This Article is written because it has come to the attention of this Author that too many people are being scammed out of their hard earned money trying to restore their credit. You do not want to try to restore by paying a debt or trying to cancel a debt. Your objective is to eliminate debt.
Restore credit, Repair Credit, are terms that many companies use. These companies that promise this will charge you an upfront fee, then a monthly fee for their services. What they do is write a common letter, that anyone can get a copy of, and send it to the credit reporting companies. This letter simply states that the item is not correct, or not your debt. They write this letter month after month hoping the reporting agency will get tired of hearing from them and cancel the debt. This typically does not happen. What does happen is, you get charged the fee every month. You will not eliminate debt this way.
Simply writing a letter requesting a debt be removed is not a successful way to eliminate debt. If you hire a company to eliminate bad credit from your report and they succeed, it is not permanent. This debt will return. Collection companies like to sell bad debts to other companies. As soon as your debt is removed, it is sold and within a couple of months placed right back on your report again.
Some companies will try to tell you to pay off your debt if it is in collection or charged-off status. This will do nothing for your credit score. You have not succeeded to eliminate debt. When you pay off a debt, the only thing you have accomplished is now that collection or charged-off debt reads paid. It is still on your report and still hurting your score.
Credit Consolidation has a track record of not helping a person eliminate debt. You may end up with lower payments but you are still paying off your debts and it will take much longer. In the mean time, they are still on your report hurting your credit.
Bankruptcy is another avenue some are talked into. Not only is this way not good, it is totally unnecessary. Bankruptcy will be on your credit, hurting you, for no less than ten years. At the end of this time, you still have to fight with the reporting agencies to get this removed.
If you have a low credit score, collections and/or charged-off debts, all of these companies that give nothing but false promises will not help you. They will do nothing but add to the problem by charging you monthly fees. Debt consolidation or bankruptcy will definitely do more harm than good.
You need a company that will eliminate debt not hide it. Your debt needs to disappear, forever, not come back in a few months. You should only have to pay a fair one-time charge, not monthly fees.
Feel free to contact this Author with any questions concerning your bad debt or how to eliminate debt.
