Beware of Bogus Credit Repair Companies!

So-called "credit repair" companies claim they can remove negative information from credit reports. Advertising as "Credit Advisors," "Credit Rating Correction Services" or "Credit Consultants," they trumpet variations on this message: "Turned down because of bad credit? We can help!" Many of these companies charge hundreds if not thousands of dollars for the promise to "clean up" bad credit reports. But the truth is, these companies can only do what you could do yourself--at no charge.

Nobody can remove negative information that is accurate from your credit report. No company has a "secret" ability to remove all negative information.

But this doesn't stop their claims. This deceptive quote is from a credit repair company brochure: "Charged-off accounts, collection accounts, judgments, tax liens, repossessions, and even bankruptcies can be removed from your credit records in less than one year (five to seven month average)."

One tactic is to bombard credit reporting agencies with requests to verify information. If a credit reporting agency cannot verify an entry within 60 days, it will remove the information from the report. But if the information is later verified to be accurate, it will go back in the report.

Before you even consider signing a contract with a company that promises to repair your credit, remember these facts:

You may obtain a copy of your credit report on your own.

You have the right to dispute entries in your credit report.

Beware guaranteed credit offers!

Credit repair and other companies often claim they "guarantee" to get you a credit card, regardless of your credit history. In fact, these companies do not always honor their guarantee. Sometimes, they'll just take your money and run--you will not get any credit, regardless of what they promised.

If they get you a card at all it often will be a "secured" bank credit card, with high up-front "application" fees, that requires you to deposit and keep several hundred dollars in a savings account, or a card that only allows you to buy items in a catalogue from a business that you probably never heard of. (You can apply for a secured credit card by yourself. For a free list of banks that do not charge application fees for secured cards, see the information from Consumer Action in the "For More Information" section below.)

Credit repair companies often advertise on television, in newspapers and even on matchbooks. Sometimes they require consumers to dial a "900" telephone number to get more information. Calls to 900 numbers can cost $2 or $3 a minute, so listening to a few minutes of information about the cards can be expensive.

Some companies try to get people a credit card by having them apply using financial information of other people with good credit histories. It is a criminal act to apply for credit under someone else's name--do not do business with one of these companies.

Law enforcement agencies have shut down many credit repair outfits, but it is hard to stop a fraudulent credit repair outfit unless people complain about it. Therefore, be careful about responding to credit repair ads and be sure to complain to the agencies listed below if you think a credit repair company took advantage of you.

For more information

The Federal Trade Commission (FTC) publishes information for consumers on the subject of credit and enforces federal laws on credit. For a list of free publications, write to the FTC's Public Reference Department at the address given below. While the FTC does not handle individual cases, it can act when it sees a pattern of possible law violations develop. Complaints about credit reporting agencies and credit repair scams must be in writing. Send them to: FTC Credit Practices Division, 6th St., N.W., Washington, DC 20580.

Contact your local consumer protection agency or your state Attorney General's office. Many Attorneys General have toll-free consumer hotlines. These numbers may be listed in the "self-help" or government sections in the front of your phone book. These agencies can offer you advice and may also be able to help resolve your complaint.

Consumer Action's free complaint/information switchboards offering non-legal consumer advice and referrals can be reached from 10 a.m. to 2 p.m. on weekdays. Chinese, English and Spanish are spoken. Call either (415) 777-9635 (San Francisco office) or (213) 624-8327 (Los Angeles office). Consumer Action has a free list of secured credit card banks that do not charge application fees. To receive a free copy, send a self-addressed stamped envelope to: Consumer Action Secured Credit Card Survey, 717 Market St., Suite 310, San Francisco, CA 94103. (Available in English only.)

The Consumer Credit Counseling Service (CCCS) assists consumers who have problems in paying their bills--before their good credit ratings suffer. Your local CCCS office can help you work out flexible payment plans to make debt repayment more feasible. Call (800) 388-CCCS for an interactive recording that will provide you with the phone number of the office nearest to you. Spanish-speakers can call (800) 68-AYUDA (800-682-9832) between 8 a.m. and 7 p.m. central time.

Before you sign a contract with any company, check it out with the local Better Business Bureau (BBB), a non-government service which advises consumers on fraud prevention. Call your local BBB. If you cannot find a local number listed in the phone directory, call the Council of Better Business Bureaus at (703) 276-0100 for a referral to the office nearest you.

Finding The Right Credit Card Offers

There are limitless offers made by assorted credit card companies each week. But most of these are not even deserving considering. They often mistake and waste material our time. The best manner to take the right credit card for our self is to collect a listing of the best offer and settle down down for the best out of them.

The best manner is to cognize exactly what you are looking for. So, jotting down all your demands on a piece of paper, and then begin to garner information from assorted credit card vendors. You can breaker on Internet for such as information by doing a search for credit card offers+ review. This volition allow you to cognize that other people believe about offers. Try to reach some putative credit card companies to cognize about the offers.

Now, it’s clip to do review. Try to fit the offers given by assorted credit cards with your listing of requirements. Add the interest rates and credit card fees into this listing of requirement. There are some concealed changes made by most of the credit card companies, which are in small prints. So don’t avoid this and read those terms very carefully.

