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If your credit score could use a boost, a credit repair specialist may seem like the best solution. But don’t even think about hiring one until you read this.
You’ve probably heard myths that suggest that credit repair specialists have some divine dispensation with the credit bureaus. They don’t. Far from it. In fact, in a minute, we’ll show you why they have less leverage over your credit file than you do.
The sad truth about the credit repair clinic industry — and it is an industry — is that many of these so-called credit repair specialists are scam artists, and the ones that aren’t will be using the exact same techniques to repair your credit score that you can wield more effectively — and safer — yourself. And they’ll charge you at least $750 to $1000 for their “expertise.”
Now for those dirty little secrets…
Dirty Little Secret #1: If a credit bureau suspects that your dispute is being filed by a credit repair clinic, they’ll trash it.
Dirty Little Secret #2: Credit repair specialists may be in cahoots with your creditors. Many of them are secretly paid as much as 15% by the creditor to reach a so-called “debt settlement!” Who do you think comes out ahead in that scenario? Not you! Such credit repair clinics are the worst kind of predator, exploiting their client’s financial woes.
Dirty Little Secret #3: Credit repair specialists usually won’t give you access to their correspondence with the credit bureaus on your behalf. Why? Here are a few reasons:
(1) They don’t want you to know how easy it actually is to do your own credit repair, and wonder why you’re paying them.
(2) If they resort to boilerplate dispute letters (which will just likely end up in credit bureaus’ trash cans), they don’t want you to see their boilerplate letters.
(3) The ones who are scamming you — only pretending to correspond with the credit bureau on your behalf — surely don’t want you to know they’re not doing much in exchange for the hard-earned fee you forked over.
If you do hire a credit repair clinic to represent your interests, make sure that they are, in fact, representing your interests. Force them to detail their plan of action. Don’t sign until they agree to provide you with copies of all correspondence with the credit bureaus.
Remember: your goal is to take control of your finances again, instead of letting your creditors, a credit repair specialist, or the credit bureaus control your financial health. Don’t rely on anyone who isn’t personally vested in your financial health — and doesn’t even necessarily have your best interests at heart — to fix your credit score.
Entrepreneur Advisory’s advice? Do your own credit repair work. We can help. To see how, check out the resource box below.
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