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Question By
kalisad

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Has anyone Credit Consultation with good results?
I've been looking into doing credit consultation with either Lexington Law (suggested by CK) or Creditrepair.com. I'm coming out of a BK and want to start to heal my credit. My latest check of my credit report show some discrepancies, and I'm trying to help myself out. At this point, I'm doing what I can-but I don't have the knowledge or time to dispute things myself. Recommendations??

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You want to be careful of

Helpful to 2 out of 2 people

credit repair services.  There are a lot of scams out there that will charge you a lot of money to actually do very little.  I've heard some horror stories, That being said, the 2 you mention do have better reputations than most. 

You say that you don't have the time to invest in your own credit info. Remember that your credit score is the most important number in your finacial life. It will stay with you until the day you die and effects everything from interest rates and insurance rates to, in some cases weather or not you will get a job. 

These services do no more than you can do your self. All you do when you sign up with them is give them permisson to act in your behalf. For that right they will charge you hundreds of dollars. Some will set up a monthly payment out of which 50% will go towards your bills and the other 50% will go into their pockets. They will rarely negotiate any kind of deal for you, they only set up payment plans then charge you to forward the payments,  You can do that your self with a 5 mionute phone call for half the money. using these kinds of service will often cost you teice as much as you actually owe in debts.

You can learn everything you need to know about dealing with your credit in just a few hours.  When i was rebuilding my credit i dedicated 2 hours each sunday morning reading articles and blog posts here on CK, I also used a couple of othere sites and was able to turn my credit around in only a couple of months. 

Educate yourself about the most impoortant set of numbers in your financial life, Its your credit, you need to take responsiblity  for it.

good luck

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Reply by
kalisad

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Hi--thank you for your response. Honestly, I am very leery of credit repair companies, but I’m looking to help myself build up better credit.  I only sited time as a factor because I work 3rd shift, go to school, and take care of my mother.  There are only so many hours of the day! With all that being said, I’m reminded of my mother saying “anything worth having is worth working for”. I’m sure I can carve out some time… Thank you again!

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Helpful to 1 out of 1 people

EddyTX is correct. I used Lexington Law 10 years ago with good results. At that time, there was no direct dispute availability, and the process of getting something off your credit report was much more difficult. I used LL to negotiate lower interest rates on credit cards. I lost my job and my house and I was in over my head in credit card debt. The credit card companies refused to assist me. My interest was 29% and 39% on my cards at the time. LL negotiated them down to 4% and 6% so I could get them paid off. 

There were no Credit Karma type sites years ago. Now there are so many tools available to the consumer.

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Reply by
kalisad

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Thank you for responding. I am going to TRY to do this myself, but if I need more help it is good to know there are reputable companies out there.

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DO IT YOURSELF

Don't pay anyone to do what you can do.   If you have discrepancies on your report all you have to do is dispute them.  DO NOT dispute over the phone.  Always communicate in writing so you have a paper trail.  If you mail anyone a letter, always send it "certified mail, return receipt requested" You can also do a "direct dispute"  right here on this site.   

If you want to dispute with the credit bureau's, you may want to use a letter such as this:

Date: _______________

Credit Reporting Agency (Experian, Equifax or TransUnion): ______________________

Credit Reporting Agency Address: __________________________________________

Re: Notice of Dispute of Negative References

CERTIFIED MAIL; RETURN RECEIPT REQUESTED

Dear Sir or Madam,

I recently received from you a copy of my credit report. Enclosed is a copy of that report, with certain negative references circled. I am writing to dispute each of these circled items:

1. (here describe the first circled reference exactly as it appears on the credit report)

2. (here describe the second circled reference exactly as it appears on the credit report)

Item 1 above is inaccurate (or incomplete) because (here describe why the reference is either not accurate or is not complete).

Item 2 above is inaccurate (or incomplete) because (here describe why the reference is either not accurate or is not complete).

I ask that you investigate these disputed negative references. If your investigation discloses that the references are inaccurate or incomplete, or that they cannot be verified, then please delete these items from my report as required by The Fair Credit Reporting Act.

To assist you in your investigation, I am enclosing copies of the following documents (here describe any documents that support your position):

1. _____________________________________________

2. _____________________________________________

3. _____________________________________________

To verify my ID and my address, I am also enclosing copies of (here describe a government-issued identification, such as a state drivers’ license or a passport) and a recent (here describe a utility bill, such as a phone bill or an electric bill, that shows your current mailing address).

Sincerely yours,

______________________________________

(of course, use spaces as necessary. This was lumped together to save room)

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If you want to dispute with the collection agancy:

Date: _______________

Debt Collector Name: __________________________________

Debt Collector Address: ______________________________________________

Re: Creditor Name: ____________________________

Acc. # ________________________

CERTIFIED MAIL; RETURN RECEIPT REQUESTED

Dear Sir or Madam,

I recently learned that my credit report reflects a negative entry concerning the above creditor and account.

I hereby request that you provide me with written validation of this debt in accordance with the provisions of The Fair Debt Collection Practices Act. This validation must include the name and address of the original creditor, documentation obtained from the creditor proving that I have a legal obligation to pay, documentation proving that you have the legal authority to collect, and all other notices required by law. If you cannot provide the validation required, then you must

1. Remove from your files any negative reference concerning this account,

2. Immediately notify Experian, Equifax and TransUnion that your previous communications regarding this account were incorrect and ask them to remove any negative reference from my credit report.

I also require that you communicate with me only in writing, and only at the address provided above. You may not contact me by phone at any time, for any reason.

To verify my ID and my address, I am enclosing copies of (here describe a government-issued identification, such as a state drivers’ license or a passport) and a recent (here describe a utility bill, such as a phone bill or an electric bill, that shows your current mailing address).

Sincerely yours,

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