Like most individuals, you have probably been swept up in the indulgences of our affluent society and have managed to outspend your income. Your credit cards have frighteningly high balances and you owe money to a finance company for various, absolutely necessary, items such as your big screen TV and reclining chair.
You've been late on a few payments and the reminder calls and letters suggest you'd better do something to improve your credit rating so you can apply for a new credit card or loan to allow for your continued spending on a deferred payment basis.
You notice several ads on the radio and in the papers which boldly state:
"Are you experiencing credit problems? Regardless of your credit record, you can now wipe your credit report clean of bankruptcies, judgments, foreclosures, liens, and late payments! AND IT'S 100% LEGAL!" "Credit problems? No problem!" "We can erase your bad credit-100% guaranteed."
"CREDIT REPORTS CLEARED LEGALLY Whatever the negative for whatever the reason WE GET IT DONE. Affordable/ 100% Money Back Guarantee."
"Call 1-800-YES-CREDIT (not a real number), to obtain information about our credit repair program in order to receive a "confidential analysis" regarding your credit history."DON'T GET CAUGHT UP IN THEIR SALES HYPE
If you do happen to get caught up and decide to call you might think that if I ask the right questions. The conversation might go something like this:
"Hi, I understand you can fix my credit bureau file."
"That's right. We legally improve your credit report no matter how bad you may think it is."
"The thing is I'm quite behind in some of my bills."
"No matter what kind of negative ratings you can possibly have, there are legal ways to take those items off your credit report and it can be done without you even paying off that account. Even tax liens or judgments can be removed from your report legally without you having to pay it off."
"You mean I could be a real deadbeat and you could fix that."
"I'll repeat this again: It doesn't make a difference what kind of negative item you have on the report, whether they're paid or unpaid accounts, they can legally be removed from your report."
"What do you really do, blow up their computer?"
"We use the Fair Credit Reporting Act, which was passed by Congress in 1970 to protect consumer rights. It forces the credit bureaus to remove certain types of negative information from your credit report."
"Even the really bad stuff?"
"Yes, you see this law says information on your credit reports must be accurate and verifiable or else it must be deleted. We can use that law to force the credit bureaus to delete negative information from your credit report if they can't get proof from the creditors that it is true. The point is that it is very difficult for a creditor to verify disputed items. So, if you know how to force credit bureaus to perform a true verification, you have a very good chance of having the negative information permanently removed from your credit reports.
"But just how do you force them to do it?"
"We've honed and formulated a system to challenge virtually anything on a credit report, they have it removed or re-rated to a status that's non-negative in nature. It's extremely effective. It's a pretty quick function and it's quite cost-effective."
"Just how effective is it?"
"I would say 95% of the information we work on comes off. And that's fairly conservative."
"When will my file be cleaned up then?"
"You can expect to start seeing results within about 45 days, and the complete credit repair process takes between only six and eight months."
"So even someone with a bankruptcy can be helped?"
"A discharged bankruptcy is actually not a bad situation at all. It's bad from a credit reporting standpoint. But from a credit restructuring standpoint it actually makes my job a little bit easier. Typically, something like that, removing a credit card default and a bankruptcy, would take a minimum of three months and a maximum of six months . . . worst case scenario . . . as opposed to the alternative of ten years. Because, keep in mind, a discharge on a federal level such as a bankruptcy has a ten-year statute of limitations. So, I mean, you know, in comparison, six months to save ten years is definitely to your advantage."
"Yeah, I'm not quite there yet, but it's still pretty bad."
"We want to help you clean your credit reports so you can turn your life around."
"But what's all this going to cost?"
"It's an eight hundred dollar fee. You put two hundred down, some people put more down, then you can pay the balance in payments over six months. If you pay it all at one time, you make one payment of seven hundred dollars and save a hundred dollars that way."
"Gee, that's quite a bit?"
"Compared to not being able to get a loan for the next seven years it's quite a small price to pay"
"Yeah, I suppose you're right about that. How do I get started?"
"First of course you have to send us the $200. Do you have your bank account information handy? Then we have you request your credit files."
"So I have to call and ask for them myself?"
"When the reports are issued they go to your home. You make a copy, mail or fax a copy back to us. Again, we challenge it. We continue to do that until we're able to get everything removed."
"It just seems so incredible that you can really do this?"
"We know how to force the credit bureaus to perform a true verification and get the negative information permanently removed from your credit reports."
"I just want to make sure I'm getting something for my money because I just got burned with some other company."
"We have been successful with our clients in all manners of disputes including bankruptcies, judgments, tax liens, and late payments. The simple fact remains that the bureaus are unwilling or unable to invest in adequately investigating the information that appears in their databases. It doesn't matter what the disputed entry is, the bureaus will delete the information if they are not willing to invest in the investigation."
Moreover, look closely at their money back guarantee. Most companies will say 100% refundable if we cannot improve your credit. That's the catch---the word "improve." For example: let's say you have 10 negative items on your credit report. The remove 1 of them. You are left with 9 negative items. Technically your credit report has been "improved" but you still can't get any credit. Basically, this is what I call the no guarantee, guarantee.
This might sound good on it's face, but basically it's bull.....Please read my blog on the reality of creidt repair. Don't get caught up in the hyperbole.