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Credit Repair is Dead, Fire your credit repair company NOW!

 

Credit Repair is dead. Fire your credit repair company now! How to credit repair for free. Over my twenty plus year career helping loan officers work with their borrowers credit, Some Loan officers have asked in the past if I would provide credit repair services and I never felt right. Charging a fee to someone for something so simple. Now more than ever Credit Repair has become a buggy whip industry. Sorry Credit Repair people but it is over, I am sure that a few last credit repair companies will be left scrapping for the last bit of business, but like I said it is over. Why would you pay thousands to have someone else do something so easy? If you take that money and pay down your Credit Card Balances you would be way ahead of the game. Now if you need help budgeting than by all means go to someone for help with that. but if you want to fix your credit score start now by learning the system and you will be free from suffering with a bad credit score for life. FIRE your Credit Repair person now!!!

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Comments:

  1. Sure, anyone can do it, however, what I find is that many people do not have the time or inclination to do it on their own. This is why, before any of our clients sign a contract, they are asked to read and sign acknowledgement of their consumer credit file rights under state and federal law. We let them know that they can certainly do this on their own, yet are choosing to hire us to do it on their behalf. As far as a loan officer knowing more than a credit repair agency, I’m certain there are some, yet they would rather focus on closing loans and leave the “dirty” work to companies like ours. And sure, some people may be able to get their score up in a week, but most of our clients have so many negative items, and so few positive accounts, that it makes it impossible to do in a week. Before you slam all credit repair agencies with generalized statements, at least acknowledge that there are legitimate, bonded, agencies who didn’t start with “that guy who ruined his own credit”.

    • Sully Says:

    • May 6th, 2012

    Samantha, It sounds like you are one of the good ones. There are not many reputable credit repair companies in business. I respect your opinion, but still believe that the only real way to permanently fix your credit history is to activity get involved in correcting it yourself. Paying someone else to do it is like paying someone to take college courses for you… thank you for watching.

  3. Dave,

    My name is Chad Kusner, I am President of Credit Repair Resources My partner is a consumer Attorney with 20+ years experience. We have successfully processed 5000 clients with 0 complaints filed with the BBB since our inception.

    Although I agree that there are many “Letter Mill” type companies as well as a segment of “Bad Actors”, I sincerely find this video hurtful. I have dedicated my life to this industry and committed to taking measures to ensure our clients receive maximum benefit for their investment. Our audit method is detailed, complex and kept on a meticulous schedule. We offer a performance guarantee and have only issued 2 since we started 2007.

    My company is Licensed, Bonded and we carry E&O insurance. We comply fully with CROA, the Credit Repair Organizations, record every phone call and take great measures to educate and help our client’s achieve long term credit health.

    Our Pre-screen process ensures that we only offer our services to those that will benefit. If we cannot help, we offer a free consultation on their best options and send them on their way.

    Additionally,the Mortgage process is more complex and demanding than ever. Mortgage professionals are mortgage professionals, they are not Credit Experts. They do not help consumers with their taxes and there is a myriad of ways consumers can do their taxes on their own EASILY at little or no charge. Do you suggest that consumers never use a CPA or tax firm?

    Dave, the line of reasoning you are on would confirm that Realtors, Landscapers, or other service providers are no longer needed. I understand that this is a very common argument, however it rings true every time, as we are service providers. should we never take our car in for service because some shops will attempt to sell you a transmission when you only need a fluid change? Hence the term caveat emptor.

    I currently serve on the Board of NACSO.org NACSO is the trade association for the Credit Repair industry. We have met with Charles Harwood of the FTC in DC Charles said in our conference, that in his opinion, although they are concerned with pursuing “Bad Actors”, there is a need for many consumers to use legitimate professional services.

    As a CRO, I am cognizant of our reputation and the stigma of the industry. I would only hope that professionals like yourself would realize that videos and articles like this blur an ocean that is murky enough. It would be great see someone in the credit space do some research on the legitimate side of credit restoration before condemning the entire industry.

    Sincerely,
    Chad

    • Sully Says:

    • May 8th, 2012

    Chad,

    Thank you for that comment, it is clear that you are invested in trying to help people rather than make a quick buck. I respect your opinion, but still believe that the only real way to permanently fix your credit history is to activity get involved in correcting it yourself. Paying someone else to do it is like paying someone to take college courses for you…

    I have to disagree with the assumptions that because I suggest correcting your credit on your own, that you should no longer pay for any services at all. If someone cuts your grass you will not suffer from a lack of knowledge on grass cutting or automotive repair. (although I believe you need to know enough about both services so you are not taken advantage of) The Tax analogy is close though. ( Our tax code is 100 times harder than credit correction) I would wager that most people know a lot more about Tax preparation than correcting credit files. Thank you for watching and take care.

