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Hello all, a Realtor I worked with recently to try to get approved for a mortgage referred to a third party credit repair service. The company has terrible reviews online, so I've decided to not go with them. Would like to know if there are any truly reputable credit repair services out there (who will truly go to bat for you with negative items, not just settle them). Or is it better to just try to do this myself? Any good guides out there on how to do this youself?
@Anonymous wrote:Hello all, a Realtor I worked with recently to try to get approved for a mortgage referred to a third party credit repair service. The company has terrible reviews online, so I've decided to not go with them. Would like to know if there are any truly reputable credit repair services out there (who will truly go to bat for you with negative items, not just settle them). Or is it better to just try to do this myself? Any good guides out there on how to do this youself?
Welcome to MyFICO!
It is far better to do this yourself and the guides are right here on MyFICO in the Rebuilding your credit section where you made this post.
I am one of those people that like to hire others for a specific task, but it doesn't work well in the credit rebuilding world. This is one of those things that if you do it yourself, not only do you repair what is wrong, but you learn the ropes for the future to prevent future wrongs. Win-win.
Don't forget to read the stickies at the top of this section and the other MyFICO subforums. There is a wealth of information right in the stickies. Naturally, post your questions too for detailed, specific responses about your situation.
I think the question isnt using a service versus not for many it is what service to use. Having said that I did all of my stuff and my wifes myself. I don't think it takes much skill but it take perserverance and patience. With the CFPB these days you have far more leverage than just a few years ago. One thing you have to consider is the value of your time and frustration.
One factor could be whether or not you wish to use the direct dispute process (FCRA 623(a)(8)) to address any disputes, rather than going through a CRA.
Using the direct dispute process removes any possibility of the CRA not forwarding all your relevant documentation or arguments to the creditor or debt collector.
Credit repair organizations are explicitly excluded from participation, even by providing forms for consumer use, in direct disputes.
I used a CRA for about 2 yrs. I'm glad I did because I would not have had the patience it takes to send out as many letters as was needed for my situation. Yours may be different. In that time though I was constantly on this forum and others reading and gaining very valuable knowledge. Knowledge not just on credit repair, but on building credit AND probably most important to me now, MAINTAINING what I been able to overcome. I've still have some repair that I am doing on my own now, but I've come from the lower/mid 500s to 720s and from what I learned here from these Vets, I am NOT going back there again. So, again my situation was I needed a lot of repair. More than I was going to/wanted to do on my own. Research other's experience and see it your situation warrants it or if its something you know you can do yourself.
@rmduhon wrote:
Exactly. I could easily change the oil in my truck but I pay to have it done for my convenience. To a certain extent, it's the same thing.
Perfect way of framing the 'pro' argument. There are hundreds (or more) of things we pay someone else to do every year, even though we could learn how to do it, and handle it ourselves; or we might even already know how, but choose to hire someone else for the sake of convenience, brevity, or skill level.
I've been considering going the professional agency route myself, but there are a ton of them out there; most with quite contradictory reviews. I'd like to here from some actual, established myFICO folks who've used an agency.
Does anyone have any experiences they'd like to share?