Recommendations for a good credit repair company
Investor · Toledo, OH · Member since 2012 · 292 posts · 34 votes
Hi; I'm looking for a good credit repair company to help my buyers qualify for a mortgage within 1 year. I know many here are against credit repair companies but from our perspective it's a valuable service as long as the company does what they say for a reasonable fee.
I've seen http://www.veracitycredit.com recommended (thanks J Scott!). Are there any other goods ones you can recommend?
Thanks
I can't - but I can bump this thread a bit and offer a suggestion: can you connect them with a good, patient mortgage broker who will meet with them every month until they can qualify?
I can't - but I can bump this thread a bit and offer a suggestion: can you connect them with a good, patient mortgage broker who will meet with them every month until they can qualify?
A "good" credit repair company?
Credit cannot be repaired.
There are only two things that can be done to cause a credit report to improve:
1) the removal of legitimate errors, which you can do yourself, or perhaps, some assistance from a third party could help.
2) actually engaging in a practice of managing debt so that the credit is truly better.
That said, there are some odd factors that can improve credit, all which you can get from many simple books on credit repair, or free from the internet.
Those that claim that they "know 359 laws that creditors must follow, and for $800 they will force those creditors to remove negative items from credit," may not really pan out that way.
There's a book out there, written by Philip X. Tirone called "7 Steps to 720," which I think is the "standard" for self-credit repair. But there are many, many other resources, so find what you think is best.
(Disclosure: Mr. Tirone once bought me coffee at a Starbucks in Brentwood, Calif.)
Also, my advice (from my perspective as a lender and as a property seller) is be very careful about those who need a credit profile other than the one they currently have in order to transact with you. I'd be inclined to give them my card and tell them to call when THEY have "fixed up" their credit.
Although they all have a compelling and dramatic story as to why it's "really not their fault," that their credit is a disaster, I've wasted a lot of time and money during the 90's when I used to fall for this. And I've helped many people with their credit, as I know how to improve credit, and been repaid by their dealing with someone else.
If they're on the right track, they'll clean it up on their own, and you'll be happy to sell the next rehab to them when they qualify.
Just the rants of a cranky old lender/investor, hope it's of some help,
joffrey long
Thanks for the post Joffrey! I'll have to respectfully disagree with you for the value of a credit repair company though, in my opinion they have great value.
Sean, I would say that Mr. Long was pretty accurate in my experience. I don't see that a Credit repair company can do anything more for someone than a person can do for themselves. If I were you I would encourags your buyers to pull their credit reports from all three agencies with annualcreditreport.com. Have them go through and dispute any inaccuracies. Find the problem spots and make them right by bringing everything current. Get on a written budget and start paying down their debts and have a plan going forward.
The money they would pay to the credit repair company would be better used on their fixes to their finances. I would also hook them up with a good broker to keep them focused on the right areas like Brandon recommended.
Good luck Sean.
Greg Tilley, with Vitesse Financial. Just a sugestion, have heard very great things about him, and have met him several times.
http://www.vitessefinancial.com/
Sean, If your looking to get your clients qualified I think I can help. Check out verifiedprimarytradelines.com they have a fast credit restoration program. I had a property that I purchased and the renter wanted to stay in the house. We used this company and was able to clean the renters credit and they were able to get approved for a FHA loan in about 45 days. I know alot of people might be against it but My goal is flipping houses and they worked for me.
I concurr with Sean D, and also respectfully disagree with Joffrey Long.
Credit Reporting agencies are rife with ridiculous errors and knowing your way around the FCRA, you can spank collection agencies their own game.
Credit repair agencies are valuable resources (and there are a LOT of scams out there). So there is value in finding someone who knows what they are doing. Rudy Butler, 45 days is off the chain, and almost unbelievable. What voodoo do these guys have?
Be well all, and we support each other, or perish,
Tevis
Credit Reporting agencies are rife with ridiculous errors and knowing your way around the FCRA, you can spank collection agencies their own game.
