Ask Andy How To Raise Your Credit Score, Tell Fact From Fiction



(WMC TV) – Coming back from a college visit for my daughter recently, I saw a sign staked in the grass next to a gas station:  “Credit Repair:  1-800-XXX-XXXX.”

I did the best thing someone could do with a sign like that.

I stole it.

I stole it because it’s a scam.

No one can repair your credit for a fee. No one can repair your credit, period.

Only you can repair your credit through discipline and through direct contact with your creditors and with the three credit bureaus.

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Credit Repair: How to Tell Fact from Fiction

While the real estate market and the overall economy continue to demonstrate signs of improvement, the current lending environment is still a dicey road for many prospective homebuyers. Stringent credit requirements are still widespread among lenders, making improving your credit profile integral to securing a mortgage.

The good news: There are many proactive steps you can take to repair less-than-perfect credit. The bad news: There are many bogus organizations that claim they can fix your credit problems quickly. Make sure you understand fact from fiction before proceeding with any such firm. The Federal Trade Commission (FTC ) offers the following red flags to watch for to help identify a credit repair scam:

Claim: The company wants you to pay for credit repair services before they provide any services.

Fact: Under the Credit Repair Organizations Act, credit repair companies cannot require you to pay until they have completed the credit repair services they promised.

Claim: The company doesn’t tell you your rights and what you can do for yourself for free.

Fact: The law allows you to ask for an investigation of information in your file that you dispute as inaccurate or incomplete. This investigation doesn’t cost any money.

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Confused about real credit repair?  Wondering if you can do it can!?

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