While you can get out of debt, you can’t do it quickly. Unfortunately, this isn’t what you want to hear when you find yourself living paycheck to paycheck. Big debts (e.g., student loans, home mortgages) don’t help. In fact, they frequently make the situation worse.
The best ways to get out of debt are to make more money, majorly reduce your expenses (if you haven’t already), or through the help of a reputable credit repair company. If you think you can get out of debt some other way, you’re simply engaging in wishful thinking. This is like thinking that a skin cream or nutritional supplement will make you younger or that engaging in multilevel marketing (MLM) will make you richer. Regardless of how much you pay a credit repair company, if it isn’t reputable they won’t make your debts disappear. Some will even take your money and run. This is why you need to know what the red flags are that tell you not to work with a company.
Red Flags Telling You to Avoid a Credit Repair Company
There are many shady schemes that a credit repair company may engage in. These range from what appears to be “innocent” promises to not telling you what they’ll do for you. Some of the other red flags you should watch for include:
- The credit card company charges you a fee for an initial consultation or they ask for you to pay them upfront.
- They instruct you to apply for an employer identification number (EIN) to help with rebuilding your credit. In other words, they want you to create a new identity instead of using your social security number.
- You’re asked to contact the credit bureau directly.
- They’ll make you a big promise (e.g., dramatically increasing your credit score within weeks).
- They promise to improve your credit score by removing any unflattering items from your credit report.
- They act like trolls by offering to dispute every item on your credit report with the credit report agencies. While reading through your credit report and disputing any inaccuracies is valid and worthwhile, this is something you can do yourself. You shouldn’t pay for this since it’s a matter of calling the credit bureaus when you find a mistake.
Sometimes credit problems are so severe that simply disputing inaccuracies won’t solve the issue. This is when you’ll want to find an attorney or a credit agency to help you. Typically they’ll suggest that you see a debt settlement or consolidation. In more severe cases tye may suggest filing for bankruptcy
Hire a Lawyer for Severe Credit Problems
You can’t wave a magic wand and expect your credit issues to instantly disappear. You also need to be careful with who you choose to work with when you want to repair your credit. At Super Credit Repair in Clearwater, FL we want to assure you that we can help you effectively and legally improve your credit score so you have access to the credit you need. Contact us today to discuss your case.
Picture Credit: VistaCreate