Get Yourself Out Of Debt (Part III)

Protect Yourself Against Credit Repair Fraud

The government has put certain checks on credit repair companies in order to make matters more transparent and also more beneficial to the consumer. Credit repair companies should not be allowed to get away with scamming consumers. It is for this reason that the Credit Repair Organizations Act was introduced. Credit repair organizations are forced by law to provide you with a copy of the “Consumer Credit File Rights Under State and Federal Law”. A written contract explicating the terms and conditions of the entire affair must also be given to you.

By law, a credit repair service cannot make any false or misleading claims about their services. These companies are not even permitted to charge you unless they have completed your work. As an extra provision for your safety, credit repair companies are not to start any services before they have your signature on a contract drawn out between them and you. After signing, there is a three-day waiting period, during which you can change your mind.

The contract is an important part of the proceedings. Make sure your contract doesn’t have any loopholes that the credit repair company can exploit. The specifics listed below are what your contract absolutely must have.

· Payment terms for the services provided and their total costs.
· The services to be performed must be explicated to the fullest of details.
· Statement of assurance of any offered guarantees.
· Contact details of the company, including name and business address.
· The amount of time it will take to provide all guaranteed services.

Several states now have laws that protect the consumer against credit repair fraud. Law enforcement officials can often help you out if you have been a victim of such fraud.
Don’t hesitate to report cases of this sort if you’ve been victimized. The laws have been put in place to protect you and so to help you out. You could either contact you local consumer affairs office or your state Attorney General. You could check out www.naag.org for the Attorney General’s phone number or you could get it in the blue pages.

The provisions for your protection are in place. It is up to you to exercise caution when signing a contract with a credit repair company. In any case, if you find yourself being taken for a ride, be prompt in reporting it and getting corrective action against the company in question.

Related posts:

1. Get Yourself Out Of Debt (Part I)
2. Get Yourself Out Of Debt (Part II)
3. Manage Your Debt With A Credit Counseling Service
4. The Dangers Of Credit Counseling

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