BuildMyCredit, Inc., Informing Consumers of Credit Repair Scams, Tips, and Insights

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A consumer’s very first step should be making an informed decision about trying to repair their credit themselves or hire an outside company. Consumers have very little time in the world these days to do much of the things that they desire to accomplish on a daily basis.

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We process every document, prepare every letter, and review every credit report before we even prepare an invoice.

BuildMyCredit, Inc., a leading credit restoration company, is taking the steps to inform Americans about credit repair. For those who have finally decided to take some action getting to work on fixing their good old credit score, it is necessary to take the first step and enroll in a quality credit restoration process. This can save consumers money by leveraging good credit to qualify for lower interest rates associated with the purchase of a home, mortgage refinance, new car or even help to find a better job. Having good or bad credit seems to follow consumers wherever they go.

Is credit repair legal?

There is nothing illegal about credit repair. In fact, the Fair Credit Reporting Act(FCRA) spells out legal rights and protocols for disputing items on a credit report. Additionally, the Federal Fair Credit Billing Act (FCBA) allows the right for an individual to request broad amount of information regarding billing and payment history from a creditor. Basically this means that a company like Chase or Wells Fargo have to give consumers the right to investigate their payment history.

Consumers have the right to verify that the information located on their credit report is accurate, up to date, and verifiable. Credit agencies are obligated to report 100% accurate information. Many times credit reports are not reporting accurate information. Sometimes it may be as minor as reporting that payments are 60 days past due when it is really 30 days past due. This simple oversight is grounds to have the item removed from the bureaus. According to the Fair Credit Reporting Act only items that are unverifiable, inaccurate or out of date should be disputed by consumer. The law prohibits any information that is not completely accurate to be removed or updated. This is one of the many processes we utilize to repair consumers credit. There are so many processes that go into credit repair, working with a company who understands those details will eliminate many of the worries the average consumer faces.

Finding the Right Credit Repair Company
Doing a little research online is not a bad idea to help find a good credit repair company. The Better Business Bureau is not always the best place to start searching. Find out how long the company has been helping consumer’s repair their credit, do they have physical offices, do they service their own consumers or sell them off to a 3rd party processing center. What does their merchant services track record look like? Does the company offer a 100% money back guarantee?

There are always questions of whether or not the credit repair firm that was chosen to retain is credible or not. There are many more ways to find out if you're working with a reliable and credible credit repair organization.

1) Does the credit repair company encourage a consumer to break the law? This is the first red flag to watch out for. Some credit repair companies do some rather questionable things and make false promises in order to mislead consumers. As a result the Federal Trade Commission (FTC) developed the Credit Repair Organizations Act CROA to police and regulate credit repair organizations. For example, it is illegal to change a person's Social Security number in order to get a clean bill of credit. It is also illegal to simply dispute every item on a credit report regardless of its nature. Many organizations will try to use a global dispute process to get results. It's kind of like throwing something against a wall and hoping that part of it sticks.

2) Does the credit repair company charge advanced fees? This is a big no-no. No credit repair organization can charge any advanced fee for work that has not been completed. According to Jonathan Emmons, Case Manager at BuildMyCredit.com, "We process every document, prepare every letter, and review every credit report before we even prepare an invoice. Once we've done what we indicated we would do for our clients we simply ask to be paid. I am amazed at how many companies charge upfront fees to do credit repair when the law expressly prohibits this."

3) Does the credit repair company clearly indicate what they're going to do in a contract? Everything must be in writing. No matter what, be sure that the company of choice has a contract that clearly outlines their duties and obligations to the consumer. The contract should disclose how much it will cost, and how a consumer can cancel or back out of the contract.

4) Does the credit repair company have a website that clearly shows what they do and how they do it? Doing a little online research never hurts. Looking at a companies website and reading through all the fine print and can save a lot of time. A good example of a credit repair website that offers a strong credit repair service is http://www.buildmycredit.com.

5) Does the credit repair company promise that they can remove items from a credit report? There are no guarantees a quality credit repair company can actually achieve results. It's important to understand that every credit repair company on the market should do its best to assist their customers getting clean credit. However, no one can guarantee or promise what another company will or will not do. The process takes time to complete and a diligent credit repair company will remain on the job to get the results they're looking for on behalf of the client. Many credit repair companies offer a monthly service fee and what is commonly called a first work fee. These are common fees to expect to pay in doing reliable credit repair. Consumers may cancel service at any time but the longer they remain on a credit repair program, the more likely of receiving favorable results.

Regardless of which company consumers chose to hire to help fix their credit, it's important to understand that the process of credit repair is 100% legal. There are reliable credit repair companies ready to assist consumers in the market place today. The process can take time so don't expect instant rewards. Patients and diligence will help get the best results for obtaining a strong credit rating and score.

For more information about how BuildMyCredit.com can help you log on to http://www.buildmycredit.com or call them today for a free credit repair consultation at 1-855-4BUILDMYCREDIT or 1-855-428-4536.

BuildMyCredit, Inc.
23152 Verdugo Drive, Suite 160
Laguna Hills, CA 92653
(949) 916-5331
marketing(at)buildmycredit(dot)com

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Michael Dukes
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