Yesterday as I watched Dave Ramsey answer questions from viewers, something I always find fascinating, I was somewhat taken back but not really surprised by the following question and answer. Particularly because the topic is something I am somewhat of an expert on.
The question was, If my credit score is low, what can be done to raise it, and should I consider using one of those credit restoration companies that I see advertised? Needless to say, I was paying attention to every word. Let me be clear. I am not a basher. But these TV personalities on finance all leave a great deal to be desired.
You have probably already figured out what the answer was. Dave said, definitely not. There are problems with all these companies. The only way to remove or change a credit report is if the entry is wrong. Doing anything else, would be fraud. Well, there is a smidge of truth here, but that's about it.
Here is the real answer. Credit Restoration companies are heavily regulated by the FTC. Does that mean that they are all trustworthy and do a good job. No. No more than regulations insure excellence in any other field. However, he missed a perfect opportunity to really educate viewers on this topic, which is so vital to a consumers well being.
The best credit restoration companies insist that the credit reporting agencies follow the laws on credit reporting. One example would be the "FCRA" which stands for the Fair Credit Reporting Act. This act mandates that all reported entries to a persons credit report have been verified. The reporting entities, that includes the creditor, as well as the credit reporting entity both have the verification on hand. So here is the million dollar question. Do they? No they do not. In a recent newsletter article put out by American Debt Enders, here is the full article: Best Reasons Not To Do Credit Restoration Yourself is explained all about the OSCAR system, no, not the Hollywood Oscars. This system is used by the credit reporting agencies to essentially blow you off, whenever you try to challenge an item on your credit report.
I put forward the following Credit Restoration Free Report for your better education in this area.
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Written By:
Steven Ciantro
Certified Credit Counselor
American Debt Enders
877-766-2465
help@americandebtenders.com
It is difficult to show you are capable of paying your bills if you do not have a checking account. Having a savings account is a great way to show that you are preparing for the future and not living pay check to pay check. People with good credit have checking and savings accounts in good order without overdrafts and bad checks. This is a basic requirement that all creditors desire. It is a good post.
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Posted by: siryoz0 | March 16, 2012 at 04:34 AM