Do any of these "credit repair" companies actually work?
By JEFF from TX
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No, no, no it is a scam. I know for a fact, the only way to clean up your credit is to pay it off or file bankruptcy and deal with 10 years of bad credit. Credit counseling is bad for your credit as well. Just pay down what you can and forget this credit repair scam!
Here's what my state's Attorney General has to say about credit repair scams:
ago.mo.gov/
From information I have read they do not. They promise a lot and deliver nothing. They will tell you they will fix everything but you have to give them the cash you would have paid to your creditors and they keep most if not all the money so you are in a deeper hole than what you started with.
I recommend an e-book entitled "Debt Free in Three". It costs $39.97 to download, and it also includes e-mail support. The author, Clint Holland says that with this system, you can pay off all of your debts in 3 to 5 years without eating macaroni and cheese every day. You can read all about it at www.debt-free-in-three.com
No. They are almost all scams. To find a legitimate one, go to www.nfcc.org or call 1-800-388-2227. This is the National Foundation for Credit Counseling and IS legitimate.
There is no such thing as a legitimate credit repair company. I worked at TransUnion for 6 yrs so I know this is true. You can do it all yourself. First, go to annualcreditreport.com and order all three of your credit reports. Do not bother paying extra for the scores. Go through each item listed and make sure it is correct. Be sure to match acct numbers to your accounts because sometimes they wont look familiar. (ex: Spirit of America bank is Fashion Bug among others). IF you find anything incorrect you have at LEAST 30 days to call the consumer relations center at the credit bureau and discuss it with them.
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