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credit repair

Posted by on Jan. 6, 2015 at 6:28 PM
  • 10 Replies
Anyone know of a legitimate credit repair company? Planning on using tax return to buy into one, and pay off old balances and debts. Just looking for suggestions.
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by on Jan. 6, 2015 at 6:28 PM
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mybratsmom
by Silver Member on Jan. 6, 2015 at 7:02 PM

Dave Ramsey. Total Money Makeover, free audio online and great advice.  

NBVP1
by New Member on Jan. 6, 2015 at 7:18 PM
2 moms liked this
You can't pay the debt off directly to the companies/creditors?

I tried to use Care One...but ended up just paying my debts directly. I'm debt free now and it was a lot less stressful that way, no payment plan or contracts or anything.
anotherandree
by on Jan. 6, 2015 at 7:21 PM

We used one for a year, but like others have done, we paid it off after that first year.  However, if you go with a company, check your statements regularly.  It seemed that sometimes credit companies changes (bought, sold, and whatever) so they stopped getting paid because the credit repair company was just set up as automated to the original place.

mawfia
by Member on Jan. 6, 2015 at 7:42 PM
One of the reasons I'm looking ti hire someone is I'm not very organized. I'm hoping to find someone experienced in getting old and problem items removed if we settle. Just looking for ideas........
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Sigmalade
by Member on Jan. 6, 2015 at 10:37 PM

I would say go with Dave Ramsey also. The books are free in the library, he has a free site and you can do his debt snowball, pay a membership and track your bills. He also tells you how to get a free credit report and talk to creditors. I only worked with one company years ago and everything was great to the last two payments and I got a collection call for money I thought I had paid. I have a notebook with all my bills (monthly, yearly, and old debt). I set up things on draft and everthing is simplified that way. Good luck!

mybratsmom
by Silver Member on Jan. 6, 2015 at 11:42 PM
A lot of us have worked out our own problems - I've negotiated debts as part of litigation settlements. You need to start with being current on your current debts. If you've got old debts - leave them for a minute. This is where you get organized and get a copy of your credit report (you can order one from each reporting company for free and compare). If you have creditors contacting you now, don't negotiate unless you have the money available. And then ask for a letter stating that upon receipt of payment (which you will send certified mail, signature required to confirm receipt overnight), your debt will be considered paid in full and they will indicate as so on your credit report. If they don't agree to deal with you, then say okay thank you, Bye.

I recommend Dave Ramsey because I've worked his program and am now debt-free. I also had to help my mom after she went to a credit repair place and discovered that they were holding her money in an account, attempting to negotiate, and then keeping the rest of the money as a "service and handling" charge. All the while, she was late on other debts that she had been current on and shes still not able to get any credit in her own name - 3 years later. Would have been better off doing a bankruptcy - at least she wouldn't have wasted her money.

Quoting mawfia: One of the reasons I'm looking ti hire someone is I'm not very organized. I'm hoping to find someone experienced in getting old and problem items removed if we settle. Just looking for ideas........
sal26
by Member on Jan. 7, 2015 at 12:12 AM
dave ramsey. the snowballing idea is awesome. he breaks down every thing into baby steps to make things doable. no need to hire someone that could be a scam. you are better off contacting the companies yourself and checking your credit score statements througj credit karma
layman75
by on Jan. 7, 2015 at 8:44 AM

Any company that says they can have negative items removed is a scam. Any actual late payments can't be removed unless you can get a company to agree to delete in exchange for full payment but they don't have to. Your credit report is supposed to reflect your actual activity. You can only have items removed that aren't yours.

Line out the current debts smallest to largest and just start paying them off. Make sure from today on that you make your payments on time and that right there is the best thing you can do to repair your credit report. Paid off in full items with previous late payments are not as bad as current late payments.

mawfia
by Member on Jan. 7, 2015 at 5:10 PM
Thanks for the suggestions!
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