Be wary of any company making a claim to be able to repair bad credit. If you have failed to pay on credit cards, those marks will stay on your credit record and no one can remove them. If your identity has been stolen or mixed up with someone else’s and, because o f this, you have negative marks on your credit report, which were not your own doing, you can try to fix those yourself.
Should you even worry about your credit report right now?
In the wake of widespread fraud by credit card companies and banks, in general, and the current state of lending, there is really no need to worry much about your credit at this time. It does you little good to have it.
Besides, with the widespread fraud in lending, it would be madness to accept a loan from what were once thought of as a legitimate lending institutions. Usury and corruption are out of control. Credit card lenders are arbitrarily charging up to 79.9% interest rates. See the article, “Issuer of 79.9% interest rate credit card defends its product,” at: http://www.creditcards.com/credit-card-news/first-premier-79-rate-fees-credit-card-1265.php#ixzz1Cw5OrMDq.
And, even if you sign a legal contract with a credit card lender, you cannot trust that they will hold up their end of the contract or be held legally responsible when they don’t. By signing a credit card contract at this time, you could expose yourself to life-destroying interest rates and a variety of other obviously fraudulent charges.
You don’t have to “abuse credit” to have problems with these lenders. Even if you’ve never missed a payment, even if you have a fixed rate contract, they will jack your interest rates multiple times and send you a bill accompanied by extortionist threats.
Lenders have been accused of forging documents and, at least, one debt collection agency in Pennsylvania has been caught kidnapping people they claimed owed them and attempted to frighten and intimidate them into giving them money. See the article, “Dirty debt collectors frightened victims with fake ‘sheriffs,’ ‘courtroom,’ ‘judges'”: http://www.boingboing.net/2010/10/31/dirty-debt-collector.html.
Because of all of this, the validity and reliability of credit reports for any purpose is highly questionable at this time, too. For example, credit card companies have illegally raised interest rates on account holders who agreed only to fixed rates decades ago when interest rates were typically fixed and very low. They ignored the terms of contracts and made false reports to the credit bureaus. Furthermore, it is highly unlikely that you can get false reports made by the credit card companies themselves removed from your credit report.
So, at this time, credit card ratings are not really worth fixing. The widespread fraud and the fact that lenders are not lending much money despite the low, low interest rates they advertise are reasons to focus your energy in another direction for a while.
If the credit rating becomes important again and if the criminality of the lenders can be reined in, which is unlikely despite regulations and disclosures, then you may want to consider trying to clean up any marks on your credit that shouldn’t be there. Presently, the banking industry has so violated the public trust that it is difficult to see how it will ever be restored.
“Dirty debt collectors frightened victims with fake ‘sheriffs,’ ‘courtroom,’ ‘judges,'” Cory Doctorow at 12:13 AM Sunday, Oct 31, 2010 Retrieved February 3, 2011. http://www.boingboing.net/2010/10/31/dirty-debt-collector.html
“Issuer of 79.9% interest rate credit card defends its product,” CreditCards.com. Retrieved on February 3, 2011. http://www.creditcards.com/credit-card-news/first-premier-79-rate-fees-credit-card-1265.php#ixzz1Cw5OrMDq
Disclaimer: The author is not a lawyer or financial advisor. This is the author’s own opinion. If you need real financial help with a credit card company, false reporting or fraud, contact your lawyer or other qualified professional.