What the Federal Trade Commission says about credit repair:

1. Don't become a victim of a "credit repair scam"

So you've decided to do something about the errors in your credit report, but you're not sure where to begin? Start with this: credit repair companies are everywhere, and the majority of them are looking to make a quick profit from an unsuspecting consumer without delivering any measurable results.

If you decide to respond to a credit repair offer, look for these tell-tale signs of a scam:

• companies that want you to pay for credit repair services before they provide any services.
• companies that do not tell you your legal rights and what you can do for yourself for free.
• companies that recommend that you not contact a credit reporting company directly.
• companies that suggest that you try to invent a 'new' credit identity ' and then, a new credit report ' by applying for an Employer Identification Number to use instead of your Social Security number.
• companies that advise you to dispute all information in your credit report or take any action that seems illegal, like creating a new credit identity. If you follow illegal advice and commit fraud, you may be subject to prosecution.

Source: Federal Trade Commission (Read the Full Article)

Halo Credit Solutions, LLC is a bonded and registered Credit Services Organization under the watchful eye of the Federal Trade Commission. Halo's $99/month* Credit Repair is head and shoulders above the crowd of other credit repair programs, whose unnecessary fees drive their costs upwards of $1000. Don't pay an enormous fee for a service you can do yourself!

2. You can "dispute credit report errors" on your own!

The Federal Trade Commission encourages you to dispute your own credit report inaccuracies ' and Halo does too!

Under the FCRA, both the consumer reporting company and the information provider (that is, the person, company, or organization that provides information about you to a consumer reporting company) are responsible for correcting inaccurate or incomplete information in your report. To take advantage of all your rights under this law, contact the consumer reporting company and the information provider.

Step 1: Tell the consumer reporting company, in writing, what information you think is inaccurate. Include copies (NOT originals) of documents that support your position. In addition to providing your complete name and address, your letter should clearly identify each item in your report you dispute, state the facts and explain why you dispute the information, and request that it be removed or corrected.

Step 2: Tell the creditor or other information provider, in writing, that you dispute an item. Be sure to include copies (NOT originals) of documents that support your position. Many providers specify an address for disputes. If the provider reports the item to a consumer reporting company, it must include a notice of your dispute. And if you are correct ' that is, if the information is found to be inaccurate ' the nformation provider may not report it again.

Source: Federal Trade Commission (Read the Full Article)

Credit Repair is a simple process and you don't need to pay $1000 or more for a service you can do yourself. However, the diligence required to repair your own credit can be very time consuming, even though the process itself is simple. If you DO elect to use a credit repair service, choose one with a proven track record and a reasonable fee. Halo's fee of $99/month* is a great alternative to disputing credit report errors on your own.

3. The Truth: You cannot "remove accurate timely negative information"

This FTC statement is often ignored by credit repair companies who are out of compliance - accurate negative information that is reported in a timely manner cannot be removed from your credit report. Only inaccurate, outdated, and erroneous items can be disputed and removed, and Halo strictly follows these guidelines.

No one can legally remove accurate and timely negative information from a credit report. The law allows you to ask for an investigation of information in your file that you dispute as inaccurate or incomplete. There is no charge for this. Everything a credit repair clinic can do for you legally, you can do for yourself at little or no cost. According to the Fair Credit Reporting Act (FCRA):

• You're entitled to a free report if a company takes adverse action against you, like denying your application for credit, insurance, or employment, and you ask for your report within 60 days of receiving notice of the action. The notice will give you the name, address, and phone number of the consumer reporting company.
• Each of the nationwide consumer reporting companies ' Equifax, Experian, and TransUnion ' is required to provide you with a free copy of your credit report, at your request, once every 12 months.
• You can dispute mistakes or outdated items for free. Under the FCRA, both the consumer reporting company and the information provider (that is, the person, company, or organization that provides information about you to a consumer reporting company) are responsible for correcting inaccurate or incomplete information in your report. To take advantage of all your rights under this law, contact the consumer reporting company and the information provider.

Source: Federal Trade Commission (Read the Full Article)

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