Wealth-Coaching

So you’ve missed a few payment or you even a some charge offs or bad accounts on your credit profile.  The truth is that you are among most of the population.
 
Although you may not realize it, there is a way to restore your credit, some options are valid while others could land you in prison for fraud.

Many people are approached and solicited to hire a credit repair firm that promises to eradicate poor credit information in a matter of weeks.  If you are considering this, you should know a couple of things:
 

• It is illegal to start a new credit file under an IRS Employer Identification Number - this is a felony to use two numbers or another number in place of your social security number.
• Disputes are free and can be done online, paying a company to file disputes until the record is changed is a waste of money.
• Some ‘legal’ firms that praise their credit repair services are using the above tactics, be careful that you don’t get caught committing a felony.

 
The bottom line is that credit files are only truly repaired by making good payments and keeping your debt under control.  Be sure to obtain a copy of your credit report on a quarterly basis to ensure your information is reported correctly.