Well Truthfully basing your decisions on a program (FICO 08) that has been talked about for years and still has not been implemented makes little sense. In order to Help a client you must first get them into the home then help them rebuild their credit. I agree that removing soe ites and adding a few tradelines is only a temporary solution. Although banks are getting wise to authorized user accounts, they still help improve the scores while your clients rebuild their credit. Educating the client is the most important aspect of repairing their credit. True they could go online to dipute their own items but online isnt going to educate them on how their credit works and how to use their new credit cards properly as well as step by step guidence for an entire year by a credit expert to ensure they don't do something damaging to their credit due to lack of knowledge.
David. I agree with you. Thats why it is important to change those bad habbits by educating them. Most people who have neggative ites on their credit report DO have inccorect items and are being taken advantage of by collection companies who are ILLEGALLY reporting. This could be due to statute of limitations or even teroristic scare tactics. Most people who have collections have some they don't recognize. It's important that they get good help in determining not only HOW to fix their credit (because it takes much more than just removing the bad) But also how to keep good credit. Remember that although you and I may be able to read a few websites and determine that we need to change a few habbits, most of the world needs a bit of hand holding. Does anyone here really have any clients other than few and far between that get things done wihtout you hounding them?
However Harrison.... You are right... soe people are what we call a sinking ship. You can't save everyone and it makes little sense to waste time bailing the water out when the ship is going to sink no matter what... Trust me. I turn people away if they are a lost cause.
You'd be shocked at some of the people that I am asked to help. They get sent to me 2-3 months behind in all their current responsibilities and are trying to buy a house. It's not called Credit Magic and What kind of person tries to buy a house when they obviously can't hadle a simple monthly credit card payment..... it's just an example of why this economy is failing. However.... Credit repair is not just for Bad credit. Given the market it may be difficult for someone with even a 700 to get a decent loan. They need in most cases..... rapid rescoring of their existing accounts and removal of unnessisary and illegall inquiries. There are many many aspects to credit repair. not disputing neggative items. If your dealing with a company who does JUST that than YES you are wasting your money.... Credit repair is much more complex than the bottom of the barrel industry sharks just out to make a quick buck.