Another thing you should seriously see before setting for the credit card is the annual fee and transaction fee, which changes from card to card. If you are lucky you may also hit some free credit cards, which are free of any annual or transaction fees.

Look for the card with lowest possible interest rates. The best cards have got got interest rates lower than 15% but expression for the long-term interest rates rather than offers like lower or no interest rates for the first month.

If you travel for the best credit card, the companies dealing with it will never charge you a lower interest or no interest on purchases paid off in less than a certain number of days, in most cases 30 days.

There are people who see the disbursement bounds of the credit card instead of what it cost to have one. For those with a limited amount of money to spend, the best credit card is the 1 that have the lowest sum cost. Bash not forget to look for concealed fees and interest. These factors actually determine the overall cost of your credit card.

So, to summarize up, the best credit card should be hunted out properly, considering all the factors which could assist you in settling for nil but the best.

Cash Back Credit Card: Earn While You Spend!

Cash back credit cards are an first-class manner to earn money while you spend! Instead of making purchases with standard credit cards, you might desire to see applying for cash back credit cards because such as cards reward you with cash back on every purchase you make! Further, in improver to cash back on all of your purchases, cash back credit cards offer you the chance to afford further savings, in ways you might not have got imagined possible.

Cash Back

The obvious benefit derived from having cash back credit cards is the money that consumers get back on every purchase. Frequently, credit card issuing companies will provide credit card users with approximately 5% cash back on certain purchases like those made at drug stores, supermarkets, and gas stations. Additionally, many credit card companies will give 1% cash back on all other purchases. Needless to say, if you utilize your credit card frequently, such as benefits can add up quickly. Further, your accumulated nest egg can be used for just about anything, but you can really salvage if you follow the illustration provided below.

Savings

Due to the fact that you salvage 1 to 5 percent on many of your purchases made with cash back credit cards, you can happen yourself saving quite a spot of money. Let's return a expression at the illustration provided below to analyse the possibilities.

If you pass $1000 at supermarkets, $200 at drug supplies and $300 dollars at gas stations in three calendar months time, you will have got spent $1500. Now see this:

$1500 x 5% = $75.00

Thus, you salvage $75.00 for every $1500 you pass with your cash back credit card! Now undertaking such as nest egg over one year's time. For instance, if you pass approximately $1500 every three calendar months at constitutions that do you eligible to have got 5% dorsum on your purchases you will have spent $6000.00 for the year. Now, see the savings:

$6000 x 5% = $300.00

Making Your Savings Work for You

So, what can your nest egg make for you? Plenty! With the $300.00 you save, you can hive away it away for a rainy twenty-four hours or you can reward yourself for being so credit understanding and for economy yourself some money!

Copyright 2005 Erectile Dysfunction Vegliante. You may freely reissue this article provided the resource box stays integral with a unrecorded nexus back to http://www.credit-card-surplus.com .

Common Credit Card Terms

Whether you have got a credit card or you are thinking of getting one, what ever is the type of credit card, there is a simple credit card cant that you must be aware of.

Credit Cards: This is a card issued by a financial establishment that allows the cardholder to utilize credit to purchase commodity and services up to a predetermined limit. The cardholder gets a monthly statement and then he/she have to pay back. There is an interest on the amount credited.

Credit Limit: This is the upper limit amount you are allowed to pass on the credit card. How much credit bounds you get depends on you credit history and the type of credit card you have got (gold or Platinum Cards).

Credit History or Credit Scoring: This is your path record of how you have paid accounts in the past. It is of import from the creditor’s point of position since it determines whether you are likely to pay accounts on clip in the hereafter or not.

Gold and Platinum Cards: These are credit cards issued to high-end earners. These have got high or no credit limit. They come up bundled with a number of services and benefits not available to a criterion cardholder.

Annual Percentage Rate (APR): It is the annual interest rate or percentage you pay on the outstanding balance of credit as an interest or fee. It is also called annual interest rate.

Annual Fees: Annual fees is basically a care fee that the credit card issuers charge from the cardholders annually against the costs incurred in maintaining accounts and providing services.

Introductory Period: Credit card market is highly competitory in United Kingdom so a number of credit card companies offer a low rate of interest on outstanding balances on your account for an initial period. This initial time time period is called introductory period, which can endure for 6 to 12 calendar months depending on the offer.

Balance Transfers: This is another term that have emerged out of the credit card market competition in UK. State if you have got an outstanding balance in your account on which you are paying interest but you happen another market offer that brands your pocket breath easy then you can transfer your outstanding balance to a new account by paying certain percentage of balance transfer. Some credit card companies offer balance transfer as low as 0% inch introductory period.

Reward Program: It is a point-accumulating programme based on purchases or transactions made on your card. You can deliver your reward point against cash back, price reductions or free air miles according to the programme you inscribe for.

PIN (Personal Designation Number): It is the secret codification chosen by you for your card. You can access your money and execute banking transactions through the standard atmosphere or do purchases without sign language a sales reception at merchants that have got pin pads, using this code. Don't share your pin with anyone.