Why did we rank Credit Innovations #1?

Easy, they offered the best and most user friendly website and their customer service was very informative and professional. Not to mention, they didn't use any high pressure sales pitches to get us to sign up. Let us not forget about their results. Any company that produces their results within their time frame deserves some accolades.

Fake Credit Repair Businesses: Know the Rules that Govern Credit Repair Companies to Avoid Scams.

If you’re like thousands of other Americans who’ve had bad credit and are now desperate to make it better fast, you could be in for a rough time. Your desperation can make you vulnerable to people who are out to take advantage of you.

It’s understandable why you want to fix your bad credit and improve your credit score; as it can be the deciding factor of whether or not you can get a new car, live in a new house, or even land a job. In many cases, a good credit score can also help refinance existing payments and make your monthly dues even less. A reliable and trustworthy credit repair company can help you achieve all these with their proven expertise in the industry.

Put that way, it sounds quite simple doesn’t it? Unfortunately, credit repair is an industry fraught with and beleaguered by bad reputation because of blatant scams. Sadly, there are more than a few unscrupulous and unethical individuals and companies in the credit business that gave it a bad name. It is in your best interest, therefore, to distinguish between the legitimate and the fraudulent credit repair service.

Credit repair companies are governed by a law known as the Credit Repair Organizations Act (CROA). This is a federal law that compels credit repair services to comply with certain obligations. These rules are meant to protect the consumers and you should avoid dealing with companies that don’t follow these rules. One of the most essential factors to confirm a company’s legitimacy is licensing and bonding.

Legitimate companies are registered and bonded; while it is uncommon for fly-by-night scam artists to take the time and make the effort to do what’s legal and proper. Apart from the certificate of registration, a credit repair service company must provide a surety bond (amount vary from state to state); which is for the purpose of indemnifying any person damaged by violations committed by the company.

They are also required to advise you of your rights under the Fair Credit Reporting Act (FCRA) and provide you with a written contract stating specific services agreed upon; which you have the right to cancel – without paying anything – within 3 - 5 working days after signing.

A very significant rule that you really should take to heart is that these companies are not allowed to ask nor accept any payment from you, until they have completely performed the services as promised, within at least a period of six months. It may be interesting to note that only very few highly-regulated professions can charge upfront fees for credit repair services; and that includes banks, mortgage brokers and lawyers.

While it is true that part of the services that credit repair companies provide is helping the consumers eliminate inaccurate postings from their credit reports, there’s nothing they can do to eradicate verifiable and accurate information. Fraudulent credit repair con artists place ads in newspapers or magazines, and increasingly on the Internet to say they can provide consumers with new credit identity.

Their targets: credit-impaired consumers who are anxious and desperate to repair their credit standing. Their ad phrases like, “Wipe out all bad credit on your old file.” Or something like, “Start all over and get new credit.” These are all meant to lure unsuspecting victims.

Don’t ever deal with credit repair individuals or companies that recommend for you to obtain a new Social Security Number; attempt to create a new credit profile using Employer Identification Number (EIN); or create credit profiles by intentionally making false data, or worse using another person’s data. These are all considered extremely illegal and highly unethical. If you are caught doing any of these, your personal liability may be very disastrous. It is a federal offense and subject to criminal prosecution.

If you plan to hire a credit repair service company, make certain that the company is reputable, licensed and bonded; and not operating illegally. If the company has complied with all these requirements, you can find necessary information on their website. Research on the company and make informed decisions about your credit. An improvement on your credit means an improvement in your life as a whole.

This article was written by www.report-online-scams.com

Disclosure: Normally, we don't vouche for credit repair companies since there are way too many of them out there that you cannot trust, but this was an easy one for us. When a company comes along and impresses us, it is our duty to report on it.