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Credit Counseling Service 101

What Is A Credit-Repair Company?

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Credit repair companies claim that they can erase bad credit or help you to establish a new "credit identity." There is no company that can legally do anything more than you can do on your own about erasing a report of bad debt. NO company can legally give you a new credit history.

In reality, these companies will likely try to "help" you by:

  • Convincing you to apply for bankruptcy, which may not be right for you but can earn them fees.
  • Helping you establish an IRS Employer Identification Number under false pretenses.
  • Questioning the items on your credit report -- something that you can do yourself for free and which, if anything at all, may result in an only temporary withdrawal of negative entries from your report. See Credit Scores.

Instead of a credit repair companies, try a reputable, no-fee to you, credit counseling service.


Special thanks to:
Joseph Daniel
New York, New York

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