second chance financial credit repair?

Barathna Says:
September 5th, 2010 at 10:05 am

Unfortunately you cant erase your bad credit history. At least not legitimately. I know someone who went to one of these places, and apparently they somehow managed to delete the items off of their credit report. Of course that was many years ago and I doubt if any of these companies are able to do much if anything with your credit, other than take your money and drive you further into debt.

mjghunter Says:
September 5th, 2010 at 10:05 am

There are no good credit repair companies. They flat out lie. You pay them to do there "repairs" and 9 times out of 10 they run off with your money.

bdancer222 Says:
September 5th, 2010 at 10:05 am

Before you sign up with a credit repair agency, read what the FTC has to say: http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm.

SmartA$$ Says:
September 5th, 2010 at 10:05 am

ALL credit repair services are frauds. Most of the time, they demand a fee up front and you never hear from them again. IF they do actually give you some help, you aren’t getting very good value for your money.

Federal laws are very clear about what you can and cannot do regarding your credit. If you do something that violates federal law, in an attempt to clean up your credit, then you have committed fraud and you can go to jail if you are caught. It doesn’t matter if some credit repair agency told you to do it, or did it for you. You will still be the one in trouble. All of the things they can legally do are things you can do yourself, if you just spend a little time doing some research online to find out what to do and how to do it.

Ted Says:
September 5th, 2010 at 10:05 am

These companies can’t change the facts of your past. Your history can’t be "repaired", so all of these places are scams. They are springing up like weeds because of the economy.

Alan P Says:
September 5th, 2010 at 10:05 am

DON’T DO IT!

Though there are legal things you can do to "fix" your credit, you could do those things yourself.

Plus, the more "people" you give permission to check your credit, the more inquiries….which has a NEGATIVE effect on your credit. (Example: if you apply for several credit cards on the same day).

The best start you made was asking the question.

The next thing would be: use the money that you are considering paying to the credit repair comany, to pay one (or two) of the "issues" on your credit report.

Call them, and they will send you a free copy in the mail (or online, but DON’T go through a third party).

When you make the decision of which ones, your list should only include those in the past 7 years. (Any that are older than 7 years should not be affecting your credit…and if you make a payment, it legally gives them the right to re-report…..that you have a 7- year old debt).

AlanP
http://alanpowell.me

mysticalkfae037 Says:
September 5th, 2010 at 10:05 am

I never really heard of that, I would look them up online to make sure they are legit.

infinite crisis 247 Says:
September 5th, 2010 at 10:05 am

1. the only thing that will get legitimate derogatory info off of your credit reports is either time (takes 7.5 years from date of first delinquency) or a "pay for delete" agreement w/ the creditor.

2. if the derogatory information is not legit, you could dispute the info yourself for the cost of postage stamps. by law, they must verify the debt or remove it within a certain amount of time.

in a nutshell, credit repair services are most often scams. i’m not going to say all, but the overwhelming majority are. they also are not allowed to charge you a fee upfront. they must actively start doing the work before you get charged anything.