5 Comments to What does a credit repair business really mean?
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I’ve been in consumer lending for 15 years. No credit repair agency can fix your credit. It’s a scam. Only time can repair your credit.
35% of your credit score is based upon yhow you paid your creditors within the last 12 months. A payment has to be at least 30 days late before a creditor can report it as late to the credit reporting agencies per the fair credit reporting act.
By paying your bills ontime for the next 12 months is the best and fastest way to improve your score.
they just consolidate all your debt into a low affordable payment… but might hurt your credit in the process.
is a great way to increase your income and help some of the millions of Americans who struggle with debt. You can start your own credit repair business and work from home. It is perfectly legal to have a financial operation and also give advice on how to get out of debt. Having your own credit repair business has many wonderful benefits.
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A credit repair company is one that specifically focuses on credit and credit restoration. Normally, credit repair companies only focus on deleting derogatory information from a credit report for a consumer simply by writing (and sometimes resubmitting) letters addressed to all three major credit reporting bureaus such as TransUnion, Experian and Equifax. Credit repair companies are not to be understood or confused with consumer credit counseling agencies (regardless of whether they are nonprofits or not) as these work specifically for your creditors and report consumer enrollment to the major credit bureaus.
A good credit repair business really should be a part of the larger financial planning picture and should not focus solely on credit repair alone. A good, solid program promotes the re-establishment of credit, settlment and deletion tools as well as general budgeting, advice and education. Since most people have a solid interest in buying a home, the credit repair business should have a working knowledge of mortgage lending and some understanding of underwriting guidelines and programs such as FHA. A certificate of good standing with the State is good to have. Also, a credit repair business should not charge for months on end and should give a consumer a general idea as what to expect with regard to results-oriented credit repair systems and guarantees.
Trouble. At least that is what I’m hearing about many of them.
You’ll be better off to consult a non-profit credit counseling service in your community.