Credit Repair Service: What to Expect

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Mortgage and Lending

 

Credit Repair Service: What to Expect

Google the term "credit repair" and 19 million results are instantly generated. With so much information available, and so much of it conflicting, how do you know which credit repair company is legitimate and which ones are really just looking to take advantage of desperate consumers?

The following are steps you can take to know exactly what to expect from a legitimate credit repair company and the valuable services they provide:

Get a referral from your mortgage professional. Not only do