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You see the advertisements everywhere, online, television, radio. FAST Credit Repair! Wipe Your credit score Clean! Eliminate Bad Debt From Your Credit Report! Can it be true? For folk with poor credit, finding an easy way to get out from under a heavy debt is really tempting.
Some of the most common tactics are:
1. Claiming to “wipe your credit history clean”. This generally involves getting an employer ID, which the debtor then uses as their new SSID number when applying for credit. It’s easily discovered by creditors, who have access to previous addresses, work, and other information and aren’t just looking at a social security number.
2. Claiming to get you immediate credit regardless of how bad your credit history is. This too often involves getting a business line based totally on an employer ID and not your private Social security number. The details of these loans can be outrageous, if you even successfully qualify many creditors still need you to see your private credit!
3. Reducing the amount of your debt by 20, 30, 50% or more. These debt settlement firms agree to help you cut down your debt for a massive fee. While they negotiate with the banks for new lower balances, they’re collecting payments from you and holding them till the bank agrees to the new balance amount.
Another down side is that while you may have dropped your debt, the amount you are not paying will show up as a “charge off” meaning the bank did not collect it. This is a gigantic a black mark on your credit report as any.
Be careful when applying for “fast” credit repair programs.
Get your credit worthiness scores and free credit report at Visa card debt. Dee Power is the writer of several nonfiction books. Find techniques to get out of debt and more.
About the Author:
Bruce C. Anderson is the President of Pro Traffic System a Tampa based SEO and Search Marketing Frim specializing helping local businesses generate traffic, sales and leads through SEO & Web 2.0 strategies. You can reach the company at 813.684.6018 or clientsupport @protrafficsystem.com.
Article Source: ArticlesBase.com – Credit Repair Companies
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