- Does anybody know a legit site that repairs Credit History and helps raise the credit score? Need help with repairing my credit score and history.
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Answer by falsi fiable
Credit repair is a scam. You cannot remove accurate information from your credit file. You can challenge incorrect information.
Heres what credit repair companies promise: their computers will send automated challenges for every negative item on your file and if the credit bureaus do not respond within the appropriate time frame, those negative items have to come off by law.
Heres why it fails: the credit bureaus have even better computers to respond to trivial automated complaints.
In the end, you wind up paying hundreds of dollars and get nothing in return.
If you have inaccurate items on your credit file, you can challenge those yourself for FREE.
It takes years to develop excellent credit and just a few short months to ruin it.
- Ive got a buddy who swears the govt is out to get him. His credit is in the dumps, yada yada. Well, I want to show him some personal finance stuff and help him out. BUT, I also want to give him something to READ about getting credit, repairing credit … and that the govt isnt really out to get him. Silly, I know, but its partly to help and partly for fun. Suggestions?
Answer by Megan R
Hmm… good question. If you want to know what the govt is up to on this topic, you need to learn about the credit reporting act. Theres info online but its hard to find. I mean, govt web sites and stuff.
I found this web site and book…
Sounds like its full details about what the govt officially wants us to know, but also some helpful hints and tips. No idea if its any good.
BTW, I like anything by David Ramsey. That dude knows personal finance!
- I hit a really tough time about 2 years ago, it started with the birth of my daughter and loosing my job afterwards. It seems like bad luck has just been following me! Is there a best way to go about repairing credit? I heard consolidation was not good.
Answer by oklatom
Consolidation only works if you have a house, and are willing to borrow against the equity in your house. You pay off the cards with the money you get and then only have one bill to pay each month. Thats fine if you are disciplined enough to not use your cards after that, but most people arent, which is why they got so far in debt in the first place. So what happens is, you run the cards back up, miss a payment on your consolidation loan, lose your house and you are still in debt. Bad luck is not a living nor a tangible thing that follows people. Its all a matter of choice, and consequences of those choices.