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If you have bad credit and overwhelming debt, you have probably noticed those commercials for companies that claim to be able to eliminate your debt and repair your credit. Sounds like a good deal, but is it really legitimate? Before you decide to commit any credit repairing agency, make sure you have the following questions answered. This will help you determine whether or not the service is really going to be beneficial for you, or if it just a scam.

What will your credit repair agency be able to accomplish for me?
Any legitimate credit repair company is obligated by law to provide you with a contract that details their exact plan and what they anticipate on doing for you. The first thing most reputable companies will do is analyze your credit report and look to eliminate any listed errors. Any information that is not in the contract should be disregarded. For example, companies that scam will claim that they will be able to erase your bad credit. This is impossible and is not going to happen.

** We suggest that you get a copy of your credit report as well so that you are aware of what is your file.

How long is it going to take to achieve these goals?
As mentioned, any legitimate credit repair agency is going to include all information in their contract, including their estimated times of completion in their contract.

How much is this service going to cost? How frequently am I going to have to make payments for these services?
All payment terms and amounts that you are going to be charged must be clearly stated in the contract they present to you. Also, no payments can be requested until after their work is completed. Be aware that scamming companies will often present you with additional offers while in the middle of services. For example, they may say that they can bring your credit score up for a small fee. It is impossible for them to improve your score. What they are likely basing their claims on is the improvements that will occur as a result of their original work of removing errors from your file....which you are already paying for.

Is their any guarantee provided by the credit repair agency?
Any promises and/or guarantees must be disclosed in their contract.

Where is the company located? What is their contact information? How long have they been in business?
You should never do business with anyone or any company that is not willing to disclose you with their business name and address. Once this information is obtained, you should research with the BBB to see if the company has any complains reported against them. Also make sure that they are licensed in your state.

Where is my copy of the "Consumer Credit File Rights under State and Federal Law?"
Any real company is going to provide you a copy of this report prior to you signing anything. This is a small document and should be pulled from the Internet as soon as you can. It is good to have this information. It informs you of everything and anything an agency can do for you. It also tells you in black and white that a Credit Reporting Agency (CRA) can only remove accurate information about your credit history if it is more than seven years old.

In conclusion...
If even one of the above questions can not be answered by a company you are potentially interested in doing business with, don't use them! Better yet, before you pay someone else, learn how you can eliminate debt on your own.


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