“You see the advertisements in newspapers, on TV, and on the Internet. You hear them on the radio. You get fliers in the mail, and maybe even calls offering credit repair services. They all make the same claims:
'Credit problems? No problem!'
'We can remove bankruptcies, judgments, liens, and bad loans from your credit file forever!'
'We can erase your bad credit — 100% guaranteed.'
'Create a new credit identity — legally.'”
The Federal Trade Commission (FTC) says, "do yourself a favor and save some money, too. Don’t believe these claims: they’re very likely signs of a scam. Indeed, attorneys at the nation’s consumer protection agency say they’ve never seen a legitimate credit repair operation making those claims. The fact is there’s no quick fix for creditworthiness. You can improve your credit report legitimately, but it takes time, a conscious effort, and sticking to a personal debt repayment plan.”
Learn more from the FTC at: http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm
One of the major problems in your credit report can be a credit charge off. A credit charge off will never mean that the debt has been forgiven by your lender/creditor. Rather, your account may have been transferred to a collection agency who can in turn contact you for the payments. It might take 7 years to get it removed from your credit report but if the debt account is settled, you may go for the option of pay for delete and may remove the item from your credit report.
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