Credit repair companies

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lilly

Joined: 25 Aug 2006
lilly's page
Posts: 1

50 Magic Points

Subject: Credit repair companies

Fri Aug 25, 2006 4:53 am

What is truth about credit repair companies? Can they really do what they say they can do?

Alex

Joined: 29 Jun 2006
Alex's page
Posts: 12

768 Magic Points

Subject: hii

Mon Aug 28, 2006 3:44 am

Welcome to the creditmagic community.

Many "credit repair" companies claim to remove negative credit with the flick of a wrist.Their advertisements make bold assertions and money back guarantees;"Bankruptcy,tax liens,judgement,...no problem 100% guranteed!! Credit report 100% cleared in 30 days!!" Can they really make such sweeping guarantees? it's risly to trust anyone to help you repair your credit .It is estimated that credit repair companies have bilked Americans out of more than 50 million dollars.Working within the credit bureau maze requires substantial background knowlwdge;knowledge it takes credit repair companies years to learn.

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* Disclosures:

Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.