Anyone ever hire a credit repair company?

[Anonymous]

I was going to post a link to the specific company, but I had a hunch that might not be allowed in the rules for this forum and I checked and sure enough it was the first thing listed.  So I'll be generic.

Curious if anyone has ever hired a credit repair company and if they've had any success. I just came across one such company tonight that seems very different than the rest and actually sends out all of the letters and disputes stuff on your report FOR YOU. Seems like a dream come true. 

The price is a bit high ($150 for each major derog deleted across all 3 CBs) but I'd be very curious to try them. I'm thinking that if there's anything I can't get removed from my report that I'm in the process of trying to, I'll give them a crack at it and see if they have different results.

Their website says they charge:

          Monthly Unlimited: $119 for your audit/first-work fee, and $99 monthly for work completed the previous month. 

          PayForDeletion Plan: $119 for your audit/first-work fee, and $50 per confirmed deletion per bureau of major derogatory items, $75 per confirmed deletion per bureau of judgments and tax liens

The monthly plan for only $99/month for unlimited seems like a great deal, but I'd probably be worried that those guys go on the backburner and they put the most effort into the pay for performance customers as they don't get paid anything unless they get stuff deleted.

What do you guys think?

[RobertEG]

If your credit repair involves the filing of disputes, credit repair organizations are specifically excluded from filing a direct dispute or preparing a direct dispute on behalf of a consumer.  Direct disputes can also be dismissed if even submitted by the consumer on a form supplied to the consumer by a credit repair organization.

FCRA 623(a)(8)(G).

In most instances, a direct dispute has distinct advantages over filing a dispute through a CRA.  You give up that ability if your dispute is assisted by a credit repair organization.  Any dispute they assist in preparing or file on your behalf must be directed to a CRA, thus subjecting your dispute to the sanitation of their e-Oscar process.

As for pay-for-deletes and other good-will letters, the good will requested depends upon the individual situation of the consumer and the amount they are willing to offer, of which only they can describe.  Beyond that, a PFD only needs to request deletion in exchange for the offered payment.  I see no special expertise required that necessitates use of a middle-man.

[Anonymous]

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@RobertEG wrote:

If your credit repair involves the filing of disputes, credit repair organizations are specifically excluded from filing a direct dispute or preparing a direct dispute on behalf of a consumer.  Direct disputes can also be dismissed if even submitted by the consumer on a form supplied to the consumer by a credit repair organization.

FCRA 623(a)(8)(G).

In most instances, a direct dispute has distinct advantages over filing a dispute through a CRA.  You give up that ability if your dispute is assisted by a credit repair organization.  Any dispute they assist in preparing or file on your behalf must be directed to a CRA, thus subjecting your dispute to the sanitation of their e-Oscar process.

As for pay-for-deletes and other good-will letters, the good will requested depends upon the individual situation of the consumer and the amount they are willing to offer, of which only they can describe.  Beyond that, a PFD only needs to request deletion in exchange for the offered payment.  I see no special expertise required that necessitates use of a middle-man.

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Thanks, Robert! You've always got great info!

I was thinking of using them just in case I'm unsuccessful with any of my dispute->delete efforts. They get paid $0 if they don't get any results so it seems like they would be motivated to do whatever it takes to get it off.

Can you shed more light on this part of your post though:

"subjecting your dispute to the sanitation of their e-Oscar process."

What's the e-Oscar process and what do you mean by sanitation?

Thanks in advance!

[RobertEG]

When disputes are filed with a CRA, they are required to submit a copy of the dispute, along with all "relevant information" to the furnisher of the information, and the furnisher is rquired to respond back to the CRA prior to the expiration of the CRA reinvestigation periodl.  The CRA then uses, and often simply rubber-stamps, the verificatioo or correction provided by the furnisher.

The rub is that the CRAs take the postion that they can determine what is considered "relevant information."  Their referrals to the furnisher of the disputed information are reduced for transmission in electronic format, and rarely if ever include the supporting documentation provided by the consumer.  E-Oscar is the CRA acronym for their electronic dispute referral process, which usually amounts to a simple numerical code.  The furnisher then responds back with a numerical code.

If the consumer chooses to use the direct dispute process, which is available provided the disputed information does not relate to public record information, credit iquiries, or consumer personl identfier information, then they are assured that all their arguments and supporting documentation are received by the furnisher, and thus part of their investigation.

[Jaguars28fan]

I've used two credit repair companies.  The only thing I noticed they did was change some charge off comments to "has been paid in full, chargeoff"  when they weren't paid at all.  Other then that, I've been able to remove 4 collections and GWed 6 chargeoff accounts on my own. 

[Anonymous]

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@Jaguars28fan wrote:

I've used two credit repair companies.  The only thing I noticed they did was change some charge off comments to "has been paid in full, chargeoff"  when they weren't paid at all.  Other then that, I've been able to remove 4 collections and GWed 6 chargeoff accounts on my own. 

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Good to know! How'd you GW the chargeoff accounts? Who were they with, how did you send the letter, and how long did it take them to respond and then delete the tradelines? I desperately want Amex to delete my 3 chargedoff accounts that have been settled and paid for already.

[721405]

There are many companies who can do credit repair... However the number of those who are licensed and bonded are few and the number of those who have success are even fewer.

I work for a credit repair company and we have many many success stories. I would just say look for one who is licensed and bonded and you'll be in good shape. If they cannot perform or do not give you your money back, then you can place a claim against their bond. Once a company looses their bond they'll be hard presses to ever even qualify for another one.

In order to do credit repair legally, you need to be bonded to protect the consumer from shady practice. So make sure you are working with a bonded company who can really do the work they say they will do.

[ecalmese]

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@Anonymous wrote:

I was going to post a link to the specific company, but I had a hunch that might not be allowed in the rules for this forum and I checked and sure enough it was the first thing listed.  So I'll be generic.

Curious if anyone has ever hired a credit repair company and if they've had any success. I just came across one such company tonight that seems very different than the rest and actually sends out all of the letters and disputes stuff on your report FOR YOU. Seems like a dream come true. 

The price is a bit high ($150 for each major derog deleted across all 3 CBs) but I'd be very curious to try them. I'm thinking that if there's anything I can't get removed from my report that I'm in the process of trying to, I'll give them a crack at it and see if they have different results.

Their website says they charge:

          Monthly Unlimited: $119 for your audit/first-work fee, and $99 monthly for work completed the previous month. 

          PayForDeletion Plan: $119 for your audit/first-work fee, and $50 per confirmed deletion per bureau of major derogatory items, $75 per confirmed deletion per bureau of judgments and tax liens

The monthly plan for only $99/month for unlimited seems like a great deal, but I'd probably be worried that those guys go on the backburner and they put the most effort into the pay for performance customers as they don't get paid anything unless they get stuff deleted.

What do you guys think?

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i used skyblue credit repair for about 8 months. they removed a ton of things off my credit report for me. when i started working on my credit i was in the 430s...they took me to the 550s and then they were honest and told me they've done all they could do the remaining companies are resisting their disputes. They canceled my service instead of stringing me along. all in all, i was happy with them. it was during a time in my life when i was very deep in debt, bad credit, horrible reports i would have been overwhelmed trying to do it myself. Once they knocked it down to something i can manage i started paying off the remaining debt, joined this forum and the few disputes that were left...i did it myself. i still have a ways to go as i'm attempting to build my credit to purchase a home but sky blue removed about 20 items from each credit bureau.

[H2013]

I know a couple of people who used Lexington Law and had good results.