What do you think of Credit Repair

Question

Hi,

I need to have a higher credit score, so that I can get a mortgage loan. Is it a good idea to use a credit repair company. If so, what do you think of[EDITED BY ADMIN]

Thank you! :D

Joshua Dorkin · Answer

Something here smells very fishy, Jim.  In 5 of your 6 posts here on the site, you mentioned the same company by name as a perfect plug.  You haven't contributed in any other way than to advocate for this company.

While your profile says that you're in Massachusetts, you've been posting to the forums from a computer in Costa Rica.  It doesn't add up one bit.

I'm closing this thread, as I just have a feeling that something is awry.

Jim Smoker · Answer

Hi,

Good news, I just went online and since the 2 or 3 weeks that [EDITED BY ADMIN] has been working on my case, a Charge Off account and several late payments came off my Experian credit report. Just keeping you guys posted.

I want to have good credit soon and it seems to go the right way!

Jim :lol:

Jim Smoker · Answer

Hi,

I think you are right, you should organise your own credit and make sure that your reports stay clean, BUT do you have any idea how many people don't do that!! That's why you need a service like [EDITED BY ADMIN] to take care of that for you.

Jim

Dave Mason · Answer

In the context of fixing mistakes and having a report that is reporting accurately I'm all for it.  To try and beat the system for a higher score, I don't think people really have that much success.  You do have to do the work, pay off bills and write to your creditors to make sure that everything is accurate and up do date.  Companies that try to work the system may have some success, but they can't take care of everything.

Jim Smoker · Answer

Hi guys,

So far it's working, I received my credit reports from Equifax, Experian and Trans-Union in the mail. [EDITED BY ADMIN] ordered these reports for me on my behalf.

Will keep you posted!! :D

Jim

Dominic Campasano · Answer

Keep us updated.  I don't see them listed at NACSO.org

Jim Smoker · Answer

Hi everybody,

I finally made the decision and signed up with [EDITED] last week. I will keep you guys informed regarding their service. Thanks for all the responses.

I love this forum!! :D

Jim

Dominic Campasano · Answer

Credit can be repaired, you need to do due diligence before signing up with any company.  Check with the National Association of Credit Services Organizations to see if the company you are considering is a member.

Jim Smoker · Answer

Hi, thank you for your responses. I will tell you what items are holding back my credit.

I have a Chapter 13 bankruptcy from 2005. I have several collection accounts, some are already paid off. Also several charge off's and late payments. The collections, charge off's and late payments are 1 to 3 years old.

Thank you in advance! :lol:

Ram Chandrasekaran · Answer

As far as I know (and read), Credit cannot be repaired. It can only be disputed - No offense meant to the Credit Repair organizations. Read 'Credit Scores and Credit Reports' by Evan Hendricks. It is a WONDERFUL book on Credit Scores and its internals.

Go to www.annualcreditreport.com and see if there are any accounts that are OPEN while you CLOSED them long back. Prepare a dispute letter and go from there. Not only for OPEN accounts, dispute other discrepancies if you think they are GENUINELY not your fault or late payment, etc. Less number of OPEN accounts will also increase your credit score. CA Law is to offer free credit report to consumers once a year (each credit bureau) - so technically, CA consumers get to have 1 credit report every 4 months (1 FREE report from each credit bureau) - If used judiciously... ;-)

Have only ONE credit card and payoff every month. The credit report tells you when the credit card company (Bank) reports the balance to the credit bureau. Payoff before that date and you will increase your credit score as the credit scoring system will consistently see ZERO outstanding balance in your credit card (or) NEVER have more than 3-5% of total credit limit as your outstanding balance on your credit card.

These are based on what I READ and DO. Please ensure that you check with any of your credit expert friends/relatives and do your own research as well.

Cheers
Ram