Does anyone out there know of any good credit consolidation companies that don't charge a lof of money or are free, but that have good results? I live in Michigan.
2007-01-25 13:48:18 · 6 answers · asked by hollydaze_8015 2 in Business & Finance ➔ Credit
It is unwise to use those types of services. They only damage your credit. Let us explore what happens. You go to these people and they promise to help you. You give them all the information they request on your outstanding debt. Now, let's assume that one of your debts is to Visa for $10,000. These sleazebags call up Visa and tell them that they are never going to see that ten grand you owe because you have too much debt and can't pay. However what you will give them is $2500 payable in 25 monthly installments, take it or leave it. If you are Visa, you know that it is unlikely that you are going to be able to collect the debt so you take the offer. However, Visa is pissed because you aren't giving them the money you owe them so they report to the credit bureaus that you are in default or they will report each month that you have not paid your debt. Your credit score plummets! But remember, you don't owe just Visa. You owe several other creditors as well. Each one of them will be reporting to the credit bureaus and before you know it, your credit score is so low that you will be laughed out of any bank you try to get a loan from.
Unless this is what you want for your life and credit health, I would suggest finding another route. There are many alternatives available that will help you out of your situation.
If you have any questions regarding your credit issues you may email me at nebula7693@yahoo.com
2007-01-25 14:36:37 · answer #1 · answered by nebula7693 4 · 0⤊ 1⤋
Actually, that is not completely true. I am a loan officer and we utilize a fine gentleman who is actually a tax accountant first but helps people repair their credit. If a credit repair company calls to negotiate with your outstanding debts often times the said companies will tack that to your report. However that is not always needed and should be the last resort.
The best way to fix your credit is to dispute any of the old marks you have and ask for confirmation. If you do not receive confirmation in 30 days the credit bureau is required to remove it completely.
Therefore raising your FICO score.
If you need to pay off some debts you should call the companies yourself and arrange to pay those off. Pay the smallest ones off first and leave the bigger ones for last.
The man I mentioned early does a great job for us and has helped many of our customers in 60 days. We are usually able to get them a loan when he is finished with them. I hope that helps.
2007-01-25 22:44:38 · answer #2 · answered by Sean C 1 · 0⤊ 0⤋
Before you go there go to the site in the source box. It has a great shareware download of debt management software that is fully free. Try this first as it is the same thing a debt management company would use for you.
2007-01-26 00:06:17 · answer #3 · answered by Anonymous · 0⤊ 1⤋
They all ruin your credit score. They are just like filing chapter 13 as far as lenders are concerned.
2007-01-25 21:55:45 · answer #4 · answered by normobrian 6 · 0⤊ 0⤋
Consumer Credit Counseling Service
http://www.greenpath.com/greenpath_overview.htm
I have no idea what, if anything, they charge.
Congratulations on taking responsibility for your situation and seeking a resolution. It doesn't happen over night but it will happen.
2007-01-25 22:30:52 · answer #5 · answered by AlwaysOverPack 5 · 0⤊ 1⤋
No such thing .your best answeris to file chapter 11 or7. if you do not want to go that route write letters of protest ,each file is different,if u need help contact me by e-mail and i will walk u trough the verbage
2007-01-25 22:51:25 · answer #6 · answered by jeff0264@sbcglobal.net 2 · 0⤊ 1⤋