Cleaning up your Credit History

November 10, 2008 in Home Buying
Tags: credit, credit cleaners, credit history, Credit Score, improving credit score

Consumers with less than perfect credit often look for and fall victim to agencies that claim to boost credit scores so the consumer can qualify for a home mortgage.   The empty promises made by credit repair companies include removing accurate events such as late payments, collections, foreclosure and bankruptcy from your credit history.  Consumers should beware of such claims as these companies are often unable to deliver and could possibly have more of a negative impact on your financial position.

Companies that charge an upfront fee and claim they can legally remove information from your credit file are being investigated by the Federal Trade Commission after thousands of complaints across the country.  The truth is consumers can not remove accurate information from their credit history.  Only incorrect information can be removed from credit files and the credit cleaning companies can do nothing more than an individual could do on their own without paying hundreds of dollars. 

By reviewing your credit file and asking inaccurate information be removed you can begin the process of cleaning up your own credit file.  In addition contacting creditors and paying off outstanding balances it the best path towards improving your credit history.   Contact me for more information.  Copyright©2008 Sandra Bundy, Broker-in-Charge, B&P, Inc. This work may not be copied or reproduced in any manner without the express written consent of the Author.