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Posted by ~^ beancounter ~^ on January 22, 2007, 4:54 pm
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robert...do you have a list of one or two co's that
can be trusted?...what are your thoughts on
lexington law out of salt lake city, ever heard of them?
THANX...
> This topic is a really hot one right now. People are falling victim to
>
> so many scam artists out there who are taking people's money and
> offering false hope. There ARE legitimate credit restoration companies
>
> out there. But that is the key right there; restoration versus repair.
> Notice that I am not advertising any particular company. I am not
> writing this to advertise one company over another. I am only
> interested in protecting people from fraud and getting the word out
> that there are, indeed LEGITIMATE credit restoration companies.
>
> Generally speaking, credit repair is a scam and credit restoration is
> legit. Does this mean all credit repair offers are scams and all
> credit restoration offers are legit? NO! It is up to you to do the
> research. If you can't do the bare minimum to protect yourself, then
> don't come crying to me if you are taken for all of your money. But,
> to help you determine the scams from the legits, here are 10 tips on
> how to tell the difference:
>
> 1: If they advertise that they will repair your credit in anything
> less than 18 months, you are not dealing with a legal company. The LAW
>
> requires that any credit restoration agency cannot advertise or
> represent that they can restore or repair your credit in less than 18
> months. (Remember this number, it is going to come up again later.)
>
> 2: Check on how long the company has been in business. If they have
> been around for more than 10 years, you are probably dealing with a
> reputable company. (Honestly, there are really only three that are
> recognised as legitimate in the United States.)
>
> 3: Do your due dilligence. Check with the BBB. The BBB will provide
> an unbiased report of how many complaints have been filed against the
> company in the previous three years. There are two things that you
> want to consider here. First, if there are more than a dozen
> complaints over the previous three year period, then this company has
> serious issues and you should be concerned. Also, if the BBB has no
> file at all on the business, just walk away from the business. Anyone
> who is hiding from the BBB should be looked upon with suspicion.
>
> 4: Ask for pricing when talking to one of their reps. If they hem and
>
> haw about what they charge, or say that it depends on how much they
> have to remove from your report, they are hiding something from you. A
>
> good rule of thumb, if the rep is unwilling to answer any question of
> yours up front and with honesty, you are not dealing with a legitimate
> company. This does not mean that if the rep states that they will
> answer the question in a moment, that they are hiding something. It
> just means that they are getting there and just need to lay a little
> groundwork first. Remember, reps are all salespersons. They are there
>
> to sell you their service. This is good, believe it or not. This
> encourages competition in the business and keeps costs down. (Which
> reminds me: DON'T PAY MORE THAN $1000 PER PERSON FOR THE SERVICE.)
>
> 5: Ask if the company is licensed, bonded and insurred. Ask for
> proof. If they will not show you their business license (which can
> only be obtained AFTER they have purchased their bond and insurance)
> this should raise alarm bells.
>
> 6: Ask for examples of successes the company has had. A legitimate
> company will have copies of investigation results (with personal
> information blacked out of course) that will show you how successful
> they can be.
>
> 7: How long are they going to work for you? Yes, that's right,
> remember that these companies work FOR you. If they are just going to
> maintain a business relationship with you for the length of time it
> takes to repair your credit, beware. What often happens in these cases
>
> is that after the company has cleared negative information from your
> credit report they sever their relationship with you and a couple of
> months later the information returns to your credit report. Now what
> are you going to do? Your options are to leave the negative
> information and suffer for 7-10 years or hire someone, again, to remove
>
> the information, again. A reputable company will stay with you for the
>
> FULL 18 months (I told you this number would come up again). This
> allows them to continuously monitor your credit reports and remove any
> negative that may re-insert itself after the initial sanitizing.
>
> 8: What other services do they offer? If they are a legitimate
> company, they will have rescources that will help you to re-establish
> yourself in the financial world. Things like the ability to help
> obtain a debit card even if you can't open a checking or savings
> account. (Yes, believe it or not, it can be done!) Can you call their
>
> credit advisors any time for advice? Is legal representation available
>
> if you have to go to court against the credit reporting agencies? ASK!
>
> If the company is letgitimate, they will have a team of lawyers that
> will handle these kinds of legal matters for the duration of your
> contract.
>
> 9: Does their contract advise you of your rights? If not, why?
> Because they don't know the laws! And if they don't know the laws that
>
> are designed to protect you, how can you expect them to know the
> complexities of the Fair Credit Reporting Act which has 340 different
> laws?
>
> 10: Is there a money back guarantee? In this business refunds are
> usually prorated. In other words, if you have 50 negative things on
> your reports and they can only have 30 removed, you are refunded 40% of
>
> your money since they were able to get 60% of the information removed.
> If there is no money back offer, run away! A company that has faith in
>
> their services will offer to refund the money if they can't do the
> work.
>
> I hope this information helps people out there who are confused about
> credit restoration programs.
>
> Robert
> robert7...@hotmail.com
> You may feel free to email me any questions or concerns you may have
> about credit reporting agencies. I am a professional credit advisor
> and will NOT lead you astray as many people on both sides of the issue
> will try to do.
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