Home Buying in 75234>Question Details

Oliver, Other/Just Looking in Dallas, TX

credit reapair companies

Asked by Oliver, Dallas, TX Wed Oct 1, 2008

whats your take on them?

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Answers

11
Hmmm-getting me in trouble with the other people again. I believe we should teach a man to fish not feed him. So with that in mind here is a link to a website with a video and information on how to do it yourself. If you get stuck there is an attorney at the same site that can and will help (for a fee.) Many folks have solved these kinds of issues themselves and you should at least try to do it alone. the forms you need are here and can be downloaded.

My very best wishes for your success. When complete-all I ask in return is to remember me when you decide to buy the next home! or if it's a rental for awhile...972-907-0000 See the link below. Doris
1 vote Thank Flag Link Mon Aug 9, 2010
I have had several clients who needed to repair their credit. Some have used the company I recommended and then bought through another Realtor or through me. Some have stuck with their cheap subscription law firm and the results were negligible change after hundreds of dollars down the drain. A couple have used a more expensive service with good results.
Before you embark on a program, make sure they will repair your credit, not reduce your debt. Several companies offer to reduce your debt by changing your billing address to them, taking money from you to pay the bills, and then doing nothing but waiting for the companies to soften up after months of not being paid. When they're soft enough, the company pays a fraction of what is owed to settle the bills. The company makes a boatload of money off of this. The end-result is paid off accounts but your credit is ruined by months of non-payment.
Most reputable companies have you pull your credit report monthly and they dispute items that have lowered your score. The creditors who respond to the disputes stay on your credit report until you pay them off. Those that give up trying to collect, have their derogatory credit reports removed. Eventually your score jumps up. As you pay off and continue to pay on time, your credit score continues to climb. This is what a typical commercial repair service does and they charge from $200 to $1000 (sometimes more).
Consumer Credit Counseling Service is a free service that offers advice and works with creditors to get past collections paid off and removed, as well as reduce interest payments. They also can help prevent additional derogatories from creditors they are working with. Visit their website at http://www.cccs.net or you can ask through my profile and I will give the names of the commercial agencies I can recommend.
Web Reference: http://www.Mortgages-TX.com
1 vote Thank Flag Link Thu Oct 2, 2008
Doris, you are exactly right. Most credit repair companies (not all) are scams and will just take your money. I equate repairing credit like losing weight. It's easy to gain it (use credit), but VERY tough to get rid of it. Long and slow process. No quick fixes.
0 votes Thank Flag Link Mon Aug 9, 2010
I owned a credit repair company for 10 years lectured to 1000's. I am also a Dallas realtor and Dallas home loan mortgage officer. There are companies who can take your money do nothing as the expression goes you pay for what you get the less expensive companies charge $300 I would recommend to stay away from those companies they can do more damage than good.

There are standards statues that must be followed in order to repair a credit. I would recommend for anyone to go thru credit repair 1st than ever filing bankruptcy. HOWEVER if your debt is less than 2 years old you are wasting money, if the collection is more than 2 years old the likely to have deleted from credit report is very good.

Most of our clients credit was repaired within 60-90 days from point the contract was signed per the State of Texas statues a credit repair companies has up to 6 months to work on positive results repairing your credit.

Be careful prior to signing any contract.

I do consultanting for $150 per half hour contact my office if I can assist
972-699-9111
Lynn

http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Tue Dec 2, 2008
It is just important to work with somebody good, it will save you time, money and disappointments. I would recomend you Mike Rowland, he is good and do the think right. Please contact me any time if you need his contact information.
0 votes Thank Flag Link Fri Oct 3, 2008
Oliver, when a person signs up with a credit repair service, they are telling the lending industry that they cannot be entrusted to properly manage their own finances. Would you make a loan to someone who says that to you? There are individual investors who will back loans for people who have gone through credit repair, but I've never seen one where the interest rate was even close to fair market. Those folks pay much higher rates, as they are a higher risk. I have found it is much better for a buyer to work with a good lender to get counseling on how to get their credit scores higher, and there are steps they can take that make big changes fast (usually within 30-90 days). Now, if your credit score is in the 400's, this isn't an overnight fix. It may take a year or more. But, slow and steady improvement and a change in habits that sticks over time will result in better scores and achievement of financial goals. Rodney Anderson at Rodney Anderson Lending Services (a division of Supreme Lending) has a great website with a credit improvement tool on it. I've posted that site below. Rodney's credit seminars and home buying seminars are free and are excellent. He also has a radio show on 105.3fm Saturdays from 9am-11am. I was turned on to Rodney's lending group through a client four years ago. Thanks to Jeff Kambak for sending me the best lender in Dallas.
0 votes Thank Flag Link Thu Oct 2, 2008
Oliver,

Credit repair companies might hurt your chances of being able to buy a house.
0 votes Thank Flag Link Wed Oct 1, 2008
Oliver,

Be very careful.......the feedback we are getting has not been positive. Our recommendation is to continue gathering information and come to your own conclusion but do so with care.

Best regards
0 votes Thank Flag Link Wed Oct 1, 2008
Oliver I think credit repair companies are great if you work with a good one. Like in any business there are good and bad ones. I have also seen many people like yourself thinking they need credit repair to get into a home and that may not be the case. However if you are fairly sure you need a higher credit score to get approved I work with Nancy Lubertazzo at Global Advantage. 972-867-7350 x1012 I have put many customers through her program and get rave reviews on her service and the work speaks for itself when I see the results of the credit score. Good luck.
0 votes Thank Flag Link Wed Oct 1, 2008
Oliver,

There are many companies that will take your money and do nothing. I have been in the Real Estate business for 15 years and I can say that I have found a company that does a great job! I do not work for them or get paid from any referrals as well. I just know that I have had several friends and clients use them and they have truly worked out credit that I thought could not be corrected. Feel free to contact them and get your own idea as to whether or not you would like to use them. Their company name is United Credit Source and their number is 214-440-3735 Daniel Rodrique


Please check out our powerpage on the front of our website!
0 votes Thank Flag Link Wed Oct 1, 2008
http://dallasloanguy.com/docs/about_credit.pdf

Read this free e-book about credit before you hire anyone to do it for you. Seriously, regardless of their sales pitch, they cannot do as much as you can.
0 votes Thank Flag Link Wed Oct 1, 2008
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