3 Of The Biggest Credit Repair Mistakes You Must Avoid
By Myles Johnstone
Fixing your credit can be a long and involved process, with many opportunities for the novice to make a mistake. Three of the biggest mistakes you should avoid are:
1. Hiring a Fly-by-Night Firm: The Federal Trade Commission is constantly trying to stamp out scam artists promising instant credit repair, but like cockroaches, they always return. You can pretty much assume a scam if the company guarantees its results in advance, wants to charge you a big, upfront fee, or suggests you create a "new" credit report by using a different Social Security or taxpayer identification number. Most people can handle their own credit repair without paying big fees or committing fraud. If you run into problems, look for a legitimate law firm through the National Association of Consumer Advocates for help.
2. Failing to Get It All in Writing: The phone is not your friend. Although you can and should take copious notes if you ever have to have a phone conversation with a creditor, collector, or credit bureau, you're much better off conducting credit repair in writing.
3. Reviving the Statute of Limitations: States have differing rules about how long a creditor can sue you over a debt, with most limiting the period to three to six years. Making a payment on an old debt, or even acknowledging that you owe it, can revive that statute and leave you vulnerable to a lawsuit. Make sure you know the rules for your state when dealing with old debts.
About the Author
Myles Johnstone writes exclusively for finance related sites such as Refinancing Finance Info.com, Vehicle Finance Info.com and finance Solutions info.com where he writes about credit repair
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