How to Spot Credit Repair Scams And Correct Your Credit History Yourself
Below is a MRR and PLR article in category Finance -> subcategory Credit.
How to Identify Credit Repair Scams and Improve Your Credit on Your Own
Summary:
As the fallout from the sub-prime mortgage crisis continues, credit repair scams are on the rise. Here's how to protect yourself and take control of your credit history.Millions of Americans are grappling with overdue mortgage payments and mounting credit card debt. This financial strain often results from lenders granting loans to individuals who may not have been financially ready. Consequently, many face the threat of foreclosure and bankruptcy. During these desperate times, scammers are quick to pounce.
You'll likely encounter enticing advertisements such as:
- "Credit Problems? No Problem!"
- "Erase Bad Credit! 100% Guaranteed!"
- "Remove Bankruptcy and Liens From Your Credit File!"
Resist the allure of these promises. They'll only plunge you further into debt. "Quick fixes" touted by such companies rarely deliver.
Numerous "credit repair" businesses charge between $50 and $1,000 or more, claiming to improve your credit report. However, many simply take your money and vanish without making any real impact.
Remember, no magic remedy exists for a damaged credit history. If a company guarantees to clean up your credit report, keep these points in mind:
- Credit histories are maintained by credit bureaus, which collect data from banks, mortgage companies, department stores, and other creditors.
- Credit bureaus are legally allowed to report accurate negative credit information for seven years and bankruptcy information for ten years.
- Accurate items within these reporting periods cannot be erased by any "credit repair" service.
- If you have a poor credit history, even due to factors like illness or unemployment, it will take time to heal your credit report.
- You can only change information in your credit report if it is incorrect or beyond the reporting period.
Crucially, you can do everything a credit repair company promises on your own, often for free or at minimal cost.
Steps to Improve Your Credit:
1. Obtain a copy of your credit report.
2. Set a budget and adhere to it.
3. Consider credit counseling, which is often available for free.
Remember, reducing debt takes time and persistence. Stay committed, and you can work your way out of financial difficulties like foreclosure and bankruptcy.
You can find the original non-AI version of this article here: How to Spot Credit Repair Scams And Correct Your Credit History Yourself.
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