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What You Need To Know About Credit Repair Fraud


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Despite the fact that a bankruptcy can give you a financial breather, having negative information on your credit profile could adversely impact your ability to borrow. Hence, it is not surprising for individuals who have Florida bankruptcy records to want to know how they can take out this negative record from their credit history as soon as possible. There are some credit repair companies that repeatedly make guarantees to people who have gone through bankruptcy proceedings that the latter can finally secure a car loan, mortgage, insurance, or a job once they pay the former to take out the bad credit history or bankruptcy information from their reports. Sadly, when bankruptcy information in your credit history is correct, all you can really do is waiting, as only time can guarantee its deletion. A Florida bankruptcy records is deleted either 7 or 10 years from the date of filing. The waiting period will depend on the chapter you declared. Chapter thirteen bankruptcy records can be deleted seven years from the filing date because it usually involves partial repayment of one’s debts. Records of chapter 7 bankruptcies on the other hand will take longer before they are removed from your report, usually 10 years, because no debt is repaid. How to spot credit repair fraud? Even though there are agencies that do offer good credit repair help and advice, there are also those that employ fraudulent tactics. If you are given a credit repair offer, you'd find out if the company advertising such does not observe the industry's best practices if they demand payment prior to providing services. Do not forget that under the Credit Repair Organizations Act, these companies should not require you to pay before they have done the credit repair services they have promised. A company advising that you do not get in touch with the major credit reporting bureaus directly is also a reason to be wary Bankruptcy

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about the services. Another tactic that these deceitful agencies use is that they suggest that you establish a new credit identity and hence a new credit history by using an Employer Identification Number instead of your SS Number.

You also need to be suspicious about using a credit repair firm that instructs you to dispute all the unfavorable information in your credit report, without regard for their accuracy or timeliness. Moreover, it is important that you avoid agencies that don’t inform you your rights and what you can do for free, for instance: your right to obtain a free report if an employer or lender takes adverse action against you such as denying your loan application, and that disputing negative information which are erroneous or outdated can be accomplished for free.


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How To Avoid Fraudulent Credit Repair Agencies