FREE CREDIT REPAIR

Know Your Rights Before Paying Credit Repair Companies

The cost of using a credit repair company can be considerable, ranging from hundreds to thousands of dollars. There isn’t anything that a credit repair service is able to legally do for you — even removing wrong information — that you can’t do for yourself for little or no expense. Consumers have the right to work directly with a credit reporting agency to challenge any inaccurate or incomplete information in their credit report.

The Credit Repair Organizations Act, a federal law that became effective on April 1, 1997, was created due to the number of consumers who have suffered from a credit repair scam.
Under the act, credit repair services:

• Are prohibited from taking consumers’ money until they fully complete the services they promise.
• Are required to provide consumers with a written contract stating all the services to be provided and the terms and conditions of payment. Under the law, consumers have three days to withdraw from the contract.
• Are forbidden to ask or suggest that you mislead credit reporting companies about your credit accounts or alter your identity to change your credit history.
• Cannot knowingly make deceptive or false claims concerning the services they are capable of offering.
• Cannot ask you to sign anything that states that you are forfeiting your rights under the Credit Repair Organizations Act. Any waiver that you sign cannot be enforced.

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