Can anybody recommend a credit repair company that has proven results?
After someone went through a foreclosure or a Died in Lieu, what’s the best way to repair that person’s credit instead of waiting for 7 years for it to go away?
First off… Nothing falls off your credit in 7 years. There is no timer or button which is set for you and your collections to simply disappear after 7 years. This is a myth. Of the 3 credit bureaus within the United States, not one has a department designed to make sure your derogatory credit disappears in 7 years. You will have to get it done yourself or hire someone who knows how to remove it.
Also, Have you tried to modify your loan? Or are you in foreclosure now? You should always try to modify your loan or hire a company which specializes in loan modification, or a “deed in lieu” before you allow the bank to force a foreclosure. “Deed in Lieu” of Foreclosure is only slightly better than foreclosure, but you do need to explore all your options before you choose either of these. A “deed in lieu” of foreclosure is when you avoid foreclosure by giving your property back to the mortgage lender, and they can’t go after anything else. They accept the deed instead of foreclosing or paying the loan, so there’s nothing else for them to go after. This is only slightly better than a foreclosure, but anything you can do to preserve your credit will help at this point.
After your deed-in-lieu, we recommend you order a credit report 60 – 90 days later and then every 6 months after that. See what your lender recorded against your credit and how it affected your credit score. During this time you should work with a credit repair/rebuild specialist who has the right forms, knowledge, and so on…