New Credit Laws

Starting the first of April there are new federal laws passed to curve the credit repair companies from ripping off the consumers.

1. Talking money from consumers before services are fully performed.
2. Must be a written contract with full disclosure.
3. Must list all services such as cost and time it will take.
4. There is a three day cooling off period with a right to cancel. Any contract that does not comply with the law will be void.

So buyers, beware when you are told that a company can erase bad credit. Make a new credit identity for you or clean up your credit history. Good luck and have a nice life.

Credit Repair

I know you have seen adds on TV about how you can repair your credit. Many of the adds are deceptive. They promise to clean up your credit report and increase your credit score. They will go so far as to say certain transactions that would affect your score and will be erased. Of course this is not true and it is just part of the con.There are some good news on this front. Starting April first, a new federal law has been passed outlawing these bogus claims. These companies target people who are out of work,or deep in debt because of medical bills. They charge hundreds of dollars for their services but it is just a rip off. Tomorrow we will examine the new law in depth. Have a nice life.