Are credit repair services legit?

[Anonymous]

Are credit repair services legit or scams? I see all these services listed about companies that can help remove items from your credit report.

Anything to these?

[jenkins]

save the money and do it yourself!

[sl]

I agree with Jenkins.  Get your advice from this board and do it yourself.  You can actually do more than they can.

[Anonymous]

I agree you can do it yourself for free if you're willing to spend the time and energy.  That's why we have this forum!

Credit repair services are regulated by the Credit Repair Organizations Act, plus some states have additional legislation and licensing requirements.

One thing to look for:  they cannot take your money until AFTER they have performed the service.  So look very very closely at how they define what they do for you.  Most of them get around this by charging you a big "set up" fee (for doing nothing more than entering you in their computer) and then bill you the monthly fee for "repair" services performed for the prior month.

Keep in mind that they normally charge on a monthly basis.  What incentive do they have for repairing your credit quickly?

[Anonymous]

I have both used a repair company and did the things myself. Both can yield you great results. Everything the reputable companies can do you can do yourself. It's all about having the right information. I am currently using a company right now because of my current situation. I am deployed to the Middle East and don't have the time or the resources to stay on top of everything like you need to. I have gotten great results in just a month and a half with their services. For example my FICO EQ score went from 625 to 700 after they got 3 collections 2 late payments and several inquiries deleted off my report. It does work. If you have the time by all means save your money and do it yourself. These boards as well as some others are a treasure trove of knowledge and experiences to gleen from. If you decide to use a credit repair company please do your research and make sure they have been around at least ten years and are a member of the BBB. Good luck in your journey to better credit.

[KarimaKC]

I have to say that I just signed up with Lexington Law firm about three weeks ago.  I was desperate because my DH and I need to get our scores up to be able to move into our first home, but now I wish that I had done more research and done it myself.  I just did not have the confidence to do things myself at that time, and figured they were the experts.  There is a lot of support on this board, and very knowledgeable individuals.  Search your heart and your CR and see what is best for you.  Know that you can do it yourself with enough research, however.  Best of luck!

[Anonymous]

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Tangle wrote:
Are credit repair services legit or scams? I see all these services listed about companies that can help remove items from your credit report.

Anything to these?

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Some are, but anything they can do, your friends here can tell you how to do cheaper and faster.

Beware of the ones that try to remove legit negatives in any way other than PFD, GW, etc, or try to "buy" AU's.

[Anonymous]

My two cents on why you should stay away from credit repair organizations, like Lex Law.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=17565#M17565

[VLGaffEsq]

Please save your money and use it to pay off your credit cards and pay down your debt!  This board and all of its excellent advice, especially "example letters" from Moderators like Tuscani, are all you need!  It will take time, but you will save a nice chuck of money and in the end, you will be pleased with the fruits of your efforts as your FICO score goes higher.

[Anonymous]

I am using a credit repair now and he has been very helpful.  Yes you can find out alot of things on your own, however sometimes it helps to have someone more knownledgeable on the laws.  I am glad I am getting help.  This company was highly recommended by a mortgage broker so I felt comfortable in hiring him.