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by Elizabeth Williams, Eli

A credit repair service is a company that specializes in cleaning up your credit history with the goal of raising your credit score in a short period of time. Before you use a credit repair service, there are a number of things you should know about the legalities of such services in order to protect yourself from federal crimes.

The idea of credit repair is a good one, and for companies that are able to raise your credit score, there are many benefits of using such a service. Bad credit that comes from errors and inaccurate information on your credit report needs to be fixed – and the result should be a higher credit score. For example, if you went through a bankruptcy but the individual accounts are still showing past due on your credit report, they need to be erased.

When someone has poor credit, it's typically because they haven't made their payments on time, or skipped them altogether, or a loan has been moved into collections for non payment. Using a credit repair service to remove accurate negative notations from your credit report is illegal, and punishable with fines and even jail time.

Credit repair services are only useful if you have items on your credit report that are inaccurate, or even a result of identity theft. While you can contact the creditors who reported the information in error yourself, it's time consuming and frustrating. In these situations, credit repair services are helpful to remove inaccuracies and save you time and frustration.

To repair your credit history, you first need to request a credit report to see which information is incorrect, and then work with creditors to get that inaccurate information removed.

You can write your own letters to each individual creditor as needed to have bad credit items removed. Also, while it is illegal to try to remove a credit item from your report that is the result of actual late payments you have made, you can work with the creditor for a settlement that would result in an update to your credit report showing that the debt is settled. That is all of the steps necessary in the credit repair process.

When you contact a credit repair service, you will know if they are reputable if they ask you whether or not the information on your credit report that's causing the lower credit score is accurate or reported in error. If they don't seem to care whether your credit report is accurate, you can be sure they're not a reputable service.

Remember these things when using a credit repair service:

Only inaccurate credit information can legally be removed. Any company that makes guarantees for performing credit repairs on anything causing a lower credit score is not reputable and should be avoided.

When you use a credit repair service, you'll pay high prices for the services that you could perform on your own. They are simply saving you time and frustration but it's up to you to decide whether that's worth the fee to you or not.

If you keep this in mind, you can successfully have your credit repaired and your score raised so that you can begin to take advantage of lower interest rates and other charges again.

If you're in serious debt or have a very low credit score, it may be time to look into credit repair services to help you out. Let's be honest – few of us understand the details about how your credit score is worked up, what may negatively affect your score, how long bad credit information stays on your report, etc. Good credit repair services can help you to understand the credit process and even educate you on what you can personally do to buoy your own credit. The truth is, you can do the same things a credit repair specialist can do – but it would take a very long time and a whole lot of headache. Legitimate credit repair services have had years to perfect techniques and gain knowledge on how to improve credit scores.

The first thing to realize is there is no quick fix to erasing bad credit history. It takes time, effort on your part and a strict debt repayment plan to improve your credit score. The difference is, a good credit repair service will have these steps down to a science and can help save you unnecessary aggravation in figuring out just what these credit bureaus want from you!

When shopping around for a good credit repair service, there are things you should do and things you definitely should NOT do.

The Do's of Finding Good Credit Repair Services:

DO shop around – have several options.
DO ask questions about fees – legitimate credit repair services shouldn't take all your money up front.
DO find out what kind of promises they make.
DO try and get as much in writing as possible to protect yourself.

The Don'ts of Finding Good Credit Repair Services:

DON'T believe claims that the service can erase any bad credit, can raise your credit score in a short period of time, etc.
DON'T pay a large sum up front – many scams will take your money and run.
DON'T sign up for any credit repair services who are unwilling to give you something in writing.
DON'T use a service without thoroughly researching its credentials.

By law, credit repair services must give you a copy of “Consumer Credit File Rights Under State and Federal Law" before signing a contract with them. They should also spell out your rights and obligations in some sort of written contract that you should carefully review. A credit repair service cannot make false claims about their services or charge you in full until they have provided services. Your contract with them should specify details such as the company's name and address, the payment terms for the service, a detailed description of the service to be rendered, the expected time period to achieve results and any guarantees they may offer.

Not everyone who is in debt needs credit repair services, but if you have a very negative credit report, are bad at budgeting, or just lack knowledge in the area of credit and credit history, a credit repair service can be a great tool in educating you and keeping you on track with paying off debt. When it comes down to choosing credit repair services, just keep in mind: if it sounds too good to be true, it usually is.

Article Source : Credit Repair Services

About Author

Both Elizabeth Williams & Ashley Lichty are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Elizabeth Williams has sinced written about articles on various topics from Finances, Credit Cards and Advertising Guide. Elizabeth Williams, Editor-in-Chief for CreditCardFlyers.com CreditCardFlyers.com is a consumer's haven for balance transfer information and offers. We h. Elizabeth Williams's top article generates over 60500 views. to your Favourites.

Ashley Lichty has sinced written about articles on various topics from Sales Training, Debt Management Counseling and Home Based Business. Ashley is a webmaster and resident SEO buff at Web Xtreme, Inc. in Lancaster PA. She has a background in Communications with an emphasis in writing and marketing.. Ashley Lichty's top article generates over 90500 views. to your Favourites.