Can credit repair companies be trusted?
Many "credit repair" companies claim
to remove negative credit with the flick of a wrist. Their
advertisements make bold assertions and money-back guarantees:
"Bankruptcy, tax liens, judgments... no problem!! One hundred percent
guaranteed!! Credit report 100% cleared in 30 days!!" Can they really
make such sweeping guarantees?
While some credit repair companies are
outright frauds, others are not frauds and they use the dispute process
to obtain impressive results. In fact, they delete thousands of
negative credit listings every day - regardless of whether or not the
listings are technically accurate.
Working within the credit bureau maze
requires substantial background knowledge - knowledge it takes credit
repair companies years to learn. In fact, U.S. District Court Judge J.
Wexler entered the following legal opinion in the Federal Supplement.
"Since allowing third parties to assist consumers will likely lead to
the expedited correction of credit reports, it will further the
purposes of the [Fair Credit Reporting] Acts."
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