The Federal Trade Commission, or FTC, was formed in the U.S. in 1914. Their job is to make sure that the public does not fall victim to unfair business practices. They enact laws that keep businesses honest and make them provide equal service to all.
One of the most major reports the FTC has come out with lately warns those who are in debt against going to credit repair agencies to try and fix their situation. The FTC says that fixing credit scores yourself will be much more efficient.
You might be thinking, ìHow am I supposed to fix my credit without help? Am I going to have to hire a lawyer or declare bankruptcy?î Neither of these is necessary, actually. A lot of advertisements for credit repair companies try to sell the opinion that the credit bureaus are out to get you. What most consumers may not realize is that credit laws were enacted to protect you and not the credit bureaus. There is no need to spend a lot of money on fees that you have to pay a credit repair agency.
Sometimes these companies can do more harm than good. They will probably encourage you to dispute everything. This will make the credit bureau think that you are not serious about wanting to get your debts in order, and just want a quick fix. You need to learn from past mistakes and fix them the right way. Credit repair companies want you to think that they can have information removed from your credit report in order to improve credit scores. This is not legal, and they cannot do it. The only information that may be removed from your credit report are accounts that have been disputed and were found to be inaccurate.
Credit repair software that allows you to improve your credit score is available for purchase for about twenty-five dollars. It will help you obtain your free credit score and report so you can review the debts that you supposedly owe. The software help you identify negative items and figure out whether you can dispute them. It will also provide you with templates for letters that you can send to credit bureaus or debt collection agencies.
Repairing your credit doesn’t have to be a stressful task. Arm yourself with the right tools and information, and it will be easier than you probably think.