How Can I Receive an Explanation of My Credit Score From the Credit Services Organization
One of the most difficult decisions to make when you are facing large credit card debt is deciding if you should hire a credit services company to negotiate with your creditors for lower interest rates or if you should seek credit counseling. When considering credit counseling, there are many factors to consider. Digital Waves of the main factors to consider is if you will be able to receive any type of benefit from the credit services company. A major benefit to you is if your credit score goes up because of credit services. However, if you cannot qualify for any type of benefit, it does not make sense to pay for credit counseling.
Sunrise Credit Services, Inc. is a legitimate and not an illegal debt collector. Theyve recently been hired by your older creditors including a large bank or credit union to collection payment from your delinquent accounts. SCS can also have bought the debt for themselves to profit from your late payments.
As consumers, we all want to believe that the credit reporting bureaus are doing their job and are keeping our credit reports honest. Unfortunately this is not always the case. There are many instances in which credit repair companies and debt collectors have abused their rights under federal law. Digital Waves (FTC) is responsible for regulating the advertising practices of credit repair companies and debt collectors.
According to the FTC, debt collectors cannot call you at work, hit you with a lawsuit, threaten to take away your car or other property or take any action to attempt to get you to pay the full amount of your outstanding debt without first obtaining your permission. If you are contacted by a debt collector, it is important to document the date, whom it was directed to, and the name of your credit report that was affected. This information will be needed later when you decide if you want to pursue the collection account or if you want to try to resolve it without going to legal trouble. You should also keep track of the total amount of money your collection account is costing you and document this as well.
An even bigger problem than the collection account on your credit report is inaccurate information. Inaccurate information can affect your ability to get good credit or to obtain any type of financing. A credit repair company can help you with this situation. If an error is reported on your credit report and you do not have proof of an error being made then the creditor will not correct the inaccurate information and you may be charged additional fees for the mistake.
An additional problem regarding debt collecting agencies and credit repair companies comes from the penalties that can occur for disputing inaccurate information on credit reports. Many times the penalties are in excess of one hundred dollars. For some consumers this can be a disincentive to trying to correct inaccurate information. Often, the payments will stop but the interest will continue. Eventually the collector will call you and the situation will become even more troublesome.
Finally, there is the issue of abusive phone calls. You might not be aware of all the things that the credit bureaus have been known to do including calling your family members and friends in an attempt to collect money that is owed to them by the debt collector. A credit repair company will help you put an end to this kind of behavior.
The information provided here should help you determine whether you need to use a credit services organization to help you with inaccurate information on credit reports and other matters. Remember that it is not necessary to pay money in order to improve your credit reports. There are many inexpensive methods that you can use to fix your credit scores. All you need to do is to be persistent, determined, and follow the instructions of the credit bureaus.
