Are All Credit Repair Services Trustworthy?


There is bound to be shadow under the lamp - An oriental proverb.

Playing into the hands of unknown credit counselors when you are at the brink of bankruptcy is perilous. It is debatable as to how many credit service companies are not trustworthy; but it is also true that castigating all of them into one bundle is wrong. Bad credit repair is big business and there are all sorts of entities in the field. While there are scam masters, there are also large lenders masquerading as credit repair services.

Dubious Credit Repair Companies have mushroomed because of innocent and ignorant citizens

A credit repair services organization can’t advise you illegal steps such as changing your identity by getting a new credit report by your Employee Identification Number. In a crowded market place, small fishes or new comers can resort to high pitched marketing tactics to garner clients quickly. Beware of anyone claiming to erase the negative points in no time or offering money back guarantees as genuine negative remarks can’t be erased as such. What all they do is just dispute the remarks or worse still vanish with your money.

What About The Not For Profit Organizations Offering To Repair Bad Credit Reports?
Although there are some genuine organizations which help distressed souls in a sensible but harder way, it is debatable that all of them have above board intentions. Check whether their free credit report repair offer is legal. Further, the free offer could turn into demands for ‘voluntary’ donations, once you sign with them. What you can do is to examine their funding sources which more often than not turn out to be independent creditors and/or lenders. This should explain why they have a line like ‘…most of the funding comes from independent and participating creditors’ on their financial page on their websites. This is a clear indication that they are working for some creditors.

Some credit repair services may succeed in removing your disputed remarks temporarily when they fail to gather evidences to the contrary but they keep the investigations on for a fair good of time. Consulting a credit repair attorney might just help in dealing with creditors and collectors legally. Finally, you can ask for their credit report which is the ultimate revelation.

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