Warning: "Credit Repair" Companies Might be Hazardous to Your Health
But we can help you repair your credit legally and apply for a home mortgage loan
Perhaps you've filed for bankruptcy. Perhaps things happened in your life (it happens to all of us) and you couldn't pay your credit debt on time. The result is, you have a massive "bad credit" problem that prevents you from applying for a home mortgage loan.
And then the phone calls begin - "Let's take care of your credit problem right away!" The junk mail never stops - "Erase Your Bad Credit Instantly!"
Beware, is all we can say because we've seen so many unsuspecting honest folks going down that slippery slope to trouble and even to jail that we feel it's our public duty to warn you against some of the most common pitfalls.
Yes, you do need to clear your bad credit in order to get a home mortgage loan with good terms. But watch out for the following common mistakes.
If anyone, for example, asks for upfront money before they send you an "evaluation" of your credit rating or your credit report, just hang up the phone immediately.
Start first with obtaining a copy of your most current credit report from one of the three major credit rating companies that keep all such records: Equifax, Experian, and Trans Union.
If you were turned down by a bank on the grounds of bad credit then you have a right to ask for a free report from any of these organizations. Or else you can order your own copy for under $10. You do not need to pay an arm and a leg to get your credit report from third sources.
If you see any errors in your report, you have the right to ask them in writing to correct the mistake.
Here is a common and illegal "solution" that such companies usually offer:
They ask you to apply for a 9-digit "Employment Identification Number (EIN)" and then apply for credit or even a home mortgage loan with this EIN.
They may also encourage you to use a new address and a new phone number. They may ask you get a new bank card, shop with it and then pay it off quickly in order to establish "new good credit."
Don't do it! In effect, they are encouraging you to create a false identity. Did you know that creating a bogus identity is a federal crime punishable by a jail term?
There is only one honest way to improve your credit: pay your debt regularly, without skipping any payments. And, immediately correct any mistakes that appear on your credit report. The rest is just empty sales talk and invitation to commit fraud, knowingly or unknowingly.
You are protected under the Credit Repair Organizations (CRO) Act of 1997 against such deceptive practices. If you have any problem with your credit reporting agency or a "credit repair" company you can contact your State Attorney General's office, Consumer Affairs Office, Federal Trade Commission in Washington DC, or the National Fraud Information Center (1-800-876-7060).
We know how important it is for you to restore your credit before you can apply for a home mortgage or any other kind of loan. Call us TODAY at (877) 310-FUND in strict confidence to find out how we can help you restore your credit rating safely and legally, without becoming prey to the fraudulent companies and entities out there in the market today.
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