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Author:
Patsy Rose

Many companies offer to fix bad credit report, repair bad credit reports or improve credit scores. Most of these companies are operating legally and can not be called scams. A scam as defined by Webster’s is a “fraudulent business practice”. Here we discuss a recent credit repair scam, how to avoid being a statistic and what a credit repair company can legally do for you.

Between 1996 and 2003, a company (whose name we will not mention) offering to fix bad credit report, repair credit and erase negative items from credit reports sold credit repair services to more than 183,000 consumers and took in more than $53 million. The Federal Trade Commission investigated this credit repair scam (how to avoid being a statistic comes later), stating that they made fraudulent claims and collected money up front. This company claimed to have a quick fix; bad credit report repair takes time. The Federal Trade Commission advises that consumers beware of any credit repair company that claims to be able to achieve credit report repair in a very short period of time. A company like this may be a credit repair scam; how to avoid being a statistic, for starters, is to avoid credit repair companies that offer a quick fix.

The previously mentioned company claimed to own a special computer disc that was worth millions of dollars and could erase bad credit. There is no such disc. There was no such disc. This was a credit repair scam; how to avoid being a statistic, avoid companies which make unbelievable claims. The only legal fix, bad credit report repair, or credit score improvement involves negotiating with creditors, disputing negative items on your credit report with the credit bureaus, correcting inaccurate information on your credit reports and working to establish a good credit history. Any company which claims to be able to “erase” bad credit may be trying to rip you off.

The previously mentioned company collected money up to fix bad credit report; repair bad credit reports and erase bad credit. This is a classic tip-off for a credit repair scam; how to avoid being a statistic: the only fees you should pay up front are those meant to retain a law firm. A law firm is only allowed to represent you, once a retainer has been paid. Whenever fees are disclosed by companies which offer a bad credit fix, bad credit report repair or any other credit counseling services, be sure to read the fine print.

The company investigated by the Federal Trade Commission eventually made restitution to some of the victims of the credit repair scam; how to avoid being a statistic: read the fine print. Find out exactly what services are offered, how it works, is it legal, what is the refund policy and how long it takes. Find out if the company offering the credit repair fix, bad credit report repair or other services is a member of the Better Business Bureau. Find out how long they have been in business and if they have satisfied clients. In this way you should be able to avoid the credit repair scam; how to avoid being a statistic: follow this advice.

The writers and editors of Credit Fix Solutions are dedicated to providing free and accurate information. Visit us at http://creditfixnow.blogspot.com

For more information about the bad credit fix, bad credit report repair and general information about credit, visit Credit Fix Solutions.

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A Quick Note From The Publisher... If you like the article above, you may be interested in the following article which is also related to Credit Repair... Credit Repair For Credit Scores Misconceptions about credit scores and credit repair abound. Some consumers who use credit cards don’t believe they have a credit score or that their credit scores don’t matter so they would never think about credit repair. However, without a good credit score or without credit repair when you score is blown to bits, a consumer may hurt themselves in day-to-day living. If you have a bank account and bills to pay then you have a credit score and you may be a candidate for credit repair. Credit scores were developed by FICO (FICO is a registered trademark of Fair Isaac Corporation) as a measure of credit risk and are the most used credit scores in the world. A FICO credit score is a three-digit number that gives lenders a clue about how likely you are to repay your bills. If your FICO credit score is bad. You may be a candidate for credit repair. Your credit score is accessible to anyone with a legitimate business need. Here are two examples. An apartment manager my use your score...