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Friday, November 20, 2009



A good credit history is critically important for the consumer. A bad credit will prevent you from getting a business loan, owning a home, or even a job. Promises to "fix" your credit are always made by credit repair companies, but they are seldom true. Here are some of the important tips to avoid scams:

  • First things first. Negative information cannot be erased if the information is correct. Only inaccurate information can be corrected in your credit file. Credit file information remains on your record for seven good years from the time it is reported to the bureau. For bankruptcy, the information remains on your record for ten years. All the consolidated information about your credit bills you fell behind on, but are now paid, will remain on your report for the time period mentioned above.
  • Do not pay the credit repair company unless their promises are kept. Remember, the law is on your side. Federal law requires credit repair companies to give you a complete detailed explanation of your legal rights, a completely documented written contract, and above all, 3 days to cancel. This applies to all credit repair services including for-profit services, non-profit services, creditors and credit unions.
  • Be wary about emails you receive. When you hover your mouse over the link in the email, you will know for sure if it is a trusted website or a fraudulent one. If fraudulent, report it to your bank promptly.
  • Unless you are very well aware of the company, never give any sensitive information like social security number or credit card information over the phone. If you have received a call, you have to be all the more careful.
  • Do not work with a scam company who will offer you to create a new identity. If you are not comfortable, simply don't do it or you might make matters worst.
  • Ask questions and seek the correct answers. A good number of questions will give you some important clues on selecting the right company to work with.
  • If you intend to work with a company, check it out with your local BBB or a consumer protection agency.
In order to repair your credit without getting scammed, check into consumer credit repair or other certified credit repair services. Check references and make inquiries with local police and consumer groups to make sure that they are legitimate, and follow their suggestions to help you to attain a debt-free life without the worry of credit scams. It may take longer this way, but it will be worth it in the end.




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Current Mortgage Rates*

Loan Type
National Average
30-yr. fixed4.75%
30-yr. fixed jumbo5.25%
15-yr. fixed4.25%
15-yr. fixed jumbo4.75%
7/1 ARM4.38%
5/1 ARM4.00%
3/1 ARM4.00%
1-yr. ARM3.62%
1-yr. LIBOR ARM4.38%
10/1 ARM4.62%
*Mortgage Rates Updated: 11/20/2009