In that case, be sure you get the best bankruptcy advice available in the market. Do not look at the money at this time; even if you have to spend your last penny, go for the best bankruptcy attorney or professional, and let them give you personalized bankruptcy advice on how to best deal with your situation.

There are plenty of measures that can save you a lot of trouble in the future – or get you in trouble, unless you take the right bankruptcy advice.

student loans. Now you need to prove that the repayment will cause undue hardship to you and/or your family before the bankruptcy

clause will become applicable in your case. “Undue hardship” in this context is interpreted as living below the minimum standard of

living.

In case you have trouble with repayment, instead of considering bankruptcy, it’s better to consult an attorney or a credit repair or

finance professional who will  offer you the best solutions available in your case. Often solutions are not easy to see to the lay

person – but with the right guidance and information you will be able to find better ways out of the financial crisis than filing for

bankruptcy.

1.There is no guaranteed outcome; if there is any guarantee related to repairing of credit repair, you are walking into a credit repair scam.

2.There is no quick-fix outcome; if anyone tries to convince you that this process can be fast-forwarded, beware! He or she will be promoting some type of illegal ploy.

3.You cannot change your SSN number, nor can you have get a “new credit report.” If the agency offers you a “new identity” or “new lease on life” beware! … this is highly improper and illegal.

4.You should not, and cannot, dispute everything negative entery on your credit report. If this is the process the credit repair agency plans to use to improve your score, that agency is among hundreds of credit repair scams that prey on the market of gullible people.

1.Do not leave this decision for last. You want to have quality, so take your time researching and comparing the best there is on the market, within your budget. Experienced bankruptcy firms are always better than fledglings because they will be able to see many dangers that might not be visible to you.

2.Do not cut costs here. Good bankruptcy firms will not come cheap; however, even if you are hard pressed for money at the time, it’s well worth it. This will save you not only money but also much heartache.

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The method by which you can settle debt without bankruptcy has three steps:

1.Suspend payment to your creditors for a few months and pile the money into a saving account under the guidance of a reputable debt negotiation agency.

2.Let the credit repair agency take over. The moment you stop payment you will invite hounding collection on behalf of your creditors. Let your agency handle it.

3.The third step of settling debt without bankruptcy is to negotiation for better terms. Normally a agency will have experts negotiators who will be able to cut your outstanding loans by as much as 40-60%.

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You will also find professionals of high repute who will do their very best to restore your credit to “good health.” But that leaves one with the problem of how to go about finding which companies are reputable and how to stay safe from the traps the fraudulent credit repair business agents lay for you. Contrary to common belief, picking out a deceptive credit agency isn’t so complicated. The first warning sign is when the business you are looking into purports to repair your credit “quickly.”

Because your credit history was formed over the span of many years, it’s just not possible to improve your credit score overnight. If you hear a credit repair business tells you they can perform what you know is not possible, you need to back off, because they are definitely fraudulent!

In addition there are other warning signs you should look out for as well. The deceitful “professionals”, in most cases, will require full payment upfront.

A credit repair organization, under federal law, may not charge their entire fees up front. No matter how bad your credit report is, do not pay in advance of any services being rendered.

A less-than-reputable credit repair business is more than willing to use illegal methods. They will even advise that you use illegal means and talk you into thinking it’s OK to do so, since they have somebody on the “inside” in the credit bureaus who can cover up for them and you.

Make sure you don’t fall for these kinds of lies! Do not accept any tactics in order to improve your credit unless it’s 100 percent legal. No matter how bad your credit problems, they’ll be made so much worse if you’re caught trying to amend the situation illegally. You are primarily responsible when your credit report is repaired through illegal means; therefore, you can be prosecuted if caught breaking the law. Everything considered, it just isn’t worth risking it!

Another simple way to establish whether the credit repair business you’re considering is reputable, is to ask that they help you understand more about repairing credit. A reputable agency will be happy to give you guidance and advice (and possibly some “hand holding”) in your quest to learn more about how to repair credit. A trustworthy business will work as a facilitator, while a fraudulent company will be resentful and wary about sharing information in regard to repairing your credit.

