Hello everyone.
I am new for this forum, but I have a question for a credit repair specialist with experience about credit repair business. Is somebody is willing to answer my questions? Thank you
Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
16y
I haven't ever needed to use a credit repair service, but I did hire someone to remove inquires from my report a while back when I was applying for all sorts of business credit that I had to personally guarantee.
I talked to many companies and they were almost universally worthless. Lexington Law is one of the biggest and they are beyond worthless.
What is it that you are trying to fix with your credit? How about paying your bills on time and fixing it that way?
Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
16y
Sorry, Jolanta, I can't answer your questions. Hopefully someone can.
However, since these sort of questions tend to produce ads rather than answers, let me remind anyone who's thinking of posting any sort of "contact me, I can help" ad here that it is not allowed in this forum. You cannot post a link to a credit repair web site, phone numbers or e-mail addresses.
Since I've already warned you, any posts that are ads, or that contain links to credit repair sites, phone numbers or e-mail addresses in this thread will be deleted without notice.
If you have a link to a purely informational web site that requires no personal information at all and contains no advertising at all, then feel free to post it.
Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
16y
I haven't ever needed to use a credit repair service, but I did hire someone to remove inquires from my report a while back when I was applying for all sorts of business credit that I had to personally guarantee.
I talked to many companies and they were almost universally worthless. Lexington Law is one of the biggest and they are beyond worthless.
What is it that you are trying to fix with your credit? How about paying your bills on time and fixing it that way?
Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
16y
Had to vote you up Bryan, you're absolutely right, they are worthless IMO too and it's best to pay your bills. If you're having problems, the biggest mistake people make is not talking to the creditor, if you work with them, they will generally work with you. Avoid them and they have no choice but to track you down and hound you like a dog.
Stay away from the non-profits too. They simply pay themselves a salary and bonuses to arive at a no profit status. Basically, they stab you in the back, the get paid to collect your debt from the creditor and can cut side deals all the time they may charge you a "modest" fee. LOL
Look to established organizations, the red cross might have such services, look for financila counselling at a university, church, schools or through the department of social services or department of finance in your state.
I can't provide you with any web sites to these folks, Jon will get me...LOL, Really, way to be on top of it Jon, this was just an open inviatation to solicitations and shot'em down before they even went there!!!! Bill
Hello Jon Holdman, Bryan Hancock, Financexaminer. Thank you for your time.
Mr. Jon Holdman is supervisor. Thank you for reminding your website roles, but Financexaminer is right.
My question was about credit repair business, not about credit repair. In these days it's a lot misleading information on the internet, so I would like to talk to experienced credit repair specialist who runs business in that field or working for some credit repair company. Thank you for your time
My questions are:
How are you fixing credit? Thought mail or internet?
Is it possible to optimize a credit score in 90 days?
Is it true that credit companies need to put 100k in bonds?
Thanks in advance for your time
Mobile Home Investor · Spanaway, WA · Member since 2008 · 1k+ posts · 578 votes
16y
Fixing credit takes time. Some companies will take your money and forge some data to "fix" your score temporarily, but when the info can't be verified, it will hurt you in the long run. Review sites that explain the FICO scoring system. One area of the score is based on a weighted amount of 35% - fix that area then move on to the 15% area - the 10% area etc. Soon your score wull be where you want it to be - usually in 6 months to 1-year!
Real Estate Investor · Chattanooga, TN · Member since 2010 · 151 posts · 59 votes
16y
We do a lot of credit repair for our clients. You can definitely raise someones scores in 90 days. I've raised a client's score 43 points in 7 days and closed a retail sale with them 45 days later. There is a lot of garbage out there in the Credit Repair industry, but there is also a huge opportunity for real estate investors to take advantage of it.
I have a friend who just made 12,000 on an option because he new how to use credit repair. He tied up the property then found a buyer and cleaned her up and closed the deal. The whole thing only took 60 days.
Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
16y
Edwin:
What is the most effective way to:
1. Remove inquiries
2. Fix your job title and/or incorrect addresses on your reports
?
Do certified letters work? If so, do you need some legal letterhead? I am thinking of paying my attorney a few bucks to let me use his letterhead to dispute some things that are a bit inaccurate on my report with regard to current employment and such.
Real Estate Investor · Chattanooga, TN · Member since 2010 · 151 posts · 59 votes
16y
Originally posted by Bryan Hancock:
Edwin:
What is the most effective way to:
1. Remove inquiries
2. Fix your job title and/or incorrect addresses on your reports
?
Do certified letters work? If so, do you need some legal letterhead? I am thinking of paying my attorney a few bucks to let me use his letterhead to dispute some things that are a bit inaccurate on my report with regard to current employment and such.
Ideas?
I hear a lot of people say "why pay someone to do something that you can do yourself?"
You can represent yourself in court, but most people hire a lawyer.
If you cut your finger off, you could sew it back on yourself, but i wouldn't recommend it.
I guess no one has told people that you can change your own oil in your car, because they just continue to pay someone else to do it.
Point is you want to hire someone that is an expert and pay them for their service. I would definitely pay the lawyer to help, especially if he has any experience in the matter.
Yes, we do recommend certified letters. It keeps the bureaus honest.
Atlanta, GA · Member since 2010 · 7 posts · 4 votes
16y
I have been working with people for over 20 years to 'repair' their credit. But recently the term credit repair has gone mainstream and has gotten a lot of bad press.
Companies like the one mentioned above (Lexington Law) do little more than dispute negative items - charging consumers an arm and a leg for months on end. They finally begin to see results - not from their efforts - but as the statute of limitations run out and items fall off.
CCCS (Consumer Credit Counseling Services) and cousins are also really bad news as well. They will destroy a personal credit score faster than the blink of an eye and are able to put you so far behind it will take years to rebuild.
In my experience, disputing inaccurate (actual incorrect information not info you wish wasn't there) is only part of the equation. I prefer to use the term credit rebuilding for my clients (I am a Real Estate Broker - who specializes in the credit challenged). A combination of education, taking a step back and evaluating where they are and how they got there, and where they want to be. Then mapping a plan starting with correcting inaccuracies first, paying down existing newer debt, leaving old negatives alone and moving forward - rebuilding new good credit.
One example I can give you is a client I am currently working with had a credit score of 477 in April (consulted in March and pulled credit reports mid April, began working on all steps - education, evaluation, and rebuilding - in May). Today we received info that it is now at 631. We only disputed two inaccurate items (one was a collection that was paid not showing and the other a duplicate account). We also disputed 3 inquires that should not have been reported as they were by the same company within days of each other - they were deleted. The rest was rebuilding strategies. Not all have reported, I expect an end result to be 650+ (did I mention they had a chapt 7 discharge Feb 08?).
As far as the bonds go - I have no knowledge - sorry.