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This is a short video to help you decide if you should repair your own credit, or, to
hire a professional to do it for you.
In today's economy, having a few blemishes on your credit history is pretty common. People
have lost their jobs, lost their homes, had cars repossessed, . . . and so on . So of
course there are negative remarks added to their credit history as a consequence of not
paying their obligations as agreed. Some information is accurate and some are just mistakes that
need to be addressed.
These negative remarks or 'blemishes' then make it more difficult for that consumer to
obtain new credit and even a new job. So, when a lender or employer looks at the credit
history of the applicant, they see a very one-sided story which makes the applicant
look either dishonest or irresponsible. And what is the result? The applicant is rejected
. . . The loan is denied . . . or the job is given to someone else.
This creates the need to repair the damaged credit. If you googled "credit repair" the
results you see returned are a few multimillion dollar credit repair companies, or, you see
allot of "Do it yourself credit repair" articles, books, and software kits and some anti-credit
repair propaganda.
So you are given a choice of either hire a pro, do it yourself, or just live with it.
So which of these should you do? The answer really depends on your personal skill levels
. . . how much time you have, and . . . how much it costs.
On one hand, the do it yourself authors will typically downplay the value of the credit
repair companies claiming they charge to much or are scams or whatever. They make credit
repair sound really simple, and all you need to do is buy their book or software to learn
how to do it yourself. Yeah, How convenient, don't hire a pro, instead buy my book! That's
oddly self serving if you ask me.
On the other hand, the credit repair companies will typically make their services sound so
complex and intimidating that there is NO WAY you could do it yourself. Some claim to
be large law firms and make it sound like you need a big army of attorneys because it
is so doggone hard. . . . oh come on, no it's not! Yes, it requires some skill time and
know how, but it's not rocket science.
Then are also big banks who do not want you to repair your credit, who spew huge amounts
of anti-credit repair propaganda. And why do they do that? Because, if you have no negative
comments on your credit history, then they have to give you the best interest rates and
the best deals. But, with all the bail out money they have taken, and investigations
proving long term dishonest and fraudulent practices, I think we can agree that their
opinions are questionable.
So just what is credit repair, and how does it work?
Credit repair is a process of attempting to clean up the credit history. With all the
information on your credit report, you need to understand, if it doesn't help you, it
hurts you. To make it simple to understand, lets use an analogy:
Suppose you have a big ugly spot on your shirt, and you want to clean it so you can wear it
to your job interview, or when you go to the bank and apply for a loan. What do you do?
You do it yourself, right?, you put the shirt in the washing machine with your other dirty
clothes, put in some soap and after a while, you are wearing a spot-free shirt.
We all know it's not that simple, but you get the general idea. The shirt is like your
credit history and the spot is like that late payment, charge-off or repossession. But,
anyone who has had a blood stain that went from the washing machine to the dryer knows,
that spot is set for life. Throw the shirt away, buy a new one. But you cannot do that
with your credit history, it is yours for life and the remarks are there for 7 to 10
years more.
You could spend $49.95 for a book and many hundreds of hours learning the process and
do it yourself and become a credit repair pro. Or you could hire a credit repair company
save some time and paper-cuts and be out a few hundred bucks.
My recommendation is that you make the choice best suited to your personality and personal
skills. If you are an accomplished do it yourself-er, then do that, but do it right.
But, if you are like the many millions of people who buy a book, but then don't follow
through, or give up when you hit the first obstacle, then my suggestion is don't buy
the book. Much like the blood stain on a shirt, it will be set in for life if you do it wrong,
so too is repairing your own credit, you can do a lot of damage that can take a long time
to repair if you do it wrong.
It is not my intention to make credit repair sound complicated, or make it sound really
simple because it's not. Save yourself some time, and brain damage and hire an affordable
credit repair company. Preferably a company who needs your business, but whose business
is more than 5 years old, and as always, make an affordable choice.
Thank you for your time, and good luck. (captioned by http://www.legacylegal.com )