Does that surprise you? Let’s take a look at it.

When you’re looking to get your credit fixed “fast”, you are leaving yourself open to corrupt credit repair services that are conceptualized and marketed exactly along these lines. Here are five important tips that will ensure you get the best credit repair services, and not get involved with corrupt credit companies.

Tip No 1 – trustworthy credit repair agencies never advocate quick-fix methods to help your credit report or score. Rather,, a trustworthy credit repair agency will make sure you are informed as to what credit repair services you can expect. These services will be spelled out in a contract. Be sure to insist on having a contract; and if the contract is absent, it’s a dead giveaway that this agency and the credit repair services they offer are fraudulent.

Tip No 2 – All the above board credit repair companies will make you aware of your rights and guide you regarding the credit repair services you can do for free. Things such as getting a free annual credit reports from the three bureaus, detecting errors in your report, disputing those errors, managing your finances and so on, are things that you may, at one point in time, do on your own.

The company will teach you what you can do yourself with little effort, and what will better be left in the hands of professionals. The trustworthiness of the credit repair company you are considering can be determined based on these kinds of interactions.

Tip No 3 – No reputable credit repair agency will ever hint at using illegal means. There will be agencies that advertise a “new identity”, complete and guaranteed removal of bad entries, increase of a poor credit score overnight and so on.

Please! Before you take such claims seriously, visit the Government site of the Federal Trade Commission (FTC) and checked out what it says about repairing your credit score. You will then understand that the credit repair services promised by companies such as these are fraudulent and even illegal in some cases.

Tip No 4 – Every trustworthy credit repair company offers, as a part of their services, quality counseling without additional charge. As we have already discussed, an ethical credit repair company is always prepared to help you become financially self-sufficient. They will be prepared to offer you top-quality credit repair services and at the same time show you what you can handle on your own. If you find that the agency discourages you from learning about credit repair, contacting a credit bureau, and/or discourage you from taking any action on your own, than you would be well advice to look for another company.

Tip no 5 – I am leaving the best tip for last, because this is what will remain in your mind long after you finish reading. Look into those organizations with which your company of choice is affiliated. As an example, many leading companies of this industry adhere to the code of ethics outlined by the ECRA (Ethical Credit Repair Alliance), which ensures that you – the customer – get the best possible credit repair services. Make sure the agency of choice has membership in a recognized regulatory agency.

1. Check to see that the company is a member of the Ethical Credit Repair Alliance (ECRA) or a similar organization.

You You are often advised to choose businesses who have membership in the BBB (Better Business Bureau) when considering whether to hire a service. But when evaluating credit repair companies, those businesses that are members of the ECRA are most likely to be the best choices.

This body has its own stringent codes of conduct and any business that gets their approval will give you their best services. All credit repair companies that find approval under this organization must maintain high standards of ethics in dealing with their clients. This means protection for you, the consumer, from being “taken” by a predatory scammer.

2. Know what credit repair is before seeking help. Most of those who end up being scammed while they are seeking ways out of a financial jam, have no prior knowledge of what credit repair is all about. It’s important to know what what these companies are able to do and what they cannot do.

Only if you have knowledge of the difference, will you be able to distinguish those companies in which you can place your trust. For example, no one can remove derogatory accounts on your credit report if those accounts are verified by the credit bureaus.

Many credit repair companies telling you that they can give you a clean credit report within a month or less. Think carefully; is this even possible to do legally? If the answer is negative you would do better to pass.

3. Never accept unsolicited offers by e-mail. It’s not fate that sent you an email offering to repair your credit at a time when you are desperately looking for help. These kinds of e-mails come from fraudulent businesses who use shady methods to get your e-mail address, and are sending out millions of spam emails trying to fool a person desperate for help whom they can scam for all they’re worth!

Never be fooled by such shenanigans. In the vast majority of cases these are unscrupulous thieves hoping to prey on the unwary. Reputable credit companies will contact you by e-mail or US mail only after you have ask for them.

