subject: Credit Repair, Or NOT! [print this page] Credit Repair, Or NOT! Credit Repair, Or NOT!
Certainly, most people have debts, student loans, or house payments. Those payments result in a credit history. Your credit history can have a MAJOR impact on your life, from interest rates to employment opportunities.
If you have some clean up to do to erase some errors on your credit report, I have some good news for you. Many of the things a credit repair company would charge a fee for, you can complete yourself!
Many of this credit repair companies bank on the fact that facing your credit report history can be overwhelming. Although some of the services these companies offer may be worth paying a fee for, some of the work may not result in long term gain.
Most credit repair companies will start by telling you to order a copy of your credit report. Next, you will be told that the credit repair company will launch numerous challenges to the report in writing for the Credit Agency to respond to. The idea is that the credit repair company demands that the items in question be removed from the report if not responded to within 30 days. This does result in the items being removed from the credit report, but ONLY TEMPORARILY! If you launch many inquiries, the likelihood is that they cannot respond within that 30 day period.
The problem? The Agency will continue to investigate the items in question after the 30 days are up, and if the credit deductions were accurate, once discovered, they will be re-assigned to your credit score. Your seemingly repaired credit, was not repaired at all! Sound tricky? Well, it is!!
My only advice is to learn what you can do on your own, and do it yourself. The items you cannot get resolved on your own, absolutely hire a credit repair service after reading the fine print!
