Credit Guide

ON GUARD û Fraud Spotter #23 û Credit Repair Fraud
By Laura Quarantiello
® 2004 Tiare Publications Group
353 words

If you have credit problems, you're a prime target for scammers out
to make quick money off your ignorance. Letters or postcards in your
mailbox may claim that a company can erase bad credit, remove
bankruptcy and liens from your credit file and generally restore
your credit report to gleaming condition. All they ask is that you
pay them for the favor. Some companies are charging upward of $500
to do work on your credit report. You can do that yourself!

The FTC points out that a person's credit history is maintained by
private credit bureaus that collect information reported to them by
banks, stores, mortgage companies and other creditors. These bureaus
can legally report accurate negative credit information for seven
years from the date of the last action, and bankruptcy information
for ten years. If the information is accurate no one can erase it;
it remains on your report for the full reporting period. However, if
the information is wrong or is still in your file beyond the
reporting periods, it can be removed.

You don't need a credit repair clinic to clean up an outdated or
inaccurate report. You can do it yourself, often for free! To obtain
a copy of your credit report contact a credit bureau or reporting
agency in your area. Simply ask for a copy of your credit report.
You may have to pay a small fee for the retrieval. If you find that
information on the report is in error, notify the credit bureau and
define the problem. They are required to investigate it at no charge
to you. If your claims are found to be correct, the bureau will
revise the report. They are also required to send out corrected
copies to anyone who received the incorrect version within the
previous six months.

Remember that credit repair scammers will say that only they can
clean up your report. They will also ask for money - in advance. In
the end, they may do little if anything to rectify your credit
history. Don't fall for the claims or pay them any money. Fix the
reports yourself.

(End)

Laura Quarantiello hates criminals and the crimes they commit. Her
book "On Guard" can help you minimize the risk you family faces from
criminal elements. Get more information at:
www.tiare.com/onguard.htm

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