I was hoping to get some information on a reasonable priced credit repair company. I’m working with lease options and before I place a tenant/buyer into a home that has credit issues I need a company that I has experience in working with people that cannot get a loan right away.
Who Dat!
If a home has credit issues, someone should confiscate its credit cards
[color=blue]I was told that I could get help with questions and where someone can learn from others here. I was asking if anyone could recommend a good credit repair company.
I have done much research on this over the past 10 years for my customers whom I owner finance on homes and my results always came up the same…there are no credit repair companie that I would recommend that keep their word. This is true in personal credit improvement and in creating ‘instant’ credit through an LLC or other entity. It has been a tremendous waste of time and money.
We have had far better success improving credity by getting them to actually pay ALL their bills on time for more than 12 consecutive months, especially with FHA. Have your customers pull their credit reports, anything in default, call and make payment arrangements and actually make those payments. Start being a good credit risk and your credit score will rise…how magical!!!
From experience, I would not waste time and money on credit repair companies. Wish someone can prove me wrong and I would change my position, but so far, no credit repair company has come through for my customers.
Hope that helps.
I have a friend who runs one and says there’s nothing special about it. Anybody can do it. Check your credit, call the companies and ask for favors (removing old flags since you been good lately, or negotiate a price and payoff for eliminating the debt and clearing the report). They’d rather get paid 40-60% than have it go to collection - negotiation for percentage of payment is only an option after 90 days overdue. After it’s paid off, you can ask them to clean up your history.
The problem with going with a company is they want to bill you too, and obviously that’s the opposite of what you want, and some will have you pay them and then they pay bills for you, and that seems too risky for what it’s worth. What if they don’t pay your bills?
Like Rob said, make sure they pay their bills and talk to the companies themselves. The rest is just minor tips and tricks. If they are in need of much more help it’s probably better to avoid them as tenant/buyers.
good advice. best to call them up and negotiate a settlement in which they agree to remove derogatory info, than to take months of wasted time repairing the report.
The FTC actually recommends that you repair credit yourself.
I would recommend http://mix6.com/credit/
Its a do it yourself credit repair website, but it is the best I have seen. They even have a yahoo group that you can join to submit specific questions and get advice. It is run by an attorney…so, I would think the information provided is reliable. You can hire him for a consultation if needed.
Credit repair companies don’t work because credit can’t be repaired. Credit is not a financial issue, a think in itself that can be repaired like a bill is a thing that can be paid off. Credit is not financial it is a behavioral. Credit repair is get a list of your creditors and dispute them all hoping some will fall off. That is only marginally effective and even that effectiveness is temporary. What you need is a credit strategy. A credit strategy realizes that there is no good credit or bad credit there is a credit score. This score develops a number based on an algorithm. These strategy companies set of a plan to make this number come out to what you need it to be in order to get the house financed.
Google credit strategy. Call at least 3 of them. I used one of them. I had good credit a a poor score. I was told I had rich man’s disease. I paid cash for everything and thus had a low score. I paid my bills off and closed accounts. They set up a strategy that called for an array of credit of different types at moderate levels to raise my score. I have not looked back since.
Excellent post bluemoon. I’m rebuilding my credit and one day it will overuse the negative stuff. Get credit and keep it good.
yes you can do it your self we did, we got all the information on line they deleted so much off my husband report his scores are 555 with exufax the rest are unrated unrated these credit repair will take your moneywhen yo can do same thing yhey do
I think you should find a good mortgage guy. I heard of real estate investors calling on mortgage or loan officers to help their tenant buyers get approved.
It will take some time, which is why of course, you want your lease option to be as long as possible, but these guys are usually knowledgeable about the loan products and may be able to refer your buyers to credit repair companies as well.
This takes that work out of your hands.