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What Do Credit Repair Companies Do?

By: James Miller

To thoroughly understand this article, here are some definitions of common terms you may come across. A debt management company helps you re-arrange your finances to get you out from under your debts. However, they usually charge a fee for their involvement and they may even suggest obtaining further lending!

The National Debt Line is a nationwide call-in helpline. It provides free, impartial and confidential counselling to persons on handling debt difficulties in the United Kingdom. Their telephone helpline is on hand seven days a week and in addition, they have an internet website that has a lot of practical assistance and counsel on it. National Debtline is a branch of MAT (the Money Advice Trust, and is a fully registered charity. MAT (the Money Advice Trust) gives individuals an organized approach to controlling serious personal debt so that they might take back control of their financial affairs.

Experian is one of the important credit referencing agencies in the UK. Lenders will go to credit referencing agencies to determine the suitability of a potential borrower founded on their financial history. This is called a credit report. As with all consumers, you can apply for a copy of your credit file from Experian so that you can confirm that all the information on it is right and that your financial details have not been used in a fraudulent manner.

A credit score is a tool that prospective loan providers use for appraising the credit suitability of an applicant. Lenders will check the potential customer's credit file, the facts and figures within their credit application and the specific loan required Lenders will then utilise a numerical rating system to assess the size of 'risk' implicated in lending to the prospective client.

A 'CCJ' refers to County Court Judgement. This is a judgement pronounced by a County Court connected to someone who remains in debt to others (a person or company) or a circumstance where they have violated the conditions of a credit contract. A County Court Judgement will set an affordable instalment plan with the intent that the one who is in debt can repay what they owe. CCJ's are noted on public record and will have an influence on the debtor's potential of being granted more credit for the following 72 months.

Credit repair companies advertise that they can free you from the problems associated with bad debt and can 'clean up' your credit report. You may have seen the ads saying: 'We can repair your credit!' Or: 'We can get you a mortgage/loan even if you have bad credit'.

However, you should be wary of companies that advertise this service. They may use illegal methods of 'cleaning' your report or may be using the service as front for what they really do - providing high interest loans.

These credit repair companies cannot remove county court judgements (CCJs) from your credit report. CCJs can only be removed once they have been discharged or if they have been incorrectly granted.

Anything that these companies say that they can do, you can do yourself - and at no cost.

Simple things like checking the accuracy of your credit file (contact one of the major credit reference agencies such as Experian, CallCredit or Equifax for a copy for around �2) may help in repairing your credit. This is because your credit file may hold some inaccurate data. So, if you find and put right inaccuracies; make sure that you are on the electoral roll; and remove any no longer valid financial connections, this will help repair your credit.

Article Source: http://www.article-exposure.com

James Miller also writes on other issues about unsecured tenant loans,graduate loans with bad credit and related to flexible car loan.

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