Credit Repair Services vs. 'Do-It-Yourself' Credit Repair
Todd Disraeli
Millions of Americans suffer because of bad credit these days, and almost all of these people turn to the Internet for help. In the past 5 years hundreds of ‘internet-based’ credit repair services have sprung up , preying on consumers in need of real help. Most of these companies have built less than desirable reputations by over-promising and under-delivering; all the while taking millions of dollars from those in need.
For this week’s article I am going to compare ‘internet based’ credit repair services to repairing your credit yourself using a system like Loan Saver PRO: for Consumers; you can learn more about their system here - http://www.loansaverpro.com/index-1.html. Hopefully I will open your eyes to the fact that you can do everything they can do, for far less money, and achieve even better results in far less time.
Cost Comparison
Credit Repair Service – Almost every credit repair company found on the internet charges a set-up fee of at least $60 and an ongoing monthly fee of at least $49. They initially tell you that your credit repair work will probably take around 3 months to complete. In reality, your credit repair work ends up taking close to a year or more and now you’ve paid them at least $600. The goal of most credit repair services is to take their time repairing your credit so they can keep debiting your bank account.
Do-It Yourself Credit Repair – There are several ‘do-it-yourself’ credit repair systems found on the internet. Most of these systems cost no more than $40, which is less than the set-up fees for most credit repair services, plus there is no monthly fee. Some of these products are good and some are bad—whichever one you choose, don’t use a ‘do-it-yourself’ system that uses ’pre-made’ letters to launch disputes; I’ll explain this in more detail below.
Dispute Letters
Credit Repair Service – Almost every ‘internet based’ credit repair service, and some ‘do-it-yourself’ credit repair systems, use ‘pre-made’ attorney letters to dispute information on your credit report. Using these types of letters often raises major red flags at the credit bureau level and may result in your dispute request being denied. How do you know if your dispute has been denied? You’ll know when you receive a ‘Will Not Take Action’ letter from the credit bureaus.
Do-It Yourself Credit Repair – There are two primary ways you can dispute negative items on your credit report. One way is to write several original letters to the credit bureaus, which can take several hours to complete and adds weeks onto the credit repair process.
The second and easiest way to dispute negative items on your credit report, is to launch your disputes online. The credit repair system that I helped develop, Loan Saver PRO, shows you step-by-step how to order the right credit reports (yes, there are some wrong ones), launch effective online disputes, and manage the whole credit repair process.
Results
Credit Repair Service – If it sounds too good to be true, it probably is. To get your scores into the 800’s would take over 10 years of perfect credit, so don’t believe it. ‘Internet based’ credit repair services will also try to tell you where your score will be in 30-60 days and that’s impossible to predict. Also, any credit repair service that promotes pipe dreams of a new car and a new house is not to be trusted; unless of course they plan on loaning you the down payment.
Do-It Yourself Credit Repair – A reputable ‘do-it-yourself’ credit repair system should never promise a certain score. However, I will promise that if you decide to use a reputable ‘do-it-yourself’ credit repair system, and are patient, your scores will increase significantly. On average, I have seen the Loan Saver PRO credit repair system raise scores into the high 600’s and low 700’s. With those scores, you can likely get any loan or credit card you desire, and at the best rates possible.
Again, I hope the above information will help you make a better decision when deciding what to do regarding your credit situation. If you still decide to work with an ‘internet based’ credit repair service, make sure you do your research, and don’t say I didn’t warn you.
To help get you started with the ‘do-it-yourself’ credit repair process, my company Loan Savers LLC, offers a free guide that will help you order the right credit reports needed to repair your credit. Visit http://www.loansaverpro.com/index-1.htm and submit your email address to receive a free Insider’s Guide to Ordering Your Credit Reports.
About the author: Todd Disraeli has been in the mortgage and credit repair business for over 10 years. Todd's primary expertise is consulting with mortgage companies and helping them turn declined loans into approved loans. Todd uses his extensive knowledge and experience to help mortgage companies, and their loan officer’s, work smarter and not harder.
Although he might seem controversial at times, he speaks the truth whether the credit bureaus like it or not.
The latest information and news on Credit Repair:
[CaRP] Can't open cache file.
[CaRP] Unable to create/open RSS cache file.
Credit Repair: Beyond the Fair Credit Reporting Act (Wellsville Daily Reporter)
(ARA) - Bad credit can happen to good people. On a day-to-day basis, you can't control all the factors that influence your credit score. What's more, credit reports often contain errors.
Free Credit Repair Secrets Teach Consumers How To Fix Ugly Credit (PR Web via...
Sarasota, FL (PRWEB) November 9, 2006 -- FixMyUglyCredit has launched a free credit repair e-course at www.
Avoid Home Repair Nightmares (The Motley Fool)
Americans spent more than $200 billion on home repair/remodel projects in 2005 and have shown few signs of slowing up in 2006, which means that there are a whole lot of very happy contractors out there, bank accounts bulging. But their happiness doesn't necessarily equate with the homeowner's.
Free Credit Repair Secrets Teach Consumers How To Fix Ugly Credit (PR Web)
From the comfort of home, people with damaged credit can fix their own credit with free step-by-step, easy-to-understand strategies and secrets from FixMyUglyCredit.com. (PRWeb Nov 9, 2006) Trackback URL: http://prweb.com/pingpr.php/WmV0YS1NYWduLVByb2YtUGlnZy1NYWduLVplcm8=
Bad Credit and Home Refinance (Kewanee Star Courier)
(ARA) - Mortgage rates are at historic lows, and it seems like everyone's jumping on the refinance bandwagon these days. But is it really a good idea for people with bad credit?
Avoid Home Repair Nightmares (The Motley Fool)
How to find the right person for the job.
Managing Your Credit Can be as Easy as Clicking a Mouse (Ridgecrest Daily Ind...
(ARA) - Managing your credit can be like balancing a plate in an old circus act - look away for just a moment and everything can come crashing down around you. But the task doesn't have to be that hard. In fact, online credit monitoring and management tools can make it as easy as clicking a mouse.
Police: Fake ?Uzi? taken into credit union (Fort Wayne Journal Gazette)
Two juveniles were taken into police custody Thursday morning after they were seen carrying what turned out to be a fake weapon into the Three Rivers Credit Union on Bluffton Road, police said.
Starting a PC Repair Business (Entrpreneur.com)
10 smart tips that will help you start and grow your computer repair service
The week in review (The Cincinnati Enquirer)
By now, you know the storyline from Tuesday's election: Democrats won big at the federal, state and county levels. Here's The Enquirer's take on some of the other election winners and losers.