Tag: credit repair company

Do Credit Repair Services Really Work?

 

You’ve seen the ads claiming to be able to fix your bad credit, but do credit repair products really work? Honestly, many of the companies are a scam. But the credit repair services that have been around for a couple decades know the rules surrounding credit repair and know how to navigate those rules to either raise your credit score or give you your money back. That of course doesn’t mean that it works for everyone. There is no magical formula to raise your credit score in a hurry, but there are a few instances where credit repair can help you give your score a deserved bump.

 

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The 3 Biggest Credit Repair Scams Today and How to Avoid Them

 

credit repair scams

When people are watching out for scams, they rarely are worried about places looking to help them repair their credit. Still, financial scam expert Steven Weisman thinks that they ought to be.

Weisman, of Scamicide, points out that a credit report dictates more than just whether or not you can get a loan. “In many states, employers can look at these with regard to whether or not they want to hire you,” he explains, adding that they can also affect your ability to rent or even get insurance. “People get into trouble and want to see what they can do to fix it,” he says, adding that “some of what credit repair services will promise you is downright criminally fraudulent.”

 

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Can Credit Repair Companies Really Improve My Credit Report?

 

The answer is maybe — but they can’t do anything that you couldn’t do yourself, for free.

 

Anything on your report that’s bringing down your credit score is going to stay on, if it’s accurate information.

 

So if a credit repair company promises to remove negative information such as a bankruptcy or judgment, and they want money up front to do it — run. Credit experts say that only time, effort and a solid plan for repaying your debts will improve your credit-worthiness.

 

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Better Business Bureau: Advice on credit repair

 

As part of National Consumer Protection Week, which takes place March 2-8, the Minnesota Department of Commerce and Better Business Bureau of Minnesota and North Dakota are partnering to offer consumers advice on companies offering credit repair services.

 

In Minnesota, the Department of Commerce regulates two types of firms offering credit repair services: credit service organizations and debt management companies.

 

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Credit Repair: How to Help Yourself

You see the ads in newspapers, on TV, and online. You hear them on the radio. You get fliers in the mail, email messages, and maybe even calls offering credit repair services. They all make the same claims:

“Credit problems? No problem!”

“We can remove bankruptcies, judgments, liens, and bad loans from your credit file forever!”

“We can erase your bad credit — 100% guaranteed.”

“Create a new credit identity — legally.”

 

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Repairing your credit: Go it alone or hire a credit repair company?

Every consumer who uses credit has a credit record — and is it ever powerful.

Every time you apply for credit or a loan, creditors obtain your credit record to verify your worthiness. But, the use of these reports has broadened. Insurance companies have begun to use them to determine premiums or deny coverage. Potential employers may even want to check out your credit worthiness.

 

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Should I Use a Credit Repair Attorney to Repair My Credit?

When looking for credit repair, do you need a credit repair attorney or a credit repair company? Each year, thousands of consumers applications for credit, insurance, home and auto loans are rejected due to bad credit or inaccurate information on their credit reports. So, when looking for professional help to repair your credit, you might ask; “Do I need a credit repair attorney or law firm to repair my credit?”  The answer is, probably not.

A credit repair attorney and a professional credit repair company utilize the same laws, they take much of the same procedures, and use much of the same methods for repairing your credit.   The actions and duties they undertake to repair your credit are often identical.  But, lets say you don’t pay your creditor on time and they decide to take you to court in a lawsuit, most credit repair attorneys are not going to represent you in court, but often consumers believe or assume they will simply because they hired an attorney. So why would you pay a law firm a higher monthly fee, if you can get the same result from an affordable credit repair company?

When you evaluate and compare reputable credit repair companies and law firms, you might ask; “Can I hire a professional credit repair company, and expect the same or better results than hiring a credit repair attorney?” The answer is, yes.  Now you are comparing apples to apples, one companies service record against the others, and one companies prices against the others – that is just smart shopping. But often, people just assume that when they hire a credit repair attorney or law firm, they are getting some additional legal services or expertise.  Unless your agreement specifically states they will take additional legal actions at no additional cost, then you are simply just paying a higher monthly fee for no additional services, and that’s just not very smart – it means you are paying for the perception of expertise instead of paying for results.

It is good to work with a credit repair professional that has experience and expertise at an affordable price – that too is just smart shopping.  However, some companies and law firms claim they have hundreds of thousands of clients.  While that may sound like a valid point, the question is not how many clients they have served, but what percentage of them remain happy clients?  Is there any way you can verify that they have had hundreds of thousands of clients?  No, of course not, so remember, just because they say it, or put it one their website doesn’t mean that it’s true, nor does it mean the client got what they paid for. There are some attorneys and law firms who specialize in specific legal issues that relate to credit repair, or may include credit repair services.

Issues such as identity theft, garnishment, divorce, bankruptcy, unemployment, disability and accident injury cases can also have a negative affect on your personal credit.  In which case, you should talk directly to the attorney to discuss what legal actions will be taken in addition to their normal services. So how do you choose between a professional credit repair company and a credit repair attorney? You should choose the company who, based on your interactions with them, leads you to feel comfortable that they value your business, give you the attention you need, and can do what they say they can do, without any exaggeration or misleading claims that you can’t verify.  It does not matter what they did for some other hundreds of thousands of people, the only thing that matters is what they can do for you, and how well they can do it, and if they are competitively priced.