Credit Repair Organizations go by a variety of names.
They call themselves credit consultants, credit consulting companies, and credit repair companies. Most often they are NOT your friend. Many if not most Credit Repair Organizations are outright SCAMS! In this post, we will discover the TRUTH about Credit Repair Organizations. We will look at what a Credit Repair Organization can do for you. We will also look at what they CANNOT do under federal law.
The FTC Says YOU have the Power for Control your Credit!
Alan Susoeff here and welcome to another episode of AskAlHow. As a real estate investor for the past 30 years, I have had many many opportunities to help people fix their credit. I know how to build new credit and maintain the credit that they’ve got. Over the years I have found some common areas where folks have problems. That’s why I’ve developed this series of videos that are on YouTube. One of These areas is Credit Repair Organizations. The FTC reports a Credit repair Organization can do NOTHING for you that you cannot do yourself.
Don’t Buy the Bull.
First, I want to talk to you about some of the biggest scams out there in the world of credit repair. Simply Put – Credit Repair Organizations.
You see the ads in newspapers, on TV, and right here on YouTube. Maybe you hear them on the radio. You get fliers in the mail or email messages. you may even receive calls offering credit repair services. They all make the same claims:
“Credit problems? No problem!”
“We can remove bankruptcies, judgments, liens, and bad loans from your credit file forever!”
“We can erase your bad credit — 100% guaranteed.”
“Create a new credit identity — legally.”
Do yourself a favor and save some money. The Federal Trade Commission is the nation’s consumer protection agency. According to them, legitimate credit repair organizations do not make those claims. The fact is there’s no quick fix for creditworthiness. You can improve your credit report, but it takes time, effort, and a personal debt repayment plan.
Don’t buy the bull. You want to buy something, buy yourself an education, and repair your credit yourself. Once educated, you will be able to repair, maintain, and build your credit score yourself. You won’t get taken advantage of by a shyster working for one of these credit repair organizations.