4. It is illegal to create a “new identity.” This is the “Big Lie” many people fall prey to, the reason being that it looks like the “magic solution” to all their difficulties. This idea is so widely accepted due to a general ignorance regarding credit repair. This is called”File segregation.” Avoid it like the plague – it’s illegal!

Your credit score is a reflection of your payment history from the onset of adulthood until the present. How can you get a second and “new” such history? And since it’s not possible, any attempt to do so would have to be illegal. So it’s clear that the credit repair companies that offer you such a way out of your problems are fraudulent.

5. Demanding complete payment upfront should raise a “red flag.” The Credit Repair Organizations Act (CROA) stipulates that the agency must provide you with a written contract and that they cannot charge you a fee prior to completion of the services offered. In addition you have three days to cancel the contract if you so choose.

There are companies who do charge an upfront fee for an initial consultation, and charge monthly fees after that as they follow up with the credit bureaus on a continuing basis. But if a company demands their entire fee be paid in advance, chances are the reason is because they realize you will not be inclined to pay later when it becomes clear that their claims have been overstated. Organizations such as these are fraudulent and you would do well to avoid them!

6. Credit repair won’t happen overnight. As we discussed, no reputable organization can solve your credit problems in the blink of an eye or change your credit history entered on the credit report if it can be verified.

In a best case scenario, less serious issues can be fixed within two or three months, by removal of mistakes, and by means of changing your habits so as to pay your bills on time. More serious derogatory items such as leans and foreclosures remain on your report for 7 years ( bankruptcies for 10), notwithstanding the best management of your finances.

If there are bankruptcies, they will be there for 10 years. “Guarantees” that these can be removed overnight means fraud.

7. No contract? Forget it! If you don’t want to be ” taken” make sure there is a contract; and according to the law, this is your right. Dishonest agencies would prefer there’s no contract, and if they do there will be information missing on various aspects of the services to be provided, what the fees are, and the like. You will learn a lot about these businesses based on their contract. And if there is not a contract, do not hire them.

8. If a company makes any guarantees, do not trust them! Not even the best and most experienced agencies will make guarantees in regard to results of their credit services. After looking at your credit report, they can promise to use all legal means to affect improvement in your score. But to guarantee results is dishonest and unrealistic.

Unfortunately, due to the nature of human beings, most people are more inclined to believe – and to hire – an agency that tells them what they prefer to hear, rather than hire a credit repair business who gives them an honest and truthful assessment of the situation. Avoid falling prey to this trap! Even though you would prefer to hear about guaranteed results, credit repair companies that guarantee they can achieve given results are not telling the truth.

9. See if counseling services are offered. Most reputable credit repair companies provide them for free. If the agency you are looking at does not, look a bit beyond. It might not be a trustworthy agency. All agencies of repute encourage and educate people on how to repair credit. The company performs those services that are for those matters that need professional intervention to improve one’s credit.

10. If you’re given wrong advice, look out! There are those businesses that encourage you to dispute every derogatory account on your credit report writing “this is not mine..” Although the short-term results may be impressive, the creditors whose remarks are thus disputed may later counter it, and the bureau will verify it with subsequent investigations.

Given the poor record keeping habits of the credit bureaus, the probability is very high that any trade lines on your credit report has mistakes regarding the details. But credit repair companies that advise you to claim “this is not my account” if this is not truthful, are not worthy of your trust.

As you can see, there are plenty of red flags along the way to warn against possible fraud. The first and most important thing you should do before you seek the services of credit repair companies it is to become knowledgeable regarding credit repair matters. You also need to know the minimum applicable laws before you go for any type of credit repair help. A good way to begin is to visit the FTC Bureau of Consumer Protection website and the Ethical Credit Repair Alliance.

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First of all, never carry more than one card with you.
Secondly, ensure that you do not have any pin number or any other such vital information in the same place as the card.
Third, register in your cell phone the customer service phone number where you can inform within minutes if there is a credit card theft.

