Millions of Americans suffer because of bad credit these days, and almost all of these people turn to the Internet for help. In the past 5 years hundreds of internet-based credit repair services have sprung up , preying on consumers in need of real help. Most of these companies have built less than desirable reputations by over-promising and under-delivering; all the while taking millions of dollars from those in need.
For this weeks article I am going to compare internet based credit repair services to repairing your credit yourself using a system like Loan Saver PRO: for Consumers; you can learn more about their system here – http://www.loansaverpro.com/index-1.html. Hopefully I will open your eyes to the fact that you can do everything they can do, for far less money, and achieve even better results in far less time.
Credit Repair Service Almost every credit repair company found on the internet charges a set-up fee of at least $60 and an ongoing monthly fee of at least $49. They initially tell you that your credit repair work will probably take around 3 months to complete. In reality, your credit repair work ends up taking close to a year or more and now youve paid them at least $600. The goal of most credit repair services is to take their time repairing your credit so they can keep debiting your bank account.
Do-It Yourself Credit Repair There are several do-it-yourself credit repair systems found on the internet. Most of these systems cost no more than $40, which is less than the set-up fees for most credit repair services, plus there is no monthly fee. Some of these products are good and some are badwhichever one you choose, dont use a do-it-yourself system that uses pre-made letters to launch disputes; Ill explain this in more detail below.
Credit Repair Service Almost every internet based credit repair service, and some do-it-yourself credit repair systems, use pre-made attorney letters to dispute information on your credit report. Using these types of letters often raises major red flags at the credit bureau level and may result in your dispute request being denied. How do you know if your dispute has been denied? Youll know when you receive a Will Not Take Action letter from the credit bureaus.
Do-It Yourself Credit Repair There are two primary ways you can dispute negative items on your credit report. One way is to write several original letters to the credit bureaus, which can take several hours to complete and adds weeks onto the credit repair process.
The second and easiest way to dispute negative items on your credit report, is to launch your disputes online. The credit repair system that I helped develop, Loan Saver PRO, shows you step-by-step how to order the right credit reports (yes, there are some wrong ones), launch effective online disputes, and manage the whole credit repair process.
Credit Repair Service If it sounds too good to be true, it probably is. To get your scores into the 800s would take over 10 years of perfect credit, so dont believe it. Internet based credit repair services will also try to tell you where your score will be in 30-60 days and thats impossible to predict. Also, any credit repair service that promotes pipe dreams of a new car and a new house is not to be trusted; unless of course they plan on loaning you the down payment.
Do-It Yourself Credit Repair A reputable do-it-yourself credit repair system should never promise a certain score. However, I will promise that if you decide to use a reputable do-it-yourself credit repair system, and are patient, your scores will increase significantly. On average, I have seen the Loan Saver PRO credit repair system raise scores into the high 600s and low 700s. With those scores, you can likely get any loan or credit card you desire, and at the best rates possible.
Again, I hope the above information will help you make a better decision when deciding what to do regarding your credit situation. If you still decide to work with an internet based credit repair service, make sure you do your research, and dont say I didnt warn you.
To help get you started with the do-it-yourself credit repair process, my company Loan Savers LLC, offers a free guide that will help you order the right credit reports needed to repair your credit. Visit http://www.loansaverpro.com/index-1.htm and submit your email address to receive a free Insiders Guide to Ordering Your Credit Reports.
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About the Author
Todd Disraeli has been in the mortgage and credit repair business for over 10 years. Todd’s primary expertise is consulting with mortgage companies and helping them turn declined loans into approved loans. Todd uses his extensive knowledge and experience to help mortgage companies, and their loan officers, work smarter and not harder.
Although he might seem controversial at times, he speaks the truth whether the credit bureaus like it or not.