Do any of these "credit repair" companies actually work?
By HUDSON121 from TX
No, no, no it is a scam. I know for a fact, the only way to clean up your credit is to pay it off or file bankruptcy and deal with 10 years of bad credit. Credit counseling is bad for your credit as well. Just pay down what you can and forget this credit repair scam!
Here's what my state's Attorney General has to say about credit repair scams:
From information I have read they do not. They promise a lot and deliver nothing. They will tell you they will fix everything but you have to give them the cash you would have paid to your creditors and they keep most if not all the money so you are in a deeper hole than what you started with. You may find more information by going to www.ftc.gov. There is one credit counseling service that will help you with your credit in each state that will charge a small fee for their service. I suggest you call the tax people at your state house for the phone number. Anyone else is a fraud.
I recommend an e-book entitled "Debt Free in Three". It costs $39.97 to download, and it also includes e-mail support. The author, Clint Holland says that with this system, you can pay off all of your debts in 3 to 5 years without eating macaroni and cheese every day. You can read all about it at www.debt-free-in-three.com
No. They are almost all scams. To find a legitimate one, go to www.nfcc.org or call 1-800-388-2227. This is the National Foundation for Credit Counseling and IS legitimate.
There is no such thing as a legitimate credit repair company. I worked at TransUnion for 6 yrs so I know this is true. You can do it all yourself. First, go to annualcreditreport.com and order all three of your credit reports. Do not bother paying extra for the scores. Go through each item listed and make sure it is correct. Be sure to match acct numbers to your accounts because sometimes they wont look familiar. (ex: Spirit of America bank is Fashion Bug among others). IF you find anything incorrect you have at LEAST 30 days to call the consumer relations center at the credit bureau and discuss it with them. Sometimes you have to contact the creditors themselves and the phone numbers should be on the credit report. They have to prove you owe the money- you dont have to prove that you dont owe the money. Anything that you really do owe, work out a payment plan or if it is really close to being 7 years and will come off your report soon anyway, then let it go. Consistent payments will show up and look better than no payments at all.
Try to not make any payments late. Payments over 30 days late will show up on your credit. Good Luck!
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