Many credit repair companies are scammers, don’t fall for their snare.
Claiming to restore credit and erase all debt, but beware!
They may do little or nothing to improve credit, even if they do swear.
Need to repair credit or consolidate debt? You can yourself with time and care.
Arrange payment plans and improve your credit score yourself, if you so dare,
It will be little or no cost, so please just pull up a chair!
If you cannot pay your bills, do not despair-
Contact a nonprofit credit counseling service in your area there.
Also, contact your creditors immediately to arrange a payment plan that’s fair.
If you do decide to use a credit repair company make sure they are true-
Ask questions so they won’t take advantage of you!
How much do their services cost?
Make sure they explain their fees in a way so you are not lost.
What proof do they provide that they are negotiating with your creditors on your behalf?
Follow up with your creditors—see if they are willing to work with this credit repair staff.
What are their cancellation and refund policies? Reputation? Ask away my friend.
This way they can effectively help you be debt free in the end!
When pairing up with a credit repair company, make sure you know your rights,
We want this to end in a better credit score for you and not in ugly fights.
Stay away from companies that ask you to lie
They cannot advise you to lie about your credit history, no matter how they try.
Offering to create a new credit identity for you is always a crime.
Companies cannot ask you to pay for services before they are provided, not even one time.
Also, a credit repair organization cannot have you sign a form waiving your rights away.
The Credit Repair Organizations Act gives rules that all credit repair companies must obey.
They must explain to you your legal rights in a written contract.
This contract will outline the services they’ll perform—in specific terms—not abstract!
The credit repair company must explain your three day right to cancel without any charge,
As well as the total cost you will pay, so your bill they cannot enlarge.
Make sure you know how long it will take to get results,
If a company doesn’t fulfill its promises, you have legal actions besides just throwing insults.
You may sue the impostor of a credit repair company in federal court.
Credit repair violations? Your State Attorneys General’s office is where to report;
And with the Federal Trade Commission at www.ftc.gov/complaint—or 1-877-FTC-HELP if you want to call.
Make sure the credit repair company is in compliance with the laws—and totally on the ball!
To improve your credit score you can take a few steps,
It will take time, almost like when at the gym and doing multiple reps!
First, but not least, always pay on time.
It will negatively affect your score if you are a minute late and short by a dime!
Some strongly encourage not to take on new debt to pay old debt,
Others will say that debt consolidation will improve your score no sweat.
See what’s best for you, go to www.justice.gov—search for approved credit counseling agencies by state.
Find a credit counseling service to reach knowledgeable people who will tell it to you straight.
Also, keep balances at 30 percent or less of available credit.
Get you credit report at www.annualcreditreport.com—look for any mistakes you can discredit.
Correct mistakes on your credit report by notifying the appropriate credit reporting company in a letter,
If they cannot verify the accuracy of the information, it must be removed, making your credit better!
A longer credit history improves your score—so do not close your accounts that are super old,
Show you can handle various terms and conditions of credit, so a good mix of loans you should hold!
Another tip is to apply for and open new lines of credit only when you need them,
If more credit cards get maxed out, your credit score you do condemn.
Scheme up how to pay off outstanding debt with a budget and determination,
Follow these tips and you’ll be celebrating with jubilation.
Go to www.consumer.ftc.gov for more savvy information any day or night,
You’ll be so hot with knowledge of dealing with finances, you’ll be dynamite!