Credit repair agencies are valuable resources (and there are a LOT of scams out there). So there is value in finding someone who knows what they are doing. Rudy Butler, 45 days is off the chain, and almost unbelievable. What voodoo do these guys have?
Be well all, and we support each other, or perish,
Tevis
I cant tell you my secretes, but I can do a file for you as proof you if agree to do a BP Testimonial for me. I'm the real deal, and I dont mind proving it again. I just raise a clients score by 149 points in 5 business days. If you don't believe me check out my Facebook Page Verified Primary Tradelines. I have before and after of his Equifax.com Report
I agree with Sean and Tevis. A great credit repair company can be a tremendous resource for a person in need. For example, I wasn't blessed with great financial education in college and made horrible decisions, now more than 10 years later these items are still being freshly (and in most instances) doubly report which is absolutely wrecking my score. I've done everything right (living conservative and not needlessly applying for credit) but they are still reporting as though I just took out these accounts. Needless to say I've had enough of the antiquated way in which our credit system operates and decided to use a credit repair service which worked tremendously for me. Within 45 days I was ready for approval on an FHA loan.
Btw I use Lexington Law if you are still looking for a good company for your client. Of course they only did things that I could have done for myself however I'm immensely busy with work and family and just don't have the time to review FRCA laws and what not.
Showing what is behind superman's cape. Credit repair has become a valid industry since the federal government gave consumers teeth to deal with credit reporting agencies and creditors.
Kyle, respectfully disagree again. It is high level tactics needed at attorney level knowledge of FCRA and others. I have been doing this for years, and it is a tactical war between consumers and the CRAs.
I assert that we don't have to run scared,or be afraid to go to war.
But ignorance does hurt you.
Rudy, I don't doubt you brother. I have a client that could use your moxy. Please ping me.
Tevis
Plain and simple, there are ways to manipulate the optic readers that all credit reporting agencies and creditors use to read inbound mail. That is what happens with most of these credit repairs, the systems are enticed into deleting late payments, charge offs, outstanding balances. Also, for those that have charge offs, the collection agency that bought the debt for pennies on the dollar so that the original creditor could take their tax write off, often do not have the proper documentation to prove that they have the right to collect on the debt. Hence, it is not a valid debt and must be removed.
True enough you can do it all yourself, but someone who knows what they are doing is worth the money spent.
if you don't pay your bills, no company can help you, if you do pay your bills on time, but have one problem account from long ago, there are things that POSSIBLE can help you.
I was curious and it became a hobby to learn about credit reporting, getting rid of credit inquiries, etc,,,and yes, anyone can do it them self, but most people don't want to take the time to learn all that is involved.
Don't pay a company big upfront fees, have them work for you on a "pay for results" type basis.
What about investing into Moxy hotels?
What you are looking for is more complex than just credit repair. You want to work with a company that will help you qualify buyers, perhaps even do an affordability (Debt-to-income ratio) analysis, keep you informed of the buyer/prospects progress, provide not only credit repair services but give you an opinion of how long it will take for a prospect to become mortgage ready. That advice will help you set up your terms in a lease option. There is a company who does all these as their services are customized to cater to the real estate investment community. You can find out more about them at www.screenthetenant.com. Most credit repair companies get their leads from outside the real estate investment industry so their business model doesn't match your needs. That is why you will be unable to track their results, get an opinion, have a DTI performed etc...
There is a way to avoid the credit repair scammers but it first starts with an understanding of pro's and con's hiring a credit repair company.
Here are some examples:
If anyone needs help, advice, or to hire an effective credit repair company my company works with several real estate companies in getting positive results in the shortest amount of time (i.e. 30-90 days).
Here's a video that Equifax told us to remove from our website and on Youtube...we made the video private for that reason. They came after us because this video displays our company removing more than 5 million in debt within 30 days.
Here's the private link to the video: https://www.youtube.com/watch?v=B4w2jTaDitg