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Your Credit Rights
Once
you've obtained credit, it's easy to be overwhelmed. You may overspend,
become ill, or lose your job, making it difficult to keep up with your
bills. If you cannot resolve your credit problems alone or you need
additional assistance, you may wish to contact an agency like the
National Foundation for Consumer Counseling: http://www.nfcc.org.
This is a non-profit organization which provides member agencies by
location for consumers who are in debt. A counselor from one of these
member agencies will help you set up a budget and reduce your reliance
on credit. They can also, where the circumstances are right, assist in
arranging a repayment plan between you and your creditors. The toll free
number for 24 hour automated office listings is 1-800-388-2227.
Some consumers turn to companies which
claim they can fix credit problems. These companies, sometimes called
"credit repair clinics," often make misleading promises to
consumers, such as promising to remove a bankruptcy from their credit
report and charge high fees for doing the same things consumers can do
on their own. For a description of this problem, see a Federal Trade
Commission alert titled FTC
Testifies about Credit Counseling Abuses. You need not pay someone
else to learn what is in your file or to correct inaccurate information.
See the Credit Reports section in this brochure
for more information about how to get and correct information in your
credit file. If you have legal questions regarding the benefits
and consequences of bankruptcy, you should consult an attorney.
Similarly, some consumers are trying to
reduce their debts by paying so-called debt reduction companies to help
get them out of the red. These services are readily advertised on the
Internet and many of these firms charge exorbitant fees for work
consumers can do on their own. The debt reduction promises
often come at a high price to the unsuspecting consumer when the service
is never provided or these firms over promise what can actually be done
to help.
Beware of non-profit companies
that pay little attention to counseling you on personal financial
discipline and, instead, aggressively seek contributions for debt
restructuring and debt consolidation services. Consumers are often
referred to loan companies affiliated with the non-profit
organization and find themselves in a worse financial position than they
were prior to contacting the debt consolidator.
No one can fix your credit history or
repair your debts but you, through the sound management of your money
and some inside knowledge and tricks. For the inside scoop on credit
repair and finding lenders who will grant you credit go here:
Credit
Introduction | Credit Comparison |
Leasing | House
Settlements | Credit Laws |
Women and Discrimination | Credit
Turn Downs | Credit Records | Credit
Bureau Records | Credit Errors | Defective
Goods | Electronic Fund
Transfer | Loss and Theft of
Credit | Credit Complaints | Glossary
Credit Repair
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