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Credit Repair Company


Michael925
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I know everybody here hates Credit Repair Company's, But do any of you ever consider doing it for a living ? ? ? I figured if your honest, and tell the consumer what there really getting and they still want to hire you, than credit repair could be a pretty good deal. I thought of this because a friend of mine and I decided to repair our credit around the same time. He hired Lexington Law, I on the other hand did my home work and Goggled it up for a month until I stumbled upon this website ( so far the best source of info yet ). He's paying Lexington $ 99 down and $39 a month. I figured Lexington must have thousands of customers a year and are making a killing ! I figured if you were honest with the consumer, allot of people would still hire you ( Atleast in my area ). I find most people rather just pay to have it done than do it there self !

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There is now a law regulating for-profit credit repair companies. Most of the ones out there don't comply with the law and are running on borrowed time as it were.

Although I'm sure some here might consider going to business for such a thing (and we have had a few leave here to try), it's not worth the legal headaches that come with it....

And one more thing. When the FACT Act was passed a few years ago, one part of the amendments to the FCRA added a torpedo for credit repair companies. Now under the amended law, Experian, Equifax, and TransUnion can completely ignore anything they get from a credit repair company sent on a consumer's behalf. Unless the consumer is doing it themselves, or has hired a lawyer, the bureaus don't have to do jack-doodly-squat.

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well one of the website I came across on my begining journey of credit repair last month was www.CreditRepairBiz.com . I actually bought this last month ( it was the first thing I found on the net and bought it like an idiot knowing id probably regret but I couldent resist ) and used it for my begining education on repairing my credit ( the reason I wanted to buy this kit was I rather pay for a kit to teach me how to repair my credit than pay Lexington Law the same amount to do it ). Anyway the kit has actually been helpful and has alot of the same info in the kit as Ive learned on here. Anyway the trick they say to get around the law's is to make your company a Credit Analyst company, not a credit repair company. Also than you could charge up front legally. Does this sound right ? ? ?

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And one more thing. When the FACT Act was passed a few years ago, one part of the amendments to the FCRA added a torpedo for credit repair companies. Now under the amended law, Experian, Equifax, and TransUnion can completely ignore anything they get from a credit repair company sent on a consumer's behalf. .

Hey Meth, I am interested in this amendment, would you happen to have a link or title/section where I can look at this doc? I think it would be extremely useful for those of use who have used a 3rd party with lackluster results.

Maybe that can be a new chapter. How to dispute a credit repair company?

Michael - From my research there are 2 legal definitions of credit companies, Credit Repair, and credit counsling. Credit repair works with disputes and correcting credit reports. Credit cousling works with paying of debt (CCCS). I have not heard of Credit analyst but will try and research some more. Very interesting.

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a few years ago i hired a co www.repairyourbadcredit.com to help repair my credit and they did what is prob normal, they asked me for a copy of my DL and they had me make 3 payments of $75 to them for 6 months of service. they had negs dropping like flies off my reports. when they wrote to the bureaus, they pretended to be me. many co's are doing it this way. how they do it out of state i am not sure. i procrastinated a lot in that every time i heard from the bureaus i was to fax them the info. which i prob. only ended up with three months of service due to me constantly dropping the ball. even for medium level of professional credit repair you are prob talking 9 months in getting your hands dirty. i definitely would recommend them though. they do a lot of work for the money. i spoke with them on the phone and they are either on a lot of caffeine or highly motivated. they do not take your money and run. there is another place in FL i could recommend as well. But i want to put say a year into it for sport, then see what happens. my instincts tell me that some of these outfits may have their own bag of tricks that have worked well for them in getting clingy negs off their clients reports. some of us (not me at the moment) have jobs where all of our time and energy is demanded and a valiant effort at credit repair may not be possible, but nonetheless necessary at the moment. just my lowly opinion.

