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Selecting a credit repair company to help you improve your credit score is a big decision. A typical credit repair service will cost you a few hundred dollars and will take up to a year to complete their service. Choosing the wrong credit repair company can end up wasting money and perhaps more importantly, your time. Choosing the right credit repair company, however, may be one of the best things you can possibly do for your financial future.
To better understand what legal credit repair is, it would be helpful to understand a few types of illegal credit repair:
Illegal: Changing your social security number to obtain a clean bill of credit. If any company should suggest this type of credit repair, report them to the authorities.
Illegal: Disputing every item on your credit report, regardless of nature. The Fair Credit Reporting Act specifically states that only items that are unverifiable, inaccurate or misleading should be disputed. Items that are clearly yours, and reflect your credit history should not be disputed.
Illegal: Charging for services that have not yet been completed. This is to protect the consumer from fraudulent companies that charge for services that never get completed (charging to "repair your credit", then hitting the road...)
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