In Need of Credit Repair?
We’ve got to admit, not all of us have the self-discipline not to take out too many loans or curb our credit card spending. Those who do so, however, have to deal with a bad credit report and score which ends up in them not being able to take out future loans or apply for new credit cards when really necessary. When you apply for your credit score and find out you have a bad credit, you’d know it’s time for credit repair. According to the Federal Trade Commission, when in need of credit repair, commissioning credit companies to eliminate your bad credit shouldn’t be an option. In fact, FTC exposes the fact that many companies which offer credit repair services are scams. Some signs of a credit repair company being scam include asking for upfront payment and suggesting you create a fake identity which is, of course, against the law.
If your bad credit is a result of a mistake, you have the option of filing for an investigation. The FTC will then conduct a thorough 30-day investigation on your claim. After that time, when it’s decided that the bad credit was indeed a mistake, it would be removed from your report. If the result of the investigation isn’t in your favor, the fact that you’ve asked for an investigation will be included in your credit report anyhow. If, however, the bad credit is really as is, you can only wait it out. Unpaid loans and such could take around seven years to clear out while filing for bankruptcy will be recorded for 10 years. This doesn’t mean, however, that you don’t stand a chance in getting a loan or a new credit card within that amount of time. Ask around, different companies view things differently and some might only look at your most recent credit record and help you out.
Filed under: credit report, Credit Score
