2007-08-02 02:23:49 · 9 answers · asked by ItsMeeh2250 6 in Business & Finance ➔ Credit
It depends what you mean. For someone to offer to "fix" your credit for a price, that's illegal. It is possible to clean it by removing false items if there are any and getting current on your accounts.
2007-08-02 02:54:03 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes, credit repair is legal.
The positives:
~it cleans up your credit
~it teaches you about how credit works
~you will learn how to avoid major credit blunders in the future
The drawbacks:
~not all companies are honest
~many want you to pay for a service that you can easily do yourself by writing letters
~some companies charge you fees on top of what you'd be paying your creditors
If you want some assistance, I suggest you find a local non-profit organization to help you. Any other type of company (usually for-profit) may not be a good fit. Here are some questions you'd want to ask before agreeing to work with any credit repair company:
1. What guarantees does the company offer?
2. How long is the wait for counseling?
3. Does the agency offer direct, face-to-face counseling?
4. How long will it take to achieve the desired results?
5. How much training do the counselors have?
6. What information is needed in order for them to assist you?
Be weary of any company that overpromises! If they advise you to dispute everything on your credit report, if they encourage you to get a new identity or SSN, if they ask you to pay a large amount of money before services are provided, or if they don't share with you your legal rights and what you can take care of on your own, it's probably an unreputable company.
Good luck!
2007-08-02 09:51:55 · answer #2 · answered by YSIC 7 · 0⤊ 0⤋
Yes, credit repair is legal. It is by far the best option instead of filing for bankruptcy. If you want to find out more about credit repair you should look at the free articles on http://www.your-credit-solution.com . They even offer a free credit repair guide and a free sample credit repair letter.
2007-08-02 09:44:05 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yes it's legal.
Dont shell out big bucks for it, just go to your local bookstore and pick up a book or two on the subject.
There is nothing 'bad' about it other than it takes time, effort and often quite a bit of postage.
the good thing about it is that once you've repaired your credit, you will end up saving a good deal of money every time you need credit.
some other good things about it is that you could end up paying less for automobile insurance, find it easier to get a job, a car, pay less in interst in car loans, et cetera.
2007-08-02 09:29:49 · answer #4 · answered by hail_loki 3 · 0⤊ 0⤋
You need to check out this video on how to increase your credit score by using a 100% legal loophole. Here is the video URL: http://www.creditscoresecret.org
I was able to get to 595 from 489 in just one day and from 489 to 748 in just a few week; that's pretty fast in my book. Good luck!
2014-09-12 07:55:28 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yes, it is quite legal.
Good - They can often get things removed that should not be there, occasionally they can even get things removed that should be there but they were filed incorrectly. They can sometimes add 100 points or more to your credit score.
Bad - They can be expensive, as much as $1500 and sometimes can't help your credit score very much, maybe only raising it 25 to 50 points.
2007-08-02 09:31:49 · answer #6 · answered by Don 5 · 0⤊ 0⤋
No one can "repair" your credit - the only things that works is paying your bills on time
2007-08-02 09:29:05 · answer #7 · answered by Anonymous · 0⤊ 0⤋
If you've screwed up your credit, there are no quick fixes. There are lots of companies who will take your money but the only way to fix bad credit is to settle bad debt and build a history of on time payments. It takes years.
2007-08-02 09:32:47 · answer #8 · answered by bdancer222 7 · 0⤊ 0⤋
It's legal but it doesn't work.
2007-08-02 10:28:48 · answer #9 · answered by Anonymous · 0⤊ 0⤋