Repair Credit?
I asked this question the other night and really didnt get what I was looking for. Im wondering about companies that do credit repair. Does any one have first hand knowledge that these programs work or not? I DO NOT WANT ADS And please answer only if youve actually went threw this type of program thanks.
Public Comments
- I went to a credit repair workshop a few years back and what these companies do is give you letters you mail the three credit scoring companies (transunion, experian and I forgot the other company). -You are expected to write these companies letters stating that you demand a response from them within 30 days contesting every single one of your outstanding debts. If they don't respond within a certain time frame then by law, you can call these three companies and demand they erase your negative scores. A 1 means you were late 30 days, a 2 means you were late 60 days and a 3 means you didn't make payments 90 days or more on credit cards and other bills such as mortgage.
- I have been through bankruptcy, I have not been through one of these Credit Repair services. I looked into it and everything that they said sounded good as you listen to them, but when you get home and mull over the information you come to the realization that you are not going to be better off but they will. No matter what they tell you there is no free ride and you are going to pay them. A number of them are going to want to gather all of your bills together and consolidate them into one monthly payment and it will be for less money than what you are paying right now. Here is the problem with this A. all of a sudden you have more money that will enable you to spend more on additional debt, you are not better off you are in worse shape than when you started. B. If they can consolidate your bills so can you and you don''t charge you anything for doing it either. I am not a disciple of Dave Ramsey, but I have listened to him on the radio and preaches pretty much what we did to get ourselves back in the black and now we have money saved and can buy almost anything that we want to and pay cash for it. By going from least amount owed to the most expensive and doubling up as each bill gets paid off. We were so successful, that our children and their spouses are trying to emulate us. Good luck. Nothing says good credit like having several thousand dollars in the bank, before we couldn't get a credit card at all but now we recieve several cards approved for large amounts of money every week. We cut them up.
- I never used a credit repair company, but I strongly recommend against it. I've talked to dozens of people whose experience with a credit repair company can be summed up as nothing short of a terrible mistake.
- Dont use a credit repair company they will take your money they charged you by the month so ints not in their best intrest to fix you credit quickly. try this website - mix6.com they have disputes letters for free that you can download to a word format. good luck
- I have two friends that have a credit repair company. One is a realtor who only deals with people who are buying houses in the next few months. That gives him time to have things taken off and by the time they come back on they will have already closed on their house. The things that these companies do are things you can do yourself. They write letters to have things removed. You cannot have things removed if they are legit. Even if they are removed temporarily they can come back on your report and when they do your 7 years start ALL over again. Your 7 years starts from the time you contact the company. You can read up on it and do it yourself. Start with things that are not true, these things can be removed. I did mone myself and I took one of my scores up 132 points BUT that was because there was alot of wrong things on it. Dealing with thses companies is giving money away
- I have had experience sending clients to them and must say I have seen both the good and the ugly. Some charge m monthly, some charge per person and some charge per results. I would suggest asking around for references to help narrow down at least one you can expect to see results from.
- The best is a loan consolidation. In its simplest terms, a loan consolidation will pay off your existing debts and transfer the monies owed into one loan with one manageable, monthly repayment. You will still have to pay back all the monies owed, but with a debt consolidation loan you may be able to reduce your monthly outgoings, pay a lower rate of interest, or be able to spread the costs out over a longer time period. I found interesting information about your answer & options here. http://all-debt-consolidation-loan.blogspot.com/2007/07/loan-consolidation.htmlGood luck!
- Get valuable tips on credit repair from http://moneymentor.cashmatter.info . It's a very useful website.