Know what the formalities are, how long it takes and what it takes to get a replacement. It’s very frustrating to re-issue a credit card. Therefore, you need to be aware of the process and the time the process takes. Always have the card scanned and stored in your email inbox so you can provide the details of the stolen card with accuracy and speed

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The best way to ensure that things are legal, safe and qualitative is to choose a credit repair agencies and agent that belongs to a nationally reputed and recognized regulatory agency, such examples are the BBB (Better Business Bureau) and ECRA (Ethical Credit Repair Alliance). Such regulatory bodies not only ensure high operational standards, but also monitor the member agencies constantly to ensure that they offer quality legal credit repair to their customers.

Another way to ensure that you are making the right choice is to research carefully the reviews and feedback written about the company in question.

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1. The charges – unscrupulous companies will ask for their fees up front. The reason is that they know they will not or cannot deliver on their promises and they don’t want to wait until you find out. Normally, a reputable agency will usually charge on a “services rendered” basis that includes a retainer fee and subsequent payment at various levels of intervention.

The charges will always reflect what services are rendered. Ensure that you research the market closely both at the regional and national level to give you an idea of about what fees you should expect.

2. Getting your credit report corrected – competent credit repair services will correspond repeatedly with the three credit bureaus, Experian, Equifax, and TransUnion, until all the mistakes have been taken off your credit report. To accomplish this concerted effort and repeated follow-up is essential.

3. Provide you with the knowledge to be financially self-reliant – you will only be using the company services for a relatively short time. This is why you must learn good money management on your own. Good credit repair services will help you to become financially savvy.

The company will guide you on the way until you learn about how to monitor the entries by obtaining free credit reports at regular intervals from the three credit bureaus, how to contest wrong entries, and most importantly educate you in the matters of sound financial principles in order for you to maintain a high state of credit worthiness.

4. Customized approach – credit repair software will often be utilized by the company you hire. But this alone is inadequate. Everyone’s situation is unique, and the “cookie-cutter” approach of a computerized service alone will not do the job. The best credit repair services will shun the “cookie-cutter” approach and individualize their services based on your situation, in spite of the usefulness of modern state-of-the-art software.

5. Never stray outside legal means – aboveboard credit repair services will never consider using means that aren’t legal. If you have the least suspicion the agency is acting otherwise, ditch it right now!

Although you may feel a certain urgency about raising your credit score, or have your history modified to exclude things like debt collections and bankruptcy – you must understand that this cannot always happen. Agencies that promise they can do this use illegal means, and by knowingly becoming a participant you also become an accomplice. You definitely don’t want to go this route.

The best credit repair services may well provide other services in addition to those stated, but be sure to look for these at minimum. It’s a good idea to ask others you know for recommendations in making your choice.

Another good option is to insist on references. In addition, check with the “watchdog” of credit repair companies, the Ethical Credit Repair Alliance. Never be afraid to ask questions and insist on references, until you are comfortable with the choice you are about to make!

1. Years of experience – credit repair companies have had years of experience and have acquired the know-how to deal with the credit bureaus. Over the years they have repaired people’s credit many times. They are capable of achieving faster (and sometimes better) results than you could on your own.

We’ve all heard it said, “Given the know-how you can accomplish anything.” Credit repair companies already have that knowledge, and will use it to your benefit.

2. Keeps your time free – it takes a lot of time, not to mention effort, to get your credit report cleared of all errors, which are likely to be numerous. It’s essential that dispute letters are drafted correctly and continually followed up on until your credit report has been cleared of all errors. Trustworthy credit repair companies know what has to be done, and will work very hard to make certain all errors get removed from your credit report. Depending on your time constraints, getting help from a professional agency might be a very good choice.

3. Starts you in the correct direction – self learning is great, and very possible in today’s world thanks to the Internet. But we will always need to have teachers. In most any field, having a quality teacher is crucial if you wish to succeed. The better credit repair companies will educate you in financial matters in addition to helping with your credit. in fact, the best agencies will give you counseling services at no charge.

4. Monitoring – another thing you can expect from good credit repair companies is monitoring services. The credit repair process is only a start. When you’re credit report has had all the errors removed, it should be continuously monitored, especially with the threat of identity theft looming large. Close monitoring is necessary to identify additional errors, so they can be disputed and deleted. It will give you an overview of how the credit bureaus are handling your credit report.