    • Whizzy Says:

    • May 9th, 2012

    Love your videos! I found you when I was doing a search on how to remove a tax lien from my credit report and I’ve watched all of them thus far. We recently finished paying off all of our debt, including our cars and a federal tax lien in March 2012. Since our federal tax lien has been paid and we have our certificate of release (IRS form 668 (Z), I’ve submitted IRS form 12277 to actually have it removed from our credit reports. We are now hoping to re-finance our 1st and 2nd mortgage into a 15 or 20 year single mortgage. We live in Colorado. I wanted to see how our credit report looks but I already pulled our credit reports through annualcreditreport.com last December, so we’re not eligible for another free one yet so I paid a fee to TransUnion to get a 3-in-one credit report plus another small fee to get our credit scores. Since we want to re-finance, I know I should NOT dispute anything right now. There are some things I hope our mortgage loan officer will be able to help us finish cleaning up though (i.e. a paid credit card with no late payments is showing up as Derogatory along with comments about the credit counseling service we used) but I’m wondering about a few things: 1) Is the TransUnion 3-in-one credit report a good option if you’re not eligible for a free report? 2) Is credit monitoring a good thing to use in order to have access to free credit reports? 3) The credit scores from TransUnion are in the mid 800’s. I thought the range stopped at 800 so are they possibly giving me the “new” credit scores that one of your videos says really haven’t been adopted yet? 4) I tried to click on the button to purchase your book, Advanced Credit Scoring, but it says it’s not available. Is that true? Thanks for your great work… a little bit of you and me ARE trying to change my credit score!

  6. Dave,

    I am still unclear why after you can see there are advocates working in this space that you remain amendment that there is no purpose for credit restoration firms. Consumers that have been through life cycle or economic events are often times working at a fever pitch to recover. Using a professional service like ours allows them to focus on moving forward.

    CRR offers our clients and significant amount of education and consultation on establishing and maintaining credit health.

    A significant amount of the audits we complete requires FDCPA, FCRA, HIPPA, ECOA, SCRA, FCBA, FACTA, BK, and Statute of Frauds knowledge and application experience. Are you suggesting that consumers can easily reference this information and it can be easily understood?

    Dave, please keep in mind I am not referencing simple CRA “Not Mine Please Delete” Dispute letters. I am talking about professional services that provide a legitimate credit report audit with genuine, compliant, detailed inquiries.

    Furthermore our clients are involved in the process. Every client is informed that their relationship with CRR is a working relationship and they will have a deep understanding of the dynamics of reporting as well as the impact of their actions moving forward. We explain that if they do not work together with us and follow their action plan, they will not be successful.

    In closing I am still puzzled that you remain steadfast on your opinion despite the fact that you can recognize their are “Good Actors” in this space.

    It seems to be a very closed minded approach to very dynamic situation.

    Sincerely,

    Chad

  7. Dave,

    I thought of an analogy that may be more parallel. People should work out on their own. Nobody can have someone exercise and become fit for them, literally impossible correct? Are you saying that qualified personal trainers have no place in fitness? Trainers can charge up to hundreds an hour multiple times a week depending on their experience and reputation.

    Could you not consider ourselves to be similar. True Credit Restoration being more of a live personal trainer and your book and videos being more like P90x or Insanity tapes?

    Not attempting to be adversarial, just enjoy good debate and hope that consumers take ALL information with a grain of salt.

    Best Regards,

    Chad
    Credit Repair Resources LLC

    • Sully Says:

    • May 12th, 2012

    Chad,

    I like that analogy better. I will always come down on the side that people should do it on there own. It seems that you will always come down on the side of paying for and providing more hands on approach. I guess as long as you don’t charge rates like a personnel trainer that would be fine… No offence taken Chad, thanks again for your comments, they are always welcome.

  9. Fair enough. Agreed a FAIR fee should be charged in respect to the services provided. I will come towards the middle with you and let you know that we decline 18-22% of our applicants because there is little or no work to be done. If that is the case we advise them on what they can do on their own and send them on their way.

    Regards,
    Chad

  10. The information on how to optimize your FICO score can be found for free by going to http://www.myfico.com. I think it is time to FIRE Sully!

    p.s. People hire credit repair organizations because they need professional assistance or they do not have time to deal with it on their own. Not because they cannot do it themselves. Great piece of marketing. I hope the book is selling well.

    Best regards,

    Nikitas Tsoukalis, President
    Key Credit Repair

    • Sully Says:

    • August 31st, 2012

    Nikitlas,

    You are correct, there is a lot of great information on the official FICO formula on MYFICO.com. I actually did a video recommending the site… http://www.thecreditguy.tv/where-is-the-only-place-you-can-get-a-real-fico-score/ “you can’t fire me I don’t even work here”…Kramer.

    I would say that most people hire a credit repair organization because they don’t understand the process. the only time I would recommend getting help is if you needed legal advise… If you pay someone to balance your check book then pay someone to fix your credit, otherwise do it yourself it is not that hard.

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