Question : Is Credit Repair really effective and how much would you pay for it if it is?
A good credit report is very important for living a comfortable life of financial freedom but it's difficult to recover fom a bad credit report once you've made a few mistakes. Credit repair companies can be helpful, especially if you allow some time for your file to be worked on before you need it completely done.
- asked by sweetsmile1982
All Answers:
Answer #1
I don't think havin a good credit report is veryimportant for living a comfortable life and Icertainly don't think it gives you financialfreedom. Having good credit only does one thing;it lets you borrow more money. You will just beslave to the lender. How is that financialfreedom? I say cut up your cards and work andsave to pay cash.
- answered by jlamb_2000
Answer #2
Don't Do It!It's gonna cost you money, and it'snot going to be of any great benefit. I can'ttell you what to do because I don't know yoursituation, but I know MY situation is reallymessed up. I decided to do the right thing andstart making it better.Start by going to theFederal Trade Commission's Web site - the sectionon credit. I've listed the source. There's aPLETHERA of information on what you can do tostart cleaning it up.It's not easy.It's not overnight.But then again, we didn't mess it up overnight either, did we? I know I didn't. I'm animpatient guy, and I hate having to work hard atcleaning up my mistakes, but it's the best way...I promise.
- answered by TimNYC
Answer #3
Yes it is! Every mortgage broker has at least ahandful of folks they use to sweep up folkscredit. 1% difference on a 150k loan is TENS OFTHOUSANDS of dollars in interest savings. It'seasily worth the 2-300 bucks most charge.
- answered by manny
Answer #4
Credit repair companies do something that you cando yourself and you wont have to pay high fees. Basically they call all your creditors and make adeal with them and tell them that you cant pay. All this does is lower your score. The wholeprocess is about lowering your credit score so lowthat the people you owe money to wont have anyother choice then to go with the repair agency andtry to recoup their money from you. Considerfirst, how low is your credit score in the firstplace.
- answered by Goran V
Answer #5
this site has a credit repair kit there is a onetime membership fee
http://www.wesayes.com
- answered by tuesdayisgreat
Answer #6
You can repair your credit with the followingsteps and it won't cost you anything except a lotof time, effort and hard work:1. Control yourspending. Develop the discipline to set a spendinglimit and to maintain it.2. Develop a writtenbudget and stick to it. Modify your budget onlywhen financial issues have improved. Three basiccategories in your budget should be"Personal,""Household" and Contingencies.3.Position yourself to create additional revenuestreams. You need more than one source of revenue.A homebased business is an excellent opportunitybecause it provides excellent tax benefits in theUS, in addition to the extra income.4. Become morefinancially literate; learn how money works andhow to make quality financial decisions.5. Learnto speak to yourself in "cans," not "cannots." Inother words, don't ask "why can't I afford suchand such; rather, ask, "what must I do to affordsuch and such?'6. Include trustworthy family,relatives and friends in this quest so you havepeople who care about you to hold you accoutableto working your financial freedom venture. Do notinclude anyone on this team who lives a recklessfinancial life.7. Write all this down because anunwritten plan cannot be followed.
- answered by mcjordansr
Answer #7
I haven't heard any good reports from CreditRepair. I do know get your own credit report, ifyou see anything wrong with your report write tothe credit bureau about the situation. If not paywhat ever the bill you owe. Hope this help.LC
- answered by littlebit
Answer #8
The above answers are all correct, in theirvarious perceptions. But if it is important toyou, than do it right and hire a reputable creditrepair organization. Lexington Law Firm,lex123.com, is doing mine. They have been aroundfor 15 years, they are a law firm, and theyspecialize in credit report repair. They are notexpensive and have a money back warranty. Theyeven fix bankruptcies.
- answered by Sugar Bear
Answer #9
First..NEVER PAY FOR CREDIT REPAIR!!!I can'tstress this enough. They can do nothing for youthat you can't do yourself by learning how to doit. It's just about knowledge! Gotocreditboards.com and learn EVERYTHING on yourown!Now watch this!I dare one credit repair personwho maybe reading this to call me a LIAR!!!Theywon't...watch..because they know it's true!
- answered by Indianadude
Answer #10
Avoid credit repair. They are either scammers orpeople charging you money to do what you can doyourself. A lot of times they will suggest youget an Employer Identification Number (new SSN),but this is illegal.Do your own homework and fixthings the honest way. Beware of anyone sayingthey can erase your bad credit history; there isno legal way to erase accurate data. You can,however, order a copy of your credit report andmake sure that anything inaccurate getsinvestigated.
- answered by Eric Ewanco
Answer #11
I agree with the last two posters. Paying someoneto do it, or purchasing some websites adviceonline, is not the best way to repair credit wheneverything that you need to know is there, free touse. Save that money for other things and do ityourself.The site I've listed below is a "free" doit yourself credit repair site. It has a greatamount of credit based information, all free foranyone to use.
- answered by echo
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measure and fulfill your financial needs
