If your credit has been significantly damaged, you're probably interested in getting it fixed as quickly as possible. While there is no lack for credit advice on the internet, most of the offered tips seem to fall into one of two categories.
First, there is the school of thought that touts the process of slow and steady credit repair that takes time and effort. Then, there are the paid services that promise to mend your wounded credit overnight. Which do you choose? Certainly, the latter seems more efficient, but can these offers be all that they claim to be?
The Dangers of Credit "Quick Fixes"
Attorneys with the Federal Trade Commission have stated that they have never seen a legitimate credit repair operation making claims that they can immediately remove items from your credit report. In fact, there is a chance that following the advice of certain credit "services" could lead to fines or even prison.
The really dangerous advice that these companies can give you is to misrepresent yourself in a way that results in a federal crime. Legally, you may never:
- Lie on a credit or loan application.
- Use another person's social security number when applying for a loan or credit.
- Obtain an EIN from the IRS under false pretenses and attempt to use it as an alternative to a social security number.
If any company ever advises that you engage in any of these activities, please realize that they are, without exceptions, punishable acts, and it is incumbent upon you to report the "service" immediately.
Early Detection of Fraudulent Companies
Before parting with any of your hard-earned money, learn to recognize the warning signs of an illegitimate company so that you won't be dangerously misled. If you are told the following by any so-called credit repair organization, run away immediately.
- You're supposed to pay the company before they will do any work on your behalf.
- There's no need for you to ever contact the credit reporting companies directly.
- You should dispute accurate information on your credit report.
- You should give false information on your loan or credit applications.
Honest Credit Repair that Works
Real credit repair does take time and effort. A credit counseling service can help you to create a personal debt repayment plan, but you will have to stick to it and see it through to the end. What can you do on your own?
Creating a budget, paying down high balance credit cards and getting into the routine of paying your bills on time every month are all positive actions that you can take. And you will eventually want to take on safe, manageable credit such as secured credit cards and affordable installment loans in order to rebuild credit.
Auto Loans for Credit Rebuilding
Taking out an auto loan allows you to purchase the reliable transportation you need, while giving you the opportunity to make positive payments and build your credit rating. If you're worried that your damaged credit will prevent you from being approved for financing, Auto Credit Express can help. Regardless of how bad you think your credit is, we can work with your situation.
Just fill out our fast and secure application to get started today.