FAQ's re: Mortgage - Money - Finances

By Kay Pedre, GRI, REALTOR

 

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Looking to buy a house but need money help? 

Be careful.


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Warning: Be Cautious of Debt Consolidation and/or Credit Repair Companies ​

If you're looking to improve your credit, be wary of credit repair companies that make big promises but deliver little results. While some companies operate legally, many take advantage of consumers by charging high fees for services you can often do yourself for free. 
 
 Red Flags to Watch For:  

🚩 "Guaranteed results" or promises to erase negative credit history – No company can legally remove accurate negative information from your credit report. 
🚩 Upfront fees before any services are performed – Charging before services are rendered is illegal under the Credit Repair Organizations Act (CROA). 
🚩 Asking you to create a new identity or dispute accurate information – This is fraud and could lead to legal trouble. 
🚩 Pressure to sign contracts quickly without reading the fine print – Always take your time to review agreements carefully. 
🚩 Lack of transparency or refusal to explain your rights – A legitimate credit assistance service will educate you about your credit rights. 
 
 What You Can Do Instead: 

✔ Check your credit report – Get a free report from AnnualCreditReport.com (https://www.annualcreditreport.com) and review it for errors. 
✔ Dispute inaccuracies yourself – You can dispute incorrect information directly with credit bureaus for free. 
✔ Pay down debt & make timely payments – The most effective way to improve your credit is by managing your finances wisely. 
✔ Work with a nonprofit credit counseling agency – Organizations like the National Foundation for Credit Counseling (NFCC) offer legitimate credit guidance. 
 
 Know Your Rights 

Under the Fair Credit Reporting Act (FCRA) and the Credit Repair Organizations Act (CROA), you have the right to: 
- Dispute inaccurate information for free 
- Receive a written contract before services begin 
- Cancel a contract within three days without penalty 
 
⚠ Before working with any credit repair company, do your research! Check online reviews, complaints with the Better Business Bureau (BBB), and reports from the Consumer Financial Protection Bureau (CFPB). 
 
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If you have any questions about credit and homeownership, I’m here to help!

Contact me, Realtor Kay, with any questions you may have or to obtain a CMA or (954) 882-1864

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