Why Credit Repair Mills Stink. Article - Finance Credit Articles

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Why Credit Repair Mills Stink.

Author: Marc Chase

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Ok here is the deal. Credit repair in general is still in its infancy stages. Until recently, thousands of people were able to fix their credit by using the Fair Credit Reporting Act which states if a dispute by a consumer is not validated within 30 days it had to be deleted.That’s great a lot of people were relieved of a lot of debt because of a technicality.

Fast forward to today and that same worn out method is all but dead. Credit reporting agencies, creditors and collection agents work vigorously to make sure they do validate the debt almost immediately. If I stood to lose millions of dollars over such a small detail, implementing a system to verify debts would be priority one.

So how do we improve credit scores now if they are all onto the “this is not my debt” letter? We look at thousands upon thousands of trade lines on credit reports every month and I have to tell you, we see very few creditors and collectors reporting correctly.

Debt Collectors re-age debts, they call employers, they threaten to “send you to their legal Dept.” when they don’t have one. Credit Reporting Agencies improperly report open dates and balances, improperly validate debts and the list goes on and on. When these infractions occur, those debts can now possibly be removed legally and permanently. Trust me when I say there is no shortage of reasons why credit lines will be removed from credit reports if done properly.

With all that being said the next question becomes what’s a credit mill, why do they suck and how do you spot one?A credit mill simply relies on those same old methods we mentioned above and as we showed you, this method yields very poor results at best.

So how can you spot a credit mill? Well, read the “how we work” section of their website. If it says it’s as easy as sending them your credit reports and they do the rest, then you know you got yourself a credit repair mill.

Think about it, if they know nothing about your alleged debts what more could they possibly do then send the old generic “this is not my debt, please delete it” letter? You might as well just send that worthless letter yourself and save yourself the money.

Don’t give up hope, as you also learned earlier there are extremely powerful ways to fix your credit, both legally and permanently!

About Author

Marc Chase is a Partner and credit consultant at http://www.mycreditgroup.com Where you can find the most effective and legal ways to repair your credit!

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