Posted on21 July 2010.
Question by pcmkrfn: What can you tell me about companies that offer “Credit Repair”?
Have you used a service like this? Pros, cons?
Best answer:
Answer by P J
They can do nothing that you can not do yourself.
What do you think? Answer below!
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I would just caution you to do your homework on them thoroughly. If possible use a local company rather than an internet company. When looking at their website make sure you can access a mailing address and phone numbers.
There’s no such thing as credit repair… Below is a good site for you to read about this…
http://www.ftc.gov/bcp/conline/pubs/credit/repair.shtm
if you have the discipline and ability to pay your bills, even if they are the minimums to start with, your credit score will improve. one of the most important factors is timely payment. Show the lender you can pay ontime, and they may help you with the interest rate they are charging.
It’s a con. Don’t get involved. There is NO WAY to “repair” your credit except by paying your bills, or by being summoned to court and having them excused due to inability to work and/or penury. Bankruptcy is another way to deal with it, though of course it does not repair your credit.
I’ve never used one, but I listen to a financial Q & A radio call-in show “TheDolans” (in the NYC area it’s on WOR-AM every Sat from 10-12am). There I learned that
1)most, if not all, charge a fee (even the nonprofit ones)
2)even a consultation with a Credit repair service will show up on your credit report.
3)quite a few of them are shady
If at all possible, avoid using a credit repair service.
many are scam artist themselves and you pay them to do something you can and should handle yourself.it is easy if your accounts are in collection already deal with the agency yourself that have the accounts.if you are able see if you can reach a settlement which can save you hundreds or thousands of dollars.to do that they will want a lump sum payment to settle the account for less than is owed within a month of the agreement.if they are not in collections yet then call and set up a payment plan that you can live with and is acceptable to them and make sure to follow through.it is very important.you can do this.good luck.