A Bankruptcy and Debt Relief Lawyer and Attorney Andy Miofsky

2249 Pontoon Road, Granite City Illinois 62040

An Illinois Bankruptcy Lawyer and Attorney 618-931-1313 Offering Chapter 7 and Chapter 13 Bankruptcy Attorney information in Madison, St Clair & Southern Illinois counties

Credit Repair
Credit Repair programs and Debt Settlement companies offer to improve your credit score and eliminate your debt.  Many times these companies' offers are too good to be true.  Use extreme caution when you trust you financial future to quick and easy credit repair and debt settlement scams.

A credit repair operates like this.  You pay a credit repair company for a letter to send to the credit report companies.  These companies get account information from people you owe money.  The credit report is a history of who you owe, how much you owe and your payment history for that account.  From this information, credit bureaus calculate a credit score.  The more bad information on you credit report, the lower your credit score.

When you send a dispute letter to a credit bureau, you are telling the credit bureau that you believe the information on your credit report is incorrect.  Then the bureau asks the creditor to verify that you owe money to the creditor and that your owe the reported amount of money.  This process occurs even if you really owe the money.  Here is how the scam works.  The disputed information will temporarily come off your credit report while the matter is being investigated.  This might lead to an corresponding temporary increase in your credit score.  Once the disputed information is verified, the information returns to your credit report and lowers your credit score.  Within days, or weeks, you are right back where you were before you sent the dispute letter.

There is absolutely no reason to pay for credit repair and dispute letter instructions because the Federal Trade Commission has the information and letter on a free webpage for people to use when there is a legitimate dispute.  Credit repair programs merely give you the same instructions and form letter.

Debt settlement programs offer to eliminate your debt for pennies on the dollar.  Actually, most debt collectors will settlement an account for 40% to 50% of the total debt and you do not have to use a debt settlement company to get this result.  For further details on debt settlement programs, read the debt settlement page.
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