Are offers to repair Credit for a fee a Scam ?

4 Replies

I always thought that nothing could repair credit outside of time and money.  Bring delinquent accounts up to date, pay them off or wait until they stop reporting.  However, I see people here on Bigger Pockets claiming they can  remove a Bankruptcy, Charge-off, remove  collections, Late payments, and inquiries if I pay them a fee.  Is this possible?  Your thoughts

Disclosure: I collaborated with their director for some education for our students at a community college.

Some of these folks probably have useful experience negotiating. However, very few bother to get the accreditation that makes them legit. If they are not NFCC certified they are a cottage industry business that could be of any quality. Here's a non-profit resource that is based in MN but works with people all over the country. (I am not associated with them, I met their director when I worked at a MN community college and we tried to collaborate on some education for our students)

https://www.lssmn.org/financialcounseling/about

Legitimate credit repair is short lived but there are some good companies out there that have been and can do it.  Most drag it out over a long period of time and collect monthly payments.  Negative reports seem to show back up after a period of tOne company I know of actually and legally does sterilize credit if a person qualifies. 

I have lots of clients try some work some don't.  But they all take time 90 plus days.

The adding tradelines works the best, adding rent payments cellphone payments stuff like that, but all that is time.

We have also had really good luck with one credit card company because they report to the credit companies every 10 days unlike some that report when they feel like it or once a month.  *** This works when the client has no tradelines****

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