If you've spent any time online searching the topic of credit repair, you most likely have stumbled across online communities and forums where people work to help one another fix their credit. Reading a few posts, you quickly learn that the more "experienced" contributors, after working on their credit for 27 months, seem to have amassed legal knowledge that would shame most bankruptcy attorneys.
Overwhelmed by the information, you continue your search in hopes of finding an easy to understand, step-by-step guide, that will walk you through the process. It can't be hard to find - the Credit Bureaus and the FTC are constantly reminding you that it's easy to dispute inaccurate or erroneous information in your credit file.
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Mesmerized by the text on a sales page that confirms it is in fact an easy process one can do themselves, you purchase the eBook, and hope it's just a matter of time until your score begins to climb and the derogatory information disappears.
As you begin taking the steps outlined in the eBook, you start hitting stumbling blocks. Maybe you disputed something online, only to find out it came back verified even though you have the documentation to show that's just not true. You sent a letter to Equifax only to have their outsourced processing center (in another country) send you back a letter stating your request was frivolous. You've contacted a few of your creditors only to be completely ignored.
You're at a crossroads. You're determined to obtain the credit you believe you deserve so the question of quitting isn't worth pondering. You do need some help. You're not sure you want to learn all the in's and out's of getting your credit fixed as much as you want it resolved. You also don't want this process to eat up years of your life.
You've decided that you're going to hire a professional to help. But...who do you call?
There are several different types of services available:
1) Local Attorney - There are some local attorneys that will take your case, however, expect to pay them hourly. Most won't do this work since it can be labor intensive and they often don't have a very thorough knowledge of the applicable laws.
2) Local Sole Proprietor - If you do some searching online or look in some local periodicals, you might find ads for local credit repair specialists. Typically, these are sole proprietors, working out of their home, that will utilize a series of form letters and software systems to send disputes, on your behalf, to the credit bureaus. In many cases they send them as if they are coming from you. These tend to be highly ineffective, but are typically very inexpensive.
3) Large National Credit Repair Firms - These you will find doing quite a bit of online advertising. Many will sound like a law firm or imply attorneys will be assisting you with the credit repair. In most cases, they are sending out dispute letters in your name as if they came from you (even if there is an Attorney involved). They often charge a small monthly fee, however, tend to be ineffective or take a very long time (you are paying monthly, remember!).
4) Membership Organizations - There are a handful of membership-based organizations that have credit repair attorneys on retainer. Due to the large numbers of members, they are able to keep the legal costs to a minimum while getting maximum results. The cost for these organizations tends to be slightly more initially than the other options, however, costs much less in from start to finish. These organizations also tend to help with other related concerns (access to new lines of credit, tax & financial counseling, etc)
Regardless of which option you choose, it's important to do something. Credit Scores are becoming increasingly important in our society - impacting everything from mortgage rates, to auto insurance premiums, to your ability to get a job or promotion. Don't let your own frustration with the process keep you from pushing forward - even if it means it may cost you to hire someone. It'll be a lot less expensive in the long run then not doing anything!
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