I often wonder how many people incur bad debt over a life time, how many bankruptcies are filed and how many lives are destroyed over the sake of credit! With that said it begged the question in my mind is Credit Repair Cheating or not? My personal take on it is that No it is not. From what I have read several financial gurus frown at the idea of credit repair because it does not teach you the necessities of managing money. Credit report to some is a solution to remove bad debt just for one to incur more. It is simple a band-aid to bad debt. Although I did agree with several of the points that had been made in several of the articles, I still disagree.
What many people don’t know is that you can use credit repair as a form of solution to help get you on the right track however it is important to use it as only a stepping stone. Many companies write off bad debt and sell your debt to a collection agency for a very minimal and I mean very minimal fee to whomever. That’s not the disappointing factor. What is; is that an unlicensed collection agency can have purchase your debt, your personal information and not even be licensed to collect debt in your state. Is it legal “NO!” Most collection agencies “seem” to bank off of the consumer’s lack of knowledge. You can fight back, but remember that knowledge is power. Read up on how to protect yourself and most of all do what you can to stay debt free by maintaining a budget and clear up any old debt if you can. Stay blessed and keep striving!
*To get more info on fighting credit and credit regulations contact your local commerce office or go to http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre18.shtm.