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Credit repair companies in my o have gotten a bad rap granted the numbers are staggering when it comes to scams vs. legit companies buy as consumers we need to research before we do anything especially with the most important part of your life which deteremines your ability to function....Only in America do we blame the companies and not ourselves had not most of us bought into the fast money, life etc.. theory these scams wouldn't look so tempting...Just like all of us found this board everyone has a fair chance to find it its all about choice...just my 2 cents

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I'm definitely under the heading of people who are too busy or willing to pay for someone else to do a service I can do myself.

I pay a housekeeper when I can clean myself

I pay a hair braider even though i know how to braid my own hair

I pay to get my car detailed even though I can do it myself

basically what I pay for is TIME. Paying to have these things done gives me extra time to do other things I prefer to do such as studying for class, health care issues, etc..

I would rather pay for a credit repair agency to handle the headache of dealing with these companies than do it myself.

I still read the board when I have time, so I am getting more educated on the credit score process, I am learning how not to get back into this position

I like reading about other people experiences with credit repair agency's. It helps me make a decision in who I may go with.

Right now, because of how much I already have on my plate, my choice is do nothing with my bad credit or pay a credit repair agency to start working on it for me.

I think I will use a credit repair agency for 6 months to a year. Then when some of my hectic schedule lightens up, I may try to work on whatever is left myself.

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pay a housekeeper when I can clean myself

I pay a hair braider even though i know how to braid my own hair

I pay to get my car detailed even though I can do it myself

these things listed above are all time consuming tasks

whereas repairing your credit is easy..

you wouldn't hire someone to tie your shoes,

so why pay someone to mail a few letters.

All credit repair is, is mailing letters... that's it!

Credit Repair Companies are for the truly lazy and the truly clueless.

:-)

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'Credit Repair Companies are for the truly lazy and the truly clueless'

Hiblues--I posess NEITHER of the characteristics you described of one who uses a CRO. I just shared my experience of using a CRO on another board and I want to share it here. Not all CROs are bad.

I am employed in a position that requires periodic background checks and I was due. My only concern was getting the credit issues in check and give the appearance that I was 'working' on the credit issues, if asked.

I started researching on what I needed to know....and found this and many other credit repair forums. I began reading and followed all the steps for newbies, opting out, disputing addresses, etc. After awhile, I started writing the dispute letters and did a little posting here and there. I am sure you can all relate how absorbed you become when you first start your journey.

Well, I quickly realized that this was truly a full time job. I work a full time schedule and overtime as needed, commute to work 40 minutes each way, and travel at least 2 weeks out of the month. Needless to say, I was getting buried. I realized that if I did not stay on top of this journey, with all the letters and phone calls I was getting (all of a sudden, too!) that I was going to do more damage than good.

So, one day, cruising thru the various credit repair forums, I came upon a post about a credit repair company in my area. The poster had nothing but great things to say about how much they helped him/her. So, I called them. I went to the office. I met the staff and the owner of the company. I decided they were what I needed and I hired them.

It was the best thing I could have done and I do not regret it. Yes, they write letters on my behalf and I have seen these letters. They are not your typical run of the mill form letters. They have been very successful in getting things off of my report and they are responsive to me, returning phone calls and emails. They have been a great source for me to use. They have encouraged me, guided me and the decision on what to do with my accounts has always been mine. There is discussion between me and them whenever a new round of disputes were going out. I was included in every aspect of the decisions made with regards to my credit.

Next month it will be one year since I hired them. My credit is clean now but I still have them on monthly retainer.

I had one instance where Erin Capital tried to sue me. I hired an attorney and he was successful in getting my case dismissed in state court and we sued in Federal court for violations. And the cro provided me with every letter written on my behalf on this account and cheered with me when I won!

All I am saying is the decision to use someone or do it yourself has to be a personal decision and based on your needs. If you decide to go with a CRO, you need to interview the company, research them, check the BBB listings.

I have learned so much from this forum and from the shared experiences of its posters, that if this company was going to screw me over, I would know it because of the valuable information I have gleaned from each of your post.

So, while I agree that you could repair your own credit and should educate yourself about it, I remain a faithful supporter of this company and would recommend them to anyone without any reservations.

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