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CREDIT REPAIR - Closing more deals with the right Credit Repair Company

As many of you know Credit Repair Companies are a dime a dozen. Most of the credit repair companies I have come in contact with charge around $500 or some sort of monthly fee. From the feedback I have received, most of them are not very good.

In an effort to find a VERY GOOD credit repair company I started researching them and met with several. 1 or 2 seemed to be very good but charged an arm and a leg. I finally found one that was not only superb but were also reasonable in their pricing. In addition, they have a money back GUARANTEE. I have already referred them to many Real Estate Brokers and Mortgage companies with phenomenal results.

One of the reasons this company is so good is that the President of the company was a former high level executive with Experian.

I would love to share more information on this company with you. If you are interested, please email me at jason.donn@yahoo.com or call me @ 954-892-6244.

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Comment by Q. Kiet on March 27, 2009 at 8:54am
Steve, that is a good point - I did not know that the credit agency temporarily takes it off, then puts it back on again. So here's the question: will taking it off for 2 months be long enough to improve the credit score to the extent that a loan can be qualified, funded and closed?
Comment by Steve Adkins on March 15, 2009 at 11:31am
I understand what you are saying Jason, and I agree we as agents need to do everything we can to help our clients. But with this example you give, a quality loan officer can work around that.

What I'm getting at is how most of these companies work. It may be legal, but it will usually hurt the client in the long run. These "credit repair" companies usually flood the credit reporting agencies with letters (as many as 5,000 at one time) for each entry in a persons credit report. Because the reporting agency has to investigate each and every letter, they simple remove the entry for 30 to 60 days to stop the flood of letters. Then when they have time to investigate (instead of opening all the mail), the entry is usually put back on the person's report. This is border line fraud and can come back to haunt you and your client. This is the reason our broker prohibits us from using these types of services, and we have over 2500 agents in our brokerage.

On top of the high fees they charge! The client can do the same work for free if they took a few minutes to learn how. There are no "quick fixes" with a person's credit score, and I personally feel that we are doing a major disservice to our clients when we recommend such.

I am interested in other people's thoughts and experiences on this?
Comment by Jason Donn on March 14, 2009 at 2:43pm
Steve, that is the very essence of my article. There are no ways to get rid of bills that you owe, but under federal laws many derogatory credit items can be removed legally. Again, as I said also, there are a lot of scam companies out there. This is why I did my research.

Let me get this straight, if you have a client who has all their bills paid and on time(and paid in full) but several years ago they had a medical problem that caused them to have some late payments that has caused their score to drop you would not want to help them with proper legal channels to improve their score?
Comment by Steve Adkins on March 14, 2009 at 1:18pm
Be very carefull with these types of businesses, most are scams or break the law for a very short term adjustment to a persons credit score. My brokerage prohibits us from using or recommending these companies. There is only one real way to "fix" a credit score, and that's paying the bill.

I personally will not put my license at risk by using one of these businesses.

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