Before I get into the more complex myths, the first myth I’d like to dispel simply is MYTH #1: Credit repair doesn’t work. Here’s the truth: Credit repair does work… If you have the right information to work with!
I’m an established credit repair expert and I have references from around the country from mortgage brokers, mortgage bankers, real estate agents and loan officers– as well as from people like C.S. and T.S. (names kept confidential for client protection), who got to buy their new home because of the work I did for them (Reports on file):
T sent me their hand-crafted ‘we’re moving’ notice with a thank you note!
Before I worked on their credit, C and T were unable to qualify for a loan. I deal with the bureaus on your (or your client’s) behalf in a language the bureaus understand and in a language that gets results. Because of that, C and T’s credit was vastly improved in a matter of about 105 days, and you can imagine how happy they were when they held the keys to their new home! There are plenty of cases like that one… As a matter of fact, CLICK HERE to take a look at what I did for Joel in 44 days and some additional documentation. So, now that the first myth is dispelled, let’s move on to the remaining 9 of the top ten myths of credit repair:
Myth #2 – Negative information must remain on my credit report for 7 Years
Truth – There is no law that says things must stay on your credit report. As a matter of fact, legally, the bureaus must delete information after the time frames stipulated (and they don’t do that automatically, because it’s not a priority for them.) Even if an account accurately reflects financial behavior that could be considered unfavorable such as a charge-off, a series of late payments, or collection account, that information must be reported in a certain way on each of your credit reports in order to be valid. Additionally, the company that is reporting must be able to prove the accuracy of the information to the credit bureaus, lest a consumer has the right to request that it be removed. Another important piece of information: credit bureaus are not government agencies. Working with someone who knows the specifics of these laws and technicalities is essential.
Myth # 3 – There are items such as bankruptcies, foreclosures, and tax liens that are impossible to remove from the credit report.
Truth – There is no type of negative listing that has not been removed from a credit report– thousands of times. Items like these are simply another credit bureau entry– just like a collection from a sleazy collection company. Disputing some of these items can become overwhelming and tedious, however, so it is best to work with someone who knows the ropes.
MYTH #4: Credit repair can make a client’s credit worse
Truth – People often mistake credit repair for ‘consumer credit counseling services’. It is very important to know that these are two distinct services. Consumer credit counseling (not credit repair) almost always shows as negative on a consumer’s credit and credit score– and should not be mistaken as credit repair done by a reputable credit repair expert. Credit repair is focused on credit improvement. We go about improving credit scores by removing negative items (such as accounts with Credit Counseling Services which have resulted in late payment dings on the clients’ credit bureau reports) as well as educating the client on how to use credit to positively affect the credit score. The value of this advice can last a lifetime.
MYTH #5: I can repair my own credit, or have my client do it on their own
Truth – Disputing a credit report is easy. Legally disputing and getting results from the credit bureaus takes knowledge of the specifics of the ever-changing laws around credit and the tiers of the dispute process. And, as a layperson, the process can quickly become amazingly difficult, complex, and overwhelming. You can bet that the results you or your clients would get from their attempt at repairing their own credit would pale in comparison to the results you’ll get from working with a knowledgeable source, who does this work day in and day out. Their is a reason that people rarely represent themselves in a court of law or sell their own homes– it is possible but it takes time to learn the process, there is much knowledge that only experience can provide, and often the undertaking results in poor or even detrimental results. People who want the job done right hire attorneys, accountants, and Realtors to get the job done most effectively and as quickly as possible. Credit repair worth delving into requires that a professional, who is familiar with the technicalities and specifics of the laws, is handling the process.
MYTH #6: It’s too expensive– I can’t afford it.
Truth – I will review credit files at no charge. If repair is not needed I will advise for the best solution. If we see a situation that needs attention, our credit repair consulting is very affordable– and because we work on a referral basis, you or your clients get an automatic discount. Not only that, but our systems are automated and we do all of the follow up. Call me or email me to talk about the details. Ron: 888-386-0730
MYTH #7: The credit bureau allows me to submit a 100-word explanation or statement, which creditors will read and take into consideration.
Truth – There is a lot of misinformation about credit repair out there, and much of it is actually harmful to your credit– including this myth. There are no known creditors who will consider the information submitted in your statement. What’s worse is that this statement only verifies some of the negative items on your report. All that you’re saying in that statement is that you couldn’t pay– the statement does not change the score and your bad credit does not improve. It’s in your best interest to work with someone who knows the truth about these misconceptions to keep you in the best position for the best improvement possible. The truth is, the 100-word statement should be one of the first things deleted from your credit file.
MYTH #8: When negative items are removed they will come right back on.
Truth – The credit bureaus have cleverly spread this myth through the news media and government agencies. Simply put– once legally removed, the item cannot be put back onto your file. If the creditor initially verifies the item, the account may still be deleted later in the process as the challenging process is intensified.
MYTH #9: People in the credit repair industry aren’t all that trustworthy.
Truth – While every industry has people who do not operate in the most professional manner, we operate with integrity and professionalism and on a referral basis. So, it’s likely that you were sent to me, by a friend or colleague, who has already vouched for my reliability and good works. And, that’s why you’re here! Truthfully, a lot of the negative stigma about credit repair companies is hyped up by none other than the credit bureaus themselves. Think about this for a minute– consumer disputes add overhead to the credit bureaus operations, period. If the dispute process is successful, then the consumer will not be applying for credit as often, because they do not need it as much. So the work we do, while in your favor, the favor of your clients and consumers in general, essentially costs the bureaus money and has a negative impact on their sales. Is it any wonder that the credit bureaus would create bad press about credit repair experts who know the ins and outs of the laws?
MYTH #10: Unless I can write the loan this month, it’s not worth my time and energy
Truth – Generally, people who make this statement will not be in the business very long, because people who do good business realize that long term client relationships bring rewards that can’t be outdone. That being said, we know that a primary goal is that the loan gets funded so that the check gets cut! So let me address this question in a way that will make a difference for you:
In certain situations we may be able to improve the score in 30-45 days well enough to get a loan done. Bear in mind that if it can be done, we are uniquely qualified to get it done. This improvement may suffice over the long term, or it may allow you to do a band-aid loan today and guarantee a second transaction in the future. On the other hand, lets say it takes 90 to 120+ days– could you use the commissions then? Fill your pipe line— that’s my recommendation. Remember, your client wants this loan as badly as you want them to have it… if not more. It’s likely their key to a new home, or a new life, for that matter. The long term loyalty that this success can create between you and your client will keep them coming back for life, and will have them referring you their friends, family, colleagues, neighbors, co-workers, etc… We know, because that’s how we do business.
Give me a call today so I can help you get those tough deals done!
We aim to get our clients the best score possible and we get results. No credit improvement results can be guaranteed.
Whether you are a consumer looking to improve your score so you can buy the home of your dreams, or a mortgage broker or Realtor looking to serve your clients, I am happy to help and I look forward to talking with you! Feel free to call me directly (888-386-0730) or E-mail me below. Thanks, Ron