Theme: Albuquerque Recommends Help Individuals Avoid Credit Repair Scams
December 28, 2009Albuquerque lawyers report that bankruptcy filings increased 43% in 2008 in response to the financial downturn that accelerated at the end of 2008. This trend also represents an upswing of filings even though new reforms were put into place in late 2005 that dictated who could file and under what circumstances. As result, a whole industry of credit repair businesses has sprung to life. And while their claims are seductive to those mired in debt and desperate for a solution, go forward carefully, for this solution may not be all that it seems.
According to the Better Business Agency, complaints against credit repair companies rose 38% in 2004 and have been on a steady rise since. Inflated claims of producing clean credit histories from dismal credit reports are tantalizing to those bogged down in defaults, late payments and foreclosures.
Attorneys in Albuquerque remind you that a credit repair company can do nothing for you you can’t do for yourself. The only way to remove negative items from your credit report is either for the item to age out (meaning that it automatically drops off your report after around 7 years) or you challenge the item to the credit agency with proof the item is incorrect. Period. There are no other ways to remove negative items from a credit report.
When approached by such agencies, either by phone solicitation or junk mail, lawyers in Albuquerque offer the following red flags to look out for: