According to the New York Times and information on the fair credit reporting act, it is a good idea to check the references of credit repair agencies because while credit repair is legal, some companies are not. But the fact remains that a bad credit score is going to affect how much money Americans pay on interest each year / month. One of the top credit repair companies, New Day, with branches in Dallas and Houston, among other major cities across the US has weighed in on the subject telling us that “right now in the US, people are sensing the urgency to get their credit fixed because of the major opportunities that exist for first-time home buyers. They are also wising up to the fact that a traditional loan for 15 years is the best case scenario as opposed to an FHA loan. With that kind of loan, while little money down is needed, it still requires mortgage insurance, which could cost hundreds of dollars per month. So in the long run, people are starting to think in terms of decades and not just years.”
Texas credit restoration is among the top market in the country for amount of people needing repair. This has given rise to many different businesses surrounding the industry. Among them are some potential scam artists who prey on the elderly and misinformed. They will make claims that they can clean up credit, and all they need is a social security number and a credit card number. This information, while needed by legitimate companies as well, is all anyone needs to steal your identity and add negative marks to your credit. How do you know the scammers? Because the only information they want is a SSN and or a credit card number. A legitimate credit repair company, like Lexington Law or New Day Credit, will always ask many more important questions and require some specific documentation and info in order to get your FICO score repaired.