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Credit Repair Services vs. Do-It-Yourself Credit Repair
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 week's article I am going to compare 'internet based'
credit repair services to repairing your credit yourself using a
system like Loan Saver PRO: The One Hour Credit Repair System.
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.
Cost Comparison
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 you've 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
bad-whichever one you choose, don't use a 'do-it-yourself' system
that uses 'pre-made' letters to launch disputes; I'll explain
this in more detail below.
Dispute Letters
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? You'll 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.
Results
Credit Repair Service - To get your scores into the 800's
would take over 10 years of perfect credit, so don't believe it.
'Internet based' credit repair services will also try to tell you
where your score will be in 30-60 days and that's 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
600's and low 700's. 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 don't
say I didn't 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 and
click on the 'Free Insider's Guide' link to request our
'Insider's Guide to Ordering Your Credit Reports.'
Todd Disraeli - Loan Savers LLC © 2004-2005
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 officer's,
work smarter and not harder.
Although he might seem controversial at times, he speaks the
truth whether the credit bureaus like it or not. Feel free to
contact Todd directly at tdisraeli@loansaverpro.com.
MORE RESOURCES:
Credit - Google News
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