Online Credit Repair Secrets

credit repair?

Is it legal to help people fix their credit?

Public Comments

Currently, yes I think so, but the FTC is cracking down on these places for misleading advertising. They really can't "fix" your credit any better than you can. They just help with budgeting your money - and charge you to do it.
First, Credit Repair is not illegal. Part of the Federal FCRA law governs Credit Repair Companies. Furthermore, there are 26 states that have their own laws governing Credit repair Organizations. If it was illegal then why do we have Federal and State statues governing the Credit organizations? Second, Credit Bureaus have been touting that Credit Repair is illegal for years. Their only reasoning comes down to $$$. 1 - It costs them $$$ by having staff ready to respond and research the disputes 2- They make more $$$ from a person on their records with Bad Credit than Good Credit. They sell the names to the likes of Capital One and others. Prime lenders pay less for good scores than sub-prime lenders pay for bad scores. Perfectly credit repair is NOT ILLEGAL!
No one can FIX your credit. Some companies claim they can, but all they can do is help you get back on track. You can do that all by your self without paying a penny. All you need is to educate your self. Read up on credit issues, and read this message board. It's awesome and totally FREE. http://www.creditboards.com/forums
To raise credit scoreYour credit score is based mostly on: 1. Length of credit history 2. Payment history. 3. Ratio of credit used to available credit. 4. Number of credit inquiries you authorized. If you cancel your card, you'll be hurting your credit ratio. (#3). You want to deliberately keep your oldest credit card open, even if you never use it. You want to always pay the minimums of each loan on time every month. You want to keep your available credit high, but actually only have balances equalinig 25% or less. You want to keep your credit inquiries to a minimum. Try for no more than 3 or 4 per year for any type of loans. You do these things and your credit score will quickly soar into the 700s. ------------------------------------------------- http://www.loansandinsurances.com/