“Some Credit Repair Companies are a Rip off”

“Some Credit Repair Companies are a Rip off”

 

I received a referral from a Realtor recently. She had a client that wanted to buy another home, but there were a number of things on the prospective buyer’s credit. She told me that he had gone to a credit repair company, but after a few months, nothing on the credit report had changed.

 

I actually met with the client and ran the credit. As the Realtor told me there were numerous items that were a problem. I went over the list with the client and as it turned out, all the obligations were actually owed.

 

He told me that the credit repair company told him, they could get the items off his credit without paying any part of the debt. He paid them $2,500 to get rid of $5,000 worth of obligations. He has called them numerous times to get a status, but each time he was able to speak to someone they said we should be all set real soon. He wasn’t ready to admit it, but he was ripped off.

 

Here is what anyone in this situation needs to know, if the debt is owed, NO ONE can get anything off a credit report, unless the debt is paid or settled. Certainly if the obligation is incorrectly reported, it shouldn’t have to be paid.

 

I coached him on the process, gave him all the phone numbers of the collection agencies and coached him about arranging for 2 secured credit cards. Hopefully, he will make his other monthly obligations on time and not create any additional problems.

 

I let the Realtor know, if the client did what I have suggested, he should be ready to go in 4-6 months.  

 

image courtesy of phanlop88/freeditialphotos.net

 

Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

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