Are Free Bad Credit Repair Companies Genuine
This is a debatable matter as some of the free bad credit repair services call themselves as charitable institutions.
While there can be free credit repair companies with good intentions of helping people in need, the same can not be said of all of them. Don't fall for words 'non profit organization', words don't give legitimacy, in fact they might charge you heavily in the disguise of voluntary contribution. You will do yourself a favor by asking for their funding sources. There is a fair chance of you finding this on their website also.
Don't be surprised to see something like " most of the funding comes from independent and participating creditors". Now you know what to make of their goal when they are actually working for creditors.
Cautions To Take When Dealing With a Bad Credit Repair Services Company
- Avoid anyone that promises instant credit repair. Credit bureaus may remove negative points when evidences are not immediately available to quash your disputes.
But they continue investigation and if evidence is found, the negative points return on your report.
- It is a wise idea to seek help from a credit repair attorney company. They can teach you how to deal with creditors and collectors legally and avoid falling prey to tactics such as 'charge off', a waiver against a nominal payment by promising to remove the point from your report.
- Get every thing in writing like the service promised, their fees and guarantees and benefits before paying them.
This prevents them from taking illegal steps on your behalf.
- Check references and credentials of the companies before engaging on one.
The bottom most line is, credit report is a true reflection of your actual credit position (excepting certain cases). Fraudulently attempting to change something in the credit report is a serious offense and any one indulging is liable for heavy fines and a possible jail term.
