Posts Tagged ‘Better Business Bureau’

5 Things to Do to Evaluate Credit Repair Services

Considering the very fact that there are several unscrupulous companies available in the market that offer with the only objective to earn money from consumers by hook or by crook. Therefore, it is very important for you to learn how to evaluate the different services and choose the one that provides great results through genuine, practical, and legal ways. Following are the six things that you must do during this evaluation process.

Get Everything in Writing

Promises that are made verbally have no legal existence. Do not believe what a company representative is saying in order to convince you about the quality of their services. Ask them to provide all their promises and other details (such as fee) in writing with their signature on it. Make sure you read the terms and conditions of the written contract thoroughly before you sign on it. You can take the contract home and tell the representative that you will reply in a few days.

Do a Thorough Investigation

The first step of investigation is to check the reputation of the companies offering credit repair services with the (BBB). Besides that, you are also recommended to request for information about all those companies from your local consumer protection office. The consumer protection office records information about those consumers who have become victims of false promises made by such companies.

Look for Discrepancies

As part of the process, some companies may ask you to obtain a loan to pay off some high-rate debts in an attempt to improve your credit worthiness. Though there is nothing wrong with this strategy, you still have to be very careful before you sign up for a specific loan. Whether it is a short-term loan or a debt consolidation loan, make sure you are not putting your home, car, or other properties as collateral. It is not wise at all to put your valuable properties at stake just to raise your FICO score. There are several unscrupulous agencies out there that offer you an alluring deal but with certain hidden terms. When you accept their deal, they switch the contract in a way that puts your home or other properties at risk. So your awareness is the key factor when it comes to avoiding scams associated with credit repair services. Before you sign up any contract you must carefully study the same. If you have certain queries, make sure you get those queries resolved in writing.

Identify If There Are Hidden Charges Involved

Hidden cost is one of the most common things that consumers often have to face. You may be charged additionally in terms of loan origination fee, processing fee, and other such charges. If you are not sure about the same, do not hesitate to ask the company for a clarification. Again, any clarification must be made in writing, especially if it is not already written on the contract.

You do Not Need Legal Referrals from Credit Repair Companies

If you need a lawyer’s help, you do not need to hire a credit repair company to give you some legal referrals; you can do it on your own. So, you must avoid all those agencies that charge a certain amount of fee and then simply refer you to an attorney, where you are again charged, this time a much higher amount of money.

When you keep in mind these five things and act accordingly, it will become very easy for you to evaluate different credit repair services and then choose the one that is genuine, reliable, cost-effective and highly result-oriented.

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