds rather than guarantees. Take the time to see what old customers have to say about the company and the results they experienced.

Credit bureaus rarely investigate dispute requests because it costs the bureaus money. It also goes against the goal of the credit bureaus. This is to provide lenders with a measurable value on the likelihood of the individual repaying on the credit line.

If you are tired of paying for a mistake made in the past I recommend repairing your credit. It is a good idea to hire a credit repair company that can throw their weight around and force the credit bureau to respond to the dispute process. I recommend Lexington Law firm they have been in business for over 15 years with proven results.

Entry Filed under: Personal Finance