Can credit repair "specialist" increase credit score in some magical way?

Credit and mortgage advice Forums Consumer Credit Credit Repair Can credit repair "specialist" increase credit score in some magical way?

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    • #204523
      Anonymous
      Inactive

      I’m curious about using a credit repair agency……I successfully repaired my credit 6years ago (as well as my husbands) by myself so that we would be able to purchase our first home. We are now looking to purchase a second home, but need to clean our credit AGAIN

      A friend of mine suggested using an agency that she just used and she now has excellent credit and able to get a line of credit. The fee for this service is RIDICULOUS so I’m starting to have second thoughts because I’m wondering if the amount she quoted for both my husband and myself or is that fee just for one person?

      Bottom line, is the process the same using a credit repair agency? Or will we go through the same process of disputing and paying off old bills? My friend made it sound so magical……..like you pay them this large lump sum of money and in a few months everything is clean and my credit score is back up….

      What makes the difference?
      I’ve had several friends use those agencies and they WORK
      Okay, thanks Catdad………you’re the only one the answered my question. I wanted to know what they were doing and if its any different than what I can do. My question was not whether they work or not, because clearly they DO WORK….. ESPECIALLY IF THEYRE ONLY DOING WHAT WE CAN DO OURSELVES.
      I’ve seen friends with homes use different agencies to help them clear their credit to purchase their current homes, so I already know they work, I just wanted to know if it was worth my money…..would it speed up the process any, but it sounds like there really is no difference except that I’m giving them money that I could use to pay off old debt
      just because they are not doing something that we can do ourselves it does NOT mean they are a scam. I mean, we cash our own car, but that does NOT mean that a car wash owner is running a scam, accountants are doing what we should be able to do, but we don’t consider their business a scam………So, GIVE ME A BREAK! I’m not buying the whole “scam” Especially when Ive seen the results SMH



    • #259393

      No, they don’t WORK.
      “credit repair” is a scam almost as old as “data entry at home”.

    • #261013
      Anonymous
      Inactive

      No, ready Dave Ramsey’s Total Money Makeover, he will help you.. You can get it at the library.

    • #262419
      Anonymous
      Inactive

      Per your update…these companies do not work for everyone… Accurate negative info stays for 7 years on a person’s credit report. If a person has recently defaulted on past debts, then it’s only fair that potential creditors be aware of this. This is why we have a credit history. These firms do not have computers that interface with computers at Equifax..to where they can start zapping out all negative info. All they do is dispute negative info and hope that it can’t be validated. It’s a numbers game…you can do this yourself…just don’t do it all at the same time…as the credit bureaus have caught on to the validation trick and they’ll void your disputes if you dispute too many things all at once.


      All these companies just dispute every negative item on your credit report and hope that the credit bureaus cannot validate the debts, so that they’d have to remove the negative items from your credit report. If you’ve already done this before, then you don’t need to spend big $$$ with a 3rd party firm, use the money instead to settle debts.
      – Even if you successfully dispute accurate negative items off your credit report, they might be put back on in another reporting cycle
      – Disputing old debts can stir up a hornet’s nest in some cases…as the collection agency might decide to start aggressively coming after you for this debt.


      You can dispute debts yourself by doing this: Send a written request for each negative item on your credit file with this simple statement:

      Per the Fair Credit Reporting Act, I am requesting written validation of this item.

      Do this one at a time for each item, not all at once. This is exactly what credit repair people do. You can do this yourself for free. There is NO guarantee that this will work…all items might come back validated.


      Paying back non credit card defaults can help your credit rating….but paying back defaulted, charged off credit card debt won’t help your credit. Assuming you have money saved up to offer settlement, then offer to settle each non credit card default @ 25% and go from there. Your accounts are probably with debt collectors. You can find out who has the debts by pulling your credit report at: – This is the real free site to get your credit report once a year without a credit card.
      – Offer to settle the debts@ 25%. What you want from the collection agency is a settlement letter on their letterhead stating that the account will be “Paid in Full” once the agreed to amount is paid. Once you get this, pay with a USPS money order. Photocopy everything and keep in your records forever.

    • #268011
      Anonymous
      Inactive

      Sounds like a scam.

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