*Loan,banking and credit>>>credit repair

What does credit repair mean in terms of credit?

Credit repair is a means of removing negative information from your credit report. Contrary to popular myth it is legal, it CAN be done and there are some rather sophisticated means of doing so. What it means to you is an improved credit score thus making you available for better offers from credit card companies, better interest rates from money lenders and lower insurance premiums just to name a few advantages.

However, if this is a service you wish to consider using, there are a few things you need to know. While it is true that you can do it yourself, it is usually better to have a professional do it for you. I can repair my car by myself but I would never try to do so. I take it to a professional mechanic who is trainded in auto repair. Same with your credit.

Also, there are ONLY THREE legitimate credit repair firms in the entire United States. That is right, THREE. And only one of them offers a money back warantee. So if this is something you are considering here are 10 tips to determining if the company you are using is legit or not.

From my blog:

The TRUTH about Credit Repair: Aren't They All Scams or Illegal?
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. 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.) In a future article I will discuss them in more detail.

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.

For more information you may contact me at nebula7693@yahoo.com Source(s): I am a professional credit advisor
http://creditconcerns.blogspot.com/... (my humble blog)

In short it means fixing your credit.

Yes you can legally have bad marks taken off, But if they are legitimate and correct they can also be put right back on.

Rather than a lot of self promoting hype, you can do this yourself for a rather small amount of money. Check out the Fico scores web page http://www.myfico.com/ Fico is the Scoring system who better to fix your score than the ones that create the score. Use the simulator to tell you the no bull facts on how to fix your credit and if you choose dispute any inaccurate information or try disputing everything bad and just see what happens.
http://www.myfico.com/
http://www.myfico.com/products/products....
It means you made some stupid money decisions and are trying to correct them.
It means taking the necessary steps to:

1) remove erroneous information that is hurting your credit
and/or
2) consolidate your debt into one loan, in order to get a lower payment
and/or
3) contacting lenders individually and setting up payment schedules,

the goal being to from there on better manage your credit and achieving a higher credit score
http://financialbasics.blogspot.com/2006...