Credit Repair Companies

The real deal :

If you want to repair your credit, do yourself a favor and do the work yourself, you'll save THOUSANDS.

How it works:

Credit Repair companies:

• Pull up a copy of your credit report
• Advise you, based on the total debt you have, that you can pay it all off in easy payments
• State they will call each one of them and negotiate a lower payment
• charge you to put money in a " savings account" they run
• You pay monthly payments
• then your screwed paying them a fee and your creditors.

What you really should do:

• Credit Report - Everyone is allowed one free credit report per year. Request yours from freecredit report.com
• Check for all the accounts that are over 5 years old. Most items drop off from your credit after 7 years but if they are still there and they are not written off ( it will say so on your credit report) then hightlight them.
• Most accounts will go to a third party collection agency wanting pennies on the dollar, which works for you because they will offer for you to make payments to pay off the debt for lower than the credit consolidation company could ever negotiate: Example: BOB'S Motors - 7 year old debt- $25,000 - account number ( I can call the collection agency that owns this debt, with the phone number and account number on my credit report and state I will only pay $5,000 over 2 years for this debt. The collection agency bought this debt from Bob's Motors so they know you will either wait 7 years for it to disappear or get what they can).
• Set up a budget of how much you want to pay each month for each bill that wont leave you completely broke.
• Set up auto payment on a prepaid or secondary checking account that reports to the credit bureaus.

There, I saved you thousands.

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