Is Credit Repair a Scam ?

If you want to find an industry with a horrible reputation
look no further than credit repair. Over the years I have
seen countless companies coming to my office wanting me to
send all of my applicants for a mortgage who had bad credit
to them. Most of them stated the same thing, “I will
get it removed.” Let’s face it, if you owe the
debt, it will not be removed. Most of the creditors sell
debts owed to collections companies. These collections
companies will not go away until you settle on the debt or
pay it in full. The 3 credit bureaus do have to respond to
a dispute within 30 days which must be verified. If the
dispute is not verified, it must be removed. Credit Repair
companies will dispute derogatory information on your
credit report for you, but you can do the same thing
yourself for free. You can also dispute items from your
credit report on-line now.

Online bureaus for dispute:
- Experian =
https://www.experian.com/consumer/cac/InvalidateSession.do?c
ode=DISPUTE
- Tran union = http://www.transunion.com/entry/disputeonline
- Equifax = http://www.equifax.com/online-credit-dispute/

The advantage of using a reputable credit repair company is
they dedicate all their time during your normal working
ours to dispute inaccuracies on your credit report. Most
working people don’t have time to do this. So you are
paying someone else to do this since you don’t have
the time to do it yourself. So is Credit Repair a scam?
Well not exactly. They are a legitimate business as long as
they give you the correct information. Can they get
information removed you owe? They can if the bureaus
don’t respond in time, and believe me the bureaus are
set up to respond quickly. There systems are automated now.
They can blast through a dispute letter in a few key
strokes. The Bureaus will also disregard repetitive
disputes as “frivolous.” Credit repair
companies claim that if the following inaccuracies are on
your credit report, it has to be removed.

Credit Bureaus reporting: $190.02
Should be reporting: $190.20

The FTC claims that this is false.

So the big question is Credit Repair a SCAM? Well there are
a lot of credit repair companies out there that just take
your money, and hope you go a way. So make sure you get
references when using a credit restoration company. There
are reputable companies out there, and there are companies
that just take your money.

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At http://www.my720fico.com you can get a Free copy of your
credit report with scores. We also provide lots of articles
to help with educating you in regards to your personal
credit.