You might have come across some new product lately known as “full credit sweeps” either on the internet or received an offer in the mail regarding this. So, are the mentioned companies legal? Or are full credit sweeps something you want to believe in that you should be avoiding? With this in mind, in this post, I will explain what full credit sweeps are, the things they promise, whether they are effective, and the dangers of using them.
A Full Credit Sweep is a checking of all credit accounts to ensure that they have the correct credit limit and that they are allocated to the right category.
A full credit sweep is a likely scam, which is a service some credit repair companies would say can help you erase negative entries from your credit report, even if the information is correct and legal. This is done by writing letters to all the credit reporting agencies and denying all the negative information listed in the report and then crossing our fingers in anticipation that the credit bureaus will not be able to disprove the claims within the legally allowed 30 days. This is so because, if they do not affirm them to be true, the credit agencies must delete them.
A full credit sweep is a process that involves the claiming of all available credit to be paid by a client at a certain time during treatment and before receiving any additional credits from the insurance company.
Full credit sweep services typically make big promises, such as:
- Correcting errors, duplications, outdated information, late payments, charge-offs, collections, bankruptcies, repossessions, and other negative entries
- Disputing some of the information that appears on your credit report
- Easily and rapidly increasing credit score by several numbers
- Helping you save as much as thousands of dollars in interest charges
- Assisting you get loans and credit cards at reasonable rates
A Few Questions Regarding Full Credit Sweeps
As the long answer to the question of whether digital marketing is worth the money, the short answer appears to be maybe, but not in the way that it has been positioned. Full credit rebuild may help you get legitimate errors removed from your credit file but they cannot legally expunge those accounts that the reporting agencies are correct in reporting according to the FCRA.
Therefore, although you may see a boost in the score if errors are corrected, full credit sweeps do not completely erase or eliminate credit score reports or negative credit scores within the 7-10 years they are allowed to remain on your reports. While some people do report that they see some levels of improvement in at least the initial scores, negatives are often reported to re-emerge and scores decrease again.
The Possible Consequences of Pulling Full Credit Sweeps
Not only is paying hundreds or thousands of dollars for a full credit sweep likely ineffective at dramatically or permanently raising your scores, but these services can also involve major risks, such as:
- Chasing after the moon and never getting anything back
- Receiving accounts that have been reported to your reports with status updates that say “disputed by consumer”.
- Inviting lenders to check/burrow into the accounts thus forcing verification and re-reporting
- Setting fraud alert if the customers file too many of the disputes
- Having its credit locked down while an organization undergoes investigation
- Learnt that creditors may sue the company for submitting invalid disputes
- Being relieved of one’s hard-earned money and having one’s identity ripped off
The Right Thing To Do – Do It Yourself Credit Repair
Instead of throwing away your money and your chances to have something good happen to your credit report because of full credit sweep scams, it is usually more effective to do credit repair on your own. Go to AnnualCreditReport.com and check all the reports for free and if you discover any mistake, contest the errors to the bureaus for free.
You can also have a better credit score in the future by timely payment of bills, paying off balances, not applying for new credit, and waiting for the negative information to be removed from the credit report. As a last resort, write to the creditors and ask them to pay for deleting the credit references or goodwill removal. Unlike the other tactics that require real-time effort to repair credit, all these ethical tactics are effective without exposing the credit repair company to any risks.
The Bottom Line
Despite the enticing offers by companies claiming that they can remove all the credit information for full credit, they cannot legally do this because some of the information provided is accurate. Not only do these services not work as described, but they also cause more issues where legitimate accounts get restored and which are counterproductive. Other times, it is best to check your reports and use ethical do-it-yourself methods to be more effective in enhancing your credit scores. Be careful before hiring someone to contest facts that are correct to go against them.
Call now for expert credit repair services: (888) 803-7889
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