No Credit - Credit repair counseling has lost credibility
Thursday, December 27th, 2007 Subscribe To Our Feed
Payday loan now is not a new term that needs explanation. Payday loans in today?s fast time have become a mean to fast finance, which the common person uses for …..
If there is one financial service that has come to acquire a negative meaning in the US it is credit repair counseling. The blame for this rests squarely on credit repair counselors who have misled clients and abused the faith that their clients vested in them.
The general refrain is that if you can repair your credit on your own then you should do so. Don?t visit a credit repair counselor because you may end up sharing personal information that may be misused later.
You must realize that most credit repair counselors do little to improve your credit rating.
In fact, what most offer is debt reduction. This is entirely different to improving your credit rating. In fact your credit rating may go down if your counselor does not submit the repayments on time, which you faithfully hand over to him every month. Your credit score will carry more ?30 days late? notations than when you were handling the repayments yourself.
Sorry you are declined?Have you ever heard this prior to when you went to apply for a loan or even a credit card? If you have, this means that your credit files has a select few negative …..
Some credit repair companies even go to the extent of mailing letters to credit bureaus stating that the information on their records is wrong. They demand that this information be removed from the report till a proper investigation is done. The credit bureaus, in full faith, remove the negative notations and wait for the actual report to come. The credit repair companies post the ?clean? report to their clients, claiming that their credit standing has improved. It is another matter that all the negative notations return once the investigations are over.
However, this does not mean that every credit repair agency is a scam. There are some agencies that are honest, and have made their name the hard way. These agencies can be trusted to get those items removed from your credit report that are actually incorrect. These items include double listings, children’s items on parents’ reports, and paid-off items that still show past dues.
But this is the most that any credit repair agency can do. You must know that no organization can erase negative information from your credit report if the information happens to be correct. The information stays on your record for seven years from the time it is reported. The bankruptcy information stays even longer ? ten years.
The credit score rating scale is a confusing numeric system to understand. There are lots of numbers and every one of them means a different thing. The sooner you …..
It is always best to handle the issues related with your credit yourself. This way you don?t provide personal information to a third party, and also know what your actual credit standing is.
……
Read more here …… home equity loan tax deduction
Technorati Tags: No Tags
Related Tags: No Tags
Possible Related Posts
Bankruptcy - Credit repair counseling has lost credibilityNo Credit Loan - Consumer debt counseling is growing in popularityBankruptcy - Consumer debt counseling is growing in popularity
Leave a Reply
You must be logged in to post a comment.