5. Saves you money – sometimes trial and error is fine – but sometime it’s not. Improving your credit worthiness using the trial and error method could be very costly by way of high interest payments, unfavorable loan terms, and time spent. A trustworthy and experienced credit repair service will save you a great deal you would have had to pay because of higher interest rates. Their experience will enable them to get quicker results with less expense

As you can see there are lots of advantages to hiring the services of a good credit repair company. Whether or not to go this route is up to you. In the end hiring a credit repair company is simply a personal choice.

This can be avoided if more and more people perform a simple check on the background of the credit repair company they wish to engage. Run a search on Google with the prefix ‘scam’ or ‘fraudulent’ and you’ll have your answer in seconds.

Another way to ensure good and legal service is check whether they are affiliated to regulatory bodies of repute such as the ECRA (Ethical Credit Repair Alliance) and the BBB (Better Business Bureau).

* Give you correct advice about how to repair credit. They are forbidden to introduce you to illegal means to repair credit
* State correctly and clearly what are the services they will provide and charge you for
* Ask for payment only after the services promised have been delivered to your satisfaction; never pay upfront

Remember the Credit Repair Organizations Act gives you the right to sue any organization that violates the Act.

After a while, let,s say a year or so, they will realize that the due amount is steadily increasing instead of diminishing, in spite of regular payment of the minimum required amount. Not only that, but their credit score seems to be slipping away as well.

It’s time for credit cards credit repair. This means an intervention to get rid of the credit card debt. The sooner one wakes up to this truth the better!

Before I fully explain why, try identifying what actually causes you to have a bad credit score. The result of a poor credit report comes from day-to-day bad financial habits.

The roles of these credit companys is more important in preventing your slipping into an unmanageable bad credit situation, than in repairing it. Unfortunately, most people do not understand or accept this fact.

Prevention is always better than cure. These companies can help you by monitoring your credit reports for inaccurate entries, as well as counseling you when required, so you can maintain healthy financial habits.

Well, this is easier than you would think. You need to concentrate on the “Three Rs”:

• Reputation – check on the Internet with the name of the credit agency and “scam” added to your search. Look at the results carefully. If you find more than 10 complaints, dump them! That agency is bad news.
• References – ask for references that you can contact. Look for clients with whom you can interact in person. Do not be shy about asking for references. It’s often the easiest way to spot a fraudulent credit repair agency.
• Real value for money – what do they offer you in the name of credit repair? Feel free to compare their services with those of other agencies and bargain for the best deal.

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No doubt you’ve heard a great many stories of people who have gone to credit repair agencies hoping they can improve their credit, only to be ripped off by credit repair scams!

To protect yourself from these crooks, you need to be aware of how they operate.

First of all, they are keenly aware of the desperate situation of those who have bad credit. And they know that such people are so very desperate, they are eager to believe just about anything a company tells them, if they think it will help them out of their despair.

They are often so disheartened by the system, which seems downright cruel and uncaring toward  their plight, that they’ll do anything to improve their situation. Most people who seek out help are on the verge of declaring bankruptcy. It’s these individuals who are the most likely to fall prey to credit repair scams.

Why? Because they feel a great sense of urgency. They just don’t want to believe or accept the reality that fixing their credit score can take up to 12 months. Very often, they feel they are running out of time, and that unless they take drastic steps immediately, it will be too late.

Ironically, when they sign up with such unscrupulous agencies, rather than improving their financial situation, they find themselves even worse off than ever! 

If you expect to steer clear of credit repair scams, make sure you heed these warning signs:

1. They promise the impossible

These lowlifes promise they can get EVERY negative account removed from your credit report. They’ll also guarantee that your score will increase within 2 or 3 months.

Then they dispute every adverse trade line in your report. And in fact, the credit bureaus may at first remove some (or most) of the disputed items, if they can’t verify them within the 30 day time span required by law. But some time later, those items may indeed get verified.

Then guess what happens? That’s right – they go right back on the credit report!

