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Credit Repair Services 101: Red Flags to Watch Out For, Your Rights, and Choosing a Legit Company

According to the “Credit Repair Organization Act”, it is unlawful for credit repair providers to lie about what they will be able to do for you, and to try to make you pay before they have even performed any services. These are red flags to watch out for when comparing offers from credit repair services. There is the “DIY” approach, but it can take a long time and be complicated depending on how messed up your credit reports are.

The ideal company will request copies of your TransUnion, Experian, and Equifax reports and review all derogatory marks like charge-offs, bankruptcies, late payments, tax liens, and so forth. Also, did you ever check to see if you were one of the millions of Americans affected by the Equifax hack? Hurry and do so if you haven’t yet. If any of your personal information is vulnerable to identity thieves, you’ll want a credit repair company with lawyers to help you prove that you are a victim.

The CROA requires that any such company you work with must explain your rights to you in a written contract, in addition to the details concerning the services they will perform. No company can make any specific promises. If you are not provided with proof that they are doing everything they possibly can to help you, then you have the right to sue them in federal court.

Avoiding Scams With Credit Repair Services

Avoid getting scam by watching for red flags and only working with an organization that has a long-standing positive reputation. What are some of the strategies a legit company will perform in order to help you repair your credit? It will prepare a plan for disputing errors and trying to have as many negative items as possible removed by using legal methods. The reason why it’s ideal to work with such a company instead of using the DIY approach is that they know how to negotiate with creditors and will do so on your behalf. Are you tired of getting harassed by obnoxious debt collectors? Just opt for credit repair services that include sending cease-and-desist letters to the collectors.

It might not be a good idea for you to apply for new accounts to try and get positive information added to your report to balance out the bad, so be cautious about any company that will try to get you to do this. If you’ve had trouble managing your debts in the past, it might not yet be the right time for you to apply for new lines of credit / loans. Depending on how low your credit score is, you might not even be able to get approved for new credit accounts anyway, and apply for them will have a negative impact on your credit scores anyway due to “soft hits”.

Now that you know how credit repair services can help you, provided they are honest and legitimate, you can get started on cleaning up your reports. Just get a free consultation from Lexington Law.

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