3 Thoughts on best credit repair or counseling or consolidation, what is the best?
  1. Reply
    MomMom8
    June 9, 2011 at 10:53 pm

    Only certified ones – do a search on http://www.clarkhoward.com to look for the scammers and the legit ones.

  2. Reply
    Gina
    June 9, 2011 at 10:58 pm

    Consolidation can hurt more than you think. People think consolidating to pay debt is the answer – but it’s not and here’s why:
    When consolidating – most companies charge fees, and maybe a percentage of what you owe – already a cost to you – then they want you to “build up” an account with them to accrue funds to later pay out to your creditors. Once you have enough “built up” – they will then disperse the funds to the creditors on your behalf. Sounds great, but unbeknownst to you, your credit is being sacrificed. Here’s how: While your funds are being “built up” for consolidation, no payments are being made to the original creditor, so in the meantime – late payments are going on your credit reports. If the payments still aren’t being made by the time they go to a collection agency, then a negative will go on your report from the collection agency. Depending on how many creditors you want to consolidate, this can go on month after month until you have the funds “built up” with the consolidation company to start dispersing your funds. So every month until that happens you can get double negatives put on your credit reports for the same creditors! So even after your debts are paid, you are left with all these negatives to clean up afterwards! You may have no debts, but you have no credit either! No credit to refinance, to get loans, reduce interest rates, get credit, or start over after cleaning up all that debt. So what was the pont in cleaning up that debt if you don’t have the good credit to show for it!? Plus – you paid that consolidation company your hard earned money in fees to ruin your credit for you.
    What the average consumer doesn’t know is that they have rights and laws which enables them to negotiate down their debts with their original creditors, and that they can use these laws to dispute negative items on their credit reports – even public records. There are so many myths and untruths about credit repair that if the public knew what they really could do they would be shocked. You could do credit repair on your own but it could be very frustrating, time consuming and stressful. Using a reputable credit repair company that can use the consumer rights and laws to dispute negative items on your credit reports on your behalf can get you the quickest and best results. I learned alot from a company called Debtbusters911. They gave me personalized service, explained everything to me step by step, and taught me alot about credit repair. They saved me alot of time and money by negotiating down my debt for me, which took alot of stress away from me too. It’s well worth it to have an expert help you through this. There are still good companies out there.

  3. Reply
    Sara J
    June 9, 2011 at 11:40 pm

    Credit counseling will appear on your credit report, but it’s not factored into your credit score. Lenders and creditors may be hesitant to issue new credit if the credit counseling is recent.

    Debt consolidation has a minimal effect on your credit.

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