Credit repair companies can ofter make major improvement to you credit score – but there can never be any guarantees. The company who tells you – truthfully – that they cannot make ANY promises as far as results, may not be as appealing as those who make wild promises. But it would behoove you to trust them over those who do!

2. They urge you to take measures that are illegal

They will employ an illegal tactic – having you get a new Social Security Number that has no bad credit record associated with it – in effect, giving you a “brand new identity” who has clean credit.

If this happens, run the other way! This is most definitely illegal, and can get you in BIG trouble! You’ll wish you could go back in time to when your “only” problem was having to with your bad credit!

3. They ask for full payment up front

It’s not uncommon for a credit repair agency to charge an initial fee for a credit report analysis, credit advice, or a consultation. After all, they are providing a service and are entitled to fair compensation.

But beware of those who insist on their entire fee up front! Most all of the  credit repair scammers will do this. And for good reason – they realize that once they are “found out” you’re not about to pay them!

In conclusion, credit repair scams ARE avoidable. You need not fall prey to them if you keep a cool head, do your research, and watch out for the “warning signs.” And most of all, don’t allow your desperation cloud your judgment!

For the FREE Report “The Danger Signs to look for in a Credit Repair company” sign up for the ECRA Newsletter (Right Hand side of this Page)

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But not all credit repair companies are thieves! There are lots of honest credit repair companies that provide a badly needed service to consumers.

A poor credit score can dig deeply into your bank account and fritter away  your financial resources because of appallingly high interest rates. At the same time, credit repair is a long drawn out process, which requires close follow-up and often specialized and customized appeals for removing inaccurate negative data from your credit report.

You are undoubtedly aware that there are a great many credit repair companies and credit repair lawyers ready to offer their services, but you don’t know which one to choose. You may have heard too many stories of people being scammed, and for that reason, you are wary.

Here are five factors that will help you reach an intelligent and informed decision:
 
1. Professionalism – is the company you are considering professional? Look at their web site carefully and see whether you are comfortable with what you find there.

* Is the website easily easy to navigate?
* Does it have a FAQs page?
* Do they have a live chat or fast-response email service to answer your queries?
* Is there counseling offered free by the companies?
* Does it make extraordinary claims? (NOT a good sign!)

Check carefully every aspect, and trust both your logic and your gut feelings.

2. Ethical – it is very important that the credit repair companies you choose behaves ethically. Do not be taken in by agencies that claim to be able to remove all your negative accounts, whether they are being accurately reported or not. You should expect to be able to delete only those accounts that are erroneous.

Do not be persuaded to use illegal means to increase your score. You might be inviting more trouble than you could handle. Search the Web for reviews or feedback on the credit repair companies you’re considering. Be on the lookout for any reports of scams. Check whether the company is a member of any reputed organizations such as the ECRA (Ethical Credit Repair Alliance) or the BBB (Better Business Bureau) which will require that they abide by strict codes of conduct.

3. 24/7 monitoring – credit repair goes beyond just “credit repair.” It means monitoring, education, counseling, and awareness among other things. Regular monitoring and immediate intervention when adverse information finds its way into your credit report are more important in maintaining a good credit score that just repairing it. Are the credit repair companies offering you more? Do they offer these supplementary services on their menu?

4. Reasonable – it is true that credit repair companies are in business to generate revenue. But, this should not be to the detriment of their clients. The best business relationships, ones that survive time and changes in technology, are often associated with the offer of value-for-money by companies. You must be satisfied with the price and services offered. Research these aspects well enough to be empowered to negotiate the best fee. Do not be afraid to negotiate.

5. Offer solutions – you need solutions. The best credit repair companies are those who are able to draw you out and learn about your problems in detail, so that they can come up with a customized solution for your personal situation. This is very important due to the fact that no two financial problems will be identical, and what works fine for one individual may not be best for another. Look for a credit repair agency whose goal is offering solutions – “tailor made” solutions for YOU!

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April 7, 2009
- Because credit repair is a service badly needed by millions of Americans , there will always be scammers who take advantage of other’s desparate need. That’s why it’s so important to research any credit repair company you’re considering hiring. Also make sure they are an ECRA member!

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