This may be the perfect time to repair your credit rating.
Beware who you are dealing with though.
If you decide to respond to
a credit repair offer, beware of companies that:
- Want you to pay for
credit repair services before any services are provided;
- Do not tell you your
legal rights and what you can do-yourself-for free;
- Recommend that you not
contact a credit bureau directly;
- Suggest that you try to
invent a "new" credit report by applying for an Employer
Identification Number to use instead of your Social Security Number;
- Advise you to dispute all
information in your credit report or take any action that seems
illegal, such as creating a new credit identity. If you follow
illegal advice and commit fraud, you may be subject to prosecution.
Under the Credit Repair
Organizations Act, credit repair companies cannot require you to pay
until they have completed the promised services.