If you have made some mistakes with credit and you find yourself with an unfortunate credit report or a low credit score, it IS possible to get back on track with some time and effort. (Click here for smart tips on boosting your own credit.)
But in some extreme situations, getting help from a qualified credit counseling agency is the way to go. In fact, I did just that when I was struggling to make loan payments after college. And it helped. If you do seek credit help, beware of bogus agencies. Here are some taglines, compliments of the Federal Trade Commission, to watch out for:
“Credit problems? No problem!” “We can remove bankruptcies, judgments, liens, and bad loans from your credit file forever!” “We can erase your bad credit — 100% guaranteed.” “Create a new credit identity — legally.”
If an agency is touting a claim like these, its probably a scam. Other red flags: the agency wants you to pay for services before you’ve received them, theyre discouraging you from contacting the three main credit reporting agencies, or they aren’t identifying ways you can help yourself for free.
So how do you find a counseling agency that’s legit? One trick is to ask for a referral from your financial aid office or accountant. You can also check out an unfamiliar service with your state consumer protection office. And check to see if the agency is registered with the National Foundation for Credit Counseling (NFCC) or the Association of Independent Consumer Credit Counseling Agencies (AICCA).
Bottom line? Most credit problems can be tackled sans professional help. But if you do call on the pros, make sure thats who you are really reaching.
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