Since most creditors are reluctant to give credit to individuals with a bad credit history, life becomes challenging. It shuts out funding options; you cannot be offered loans or credit cards, and it is simply more costly overall. Of course, people having poor credit histories do not have a great desire to repair their credit and clean their credit reports. This desperation, to their dismay, leads some of them to credit repair scamsters. One of these misconceptions is the so-called ‘pay to remove’ bad credit scam.
Pay to remove bad credit is a process through which credit reporting companies eliminate negative information from the credit bureau.
Some companies offer services to erase your bad credit, in exchange for costly services that eradicate the negative items on your credit score. Employing this scam, companies will tell their clients that they can ‘persuade’ the credit bureaus and your creditors and collection agencies to delete negative items like late payments, collections accounts, and bankruptcies among others from your credit reports. But this is prohibited and such companies are mostly credit repair organizations that engage in predatory and unlawful methods.
How come Pay to Remove Credit Repair is a Scam?
According to CROA, it became unlawful for credit repair organizations to request and receive payments before offering their services to consumers. It is also unlawful for them to mislead clients about their capacity to improve the credit score of an individual. What this means is that any company that offers to pay your creditors to delete the information provided as being negative and accurate from your reports usually is violating the law.
Furthermore, the three credit reporting agencies of the USA, namely Experian, TransUnion, & Equifax, are prohibited by law from deleting accurate information from your credit reports. The credit bureaus cannot delete even inaccurate, unverified, or outdated information if it is a genuine adverse record and they also do not remove accounts even if you pay them. This simply means any firm that claims to offer otherwise is taking your money for a ride.
Some signs you’re dealing with a predatory pay-to-remove credit repair scam include:
- In their pledge, they assert that they are capable of eradicating all information that is unfavorable in your reports.
- They are usually characterized by unusually fast results, like one month or 30 days.
- This means that they demand charges and costs before they are willing to offer their services
- It instructs you to lie when questioning merchandise on the grounds of being false or fake
- They tell you to get an EIN to open a new credit report for the business to build a credit history.
It is for this reason that a genuine credit repair company will not assure you of an overnight fix because they know they are only allowed to do a few things to your credit report. Do not fall for any kind of propaganda that presents itself as unbelievable.
This is how you can legally repair your credit Typically, the task of credit repair entails making changes to your credit reports.
Even though the concept of hiring someone to remove bad credit within the shortest possible time is unlawful, there are legal procedures through which one can restore their credit score. This includes:
- If you are up to date on all the bills you incurred in the past, then it will be possible to pay all your bills without failure going forward.
- Redemption of balances and optimal utilization of the credit limit
- Challenging any genuinely misleading info
- Getting paid to delete your images the first time around without the help of a lawyer
- Waiting for negative marks to dissolve on its own on the reports
It’s possible to rebuild credit responsibly without engaging in credit repair scams – which just take time and responsible money handling. Also, seeking advice from a non-profit credit counseling agency would be beneficial to one as one can obtain advice based on their situation without the agency luring them into promises of improved credit status.
Call now for expert credit repair services: (888) 803-7889
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