Dec
26
2009
Anyone Knows The Best Credit Repair Company?
Posted by: Alan in Credit Repair, tags: Anyone, Best, Company, Credit, Knows, Repair
I am in need of repairing my credit. Anyone knows a excellent company that can help me with this?
Entries (RSS)
December 26th, 2009 at 9:26 pm
Don’t waste your money on a credit repair company. Most are outright scams. There is no special form letter or magic wand to fix terrible credit. You have to wait out the 7 year reporting period to age off legitimate negative items.
Work on rebuilding your credit. You will need at least 24 months of consistent, on time payment history to see any improvement in your score. It takes years to build excellent credit. There are no shortcuts.
December 27th, 2009 at 1:22 am
To be honest there isn’t anything a credit company can do for you that you can’t do yourself. It’s going to take time and discipline. One of the reasons people like to use them is that they say they can lower your interest rates…sometimes they can but they also charge you administration fees that end up costing you more or the same as the interest rates you’re paying now.
1-pay off the highest interest first while still making minimum required payments on all other debts.
2-talk to your bank/loan officer about getting a loan or line of credit to pay off all your debts so you just have one payment to make every month
3-never carry a balance more than 80% of the limit on any card
4-go over your budget and see what you can eliminate or decrease to free up funds to pay off your debts
5-never use credit to buy things you should be using cash for anyway, ie clothes, groceries, restaurants, entertainment (going to the movies etc)
6-identify the behaviors that have gotten you into distress in the first place…if you can’t go to the mall without buying anything, don’t go to the mall.
7-at the same time you’re paying down your debts, start saving money, even if it’s only $5 from each paycheck that $5 will add up quicker than the nothing I’m assuming you have saved now.
Have faith in yourself and your abilities, be pleased with the things you already have, count your blessings (warm safe home, health, food, friends, family, a job – everything else doesn’t matter nearly as much)
December 27th, 2009 at 3:30 am
One of the things that a “credit repair” company charges you for is reviewing your three credit bureau reports to determine if there are any mistakes. You can easily do this yourself for free.
This is the no-cost website that allows you, once every 12 months, to review your credit reports from Equifax, Experian, and TransUnion to look for errors. It is the website recommended by the US government.http://www.annualcreditreport.com
If you find any errors, each of the three reports you’ll print off the website will include instructions for reporting the mistakes.
If you are looking for a company that will help you get legitimate items off your credit report, there aren’t any! The television ads are scams, promising things they can’t deliver. Many of them have been shut down by government authorities and the owners have gone to jail.
December 27th, 2009 at 7:51 am
repairing your credit? no, they are all rip offs. You can right your credit report by yourself.