Credit Repairs by Lenders
I am a newbie with zero experience and looking forward to getting my first SFH to househack in the DFW area using FHA loan. I contacted a lender, and the lender has a third party credit repair program to help build my credit scores. Has anyone on BP ever undergone credit counseling from a third party program of this nature? Could there be any hidden agendas or obligations after the repair process? Prior to this lender, I was referred by a bank to a credit repair counselor who asked for a ridiculously high fee.
I never believed in credit repair companies. You can do it all yourself. Live frugally and pay off your debt. I don't need to pay someone to tell me that.
Neil, thanks for that advice.
Hi & welcome Ephriam!
When I was a practicing Realtor, there were a few occasions where my clients really needed the credit repair help so they had been referred to a credit repair person by one of my "Go To” & trusted lenders. (Notice the verbiage?)
In each case though, my client’s credit really affected either their ability to get a loan or, to get one at a low rate and the credit repair made all the difference.
If your scores are low enough to affect your interest rate, it's certainly worth you checking into but do your research! There are shysters in every business waiting to take your money… so go online, read reviews, ask for several references and call them to see if they were satisfied before you move forward.
Wishing you a Happy & fruitful house-hack!
Oh & let us know how things turn out.
Jennifer Ryan (Jenn)
Thanks Jennifer. I will certainly do all that you suggested. I will also let you know about the outcome.
Warm regards,
Ephraim