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Personal finance Q&A: Don’t hire a credit repair firm

Personal finance Q&A: Don’t hire a credit repair firm
News from Los Angeles Times:

Dear Liz: I’m seeking help in reviewing my credit report and how to fix any issues. I am not financially distressed, but have FICO scores in the 675 range. Could you recommend someone I can hire to assist as I need to refinance a house I bought for cash?

Answer: There’s so much fraud in the credit repair industry that you’re likely better off doing it yourself rather than exposing yourself to rip-offs.

Credit repair companies aren’t supposed to take money upfront or promise things they can’t deliver, but many do.

One of the scammers’ most common ploys is to flood the credit bureau with disputes and to take credit for any negative information that temporarily disappears. By the time the negative information pops back up on the file, the scam artists have disappeared with your money.

Another approach they recommend is starting over with a “clean” slate, sometimes using borrowed or stolen identification numbers. That’s fraud, and even if it works, you’ll often find yourself worse off with no credit history than with a flawed history.

The Federal Trade Commission has some helpful advice on do-it-yourself credit repair.

You’ll need to first get copies of your credit reports from each of the three credit bureaus, which you can do o…………… continues on Los Angeles Times

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Do-it-yourself credit repair advice: Money Talk (Q&A)
News from OregonLive.com:

Dear Liz: I’m seeking help in reviewing my credit report and how to fix any issues. I am not financially distressed, but have FICO scores in the 675 range. Could you recommend someone I can hire to assist as I need to refinance a house I bought for cash?

Answer: There’s so much fraud in the credit repair industry that you’re likely better off doing it yourself rather than exposing yourself to rip-offs.

Credit repair companies aren’t supposed to take money upfront or promise things they can’t deliver, but many do.

One of the scammers’ most common ploys is to flood the credit bureau with disputes and to take credit for any negative information that temporarily disappears. By the time the negative information pops back up on the file, the scam artists have disappeared with your money.

Another approach they recommend is starting over with a “clean” slate, sometimes using borrowed or stolen identification numbers. That’s fraud, and even if it works, you’ll often find yourself worse off with no credit history than with a flawed history.

The Federal Trade Commission has some helpful advice on do-it-yourself credit repair.

You’ll need to first get copies of your credit reports from each of the three credit bureaus, which you can do once a year for free at www.annualcreditreport.com. Dispute any inacc…………… continues on OregonLive.com

… Read the full article


Credit Score Repair Services – Hire Credit Report Repair Company Online

Credit Score Repair Services – Hire Credit Report Repair Company Online
News from TheDay.com:

Editor’s Note: This opinion piece was submitted by a member of the public to The Day’s community website, www.Zip06.com.

If one�s credit score is mediocre or just plain bad, it is a good idea to look into how to restore it. There are ways one can do it oneself, and there is always the option of utilizing one of the many credit score repair services out there. The following will look at when to think about hiring one of these companies and will offer some insight about how to access it.

Apply Online to Fix Credit Score Yourself http://www.credit-yogi.com/credit_repair.php

Pittsfield, MA; Nov. 26, 2012 � Before delving into the usefulness or lack thereof of credit score repair services, understand that they really don�t do anything for a person that he cannot do himself. Here is a look at what these businesses do. They charge fees ranging from $ 300-$ 600 to obtain an individual�s credit reports from all three major reporting bureaus. With this information in hand, a company representative looks it over very carefully, searching for errors or inconsistencies. If he finds the…………… continues on TheDay.com

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OFT to refer credit hire study to Competition Commission

OFT to refer credit hire study to Competition Commission
News from Post Online:

The Office of Fair Trading has provisionally decided to refer the private motor insurance market study to the Competition Commission after finding that insurers were too “distracted” with lowering their costs and pushing up rivals’ premiums to provide policyholders quality replacement vehicle services.

It also criticised the lack of control of insurers of at-fault drivers over the cost of repairs and vehicle replacement for the non-at-fault driver creating an “inefficient” system where insurers, brokers, credit hirers and repairers can drive up their revenues.

The OFT started the study in December after it asked the insurance sector for reasons behind the rising cost of motor insurance. Costs associated with personal injury were suggested. As a result the organisation launched a study into the provision of third party vehicle repairs and credit hire replacement vehicles to claimants.

In light of the evidence the study revealed, the OFT expects to reach a final decision by October 2012.

It found evidence that insurers compete in a “dysfunctional way that may push up premiums for drivers by £225m a year”. It said that after a road traffic accident, the at-fault driver’s insurer is responsible for meetin…………… continues on Post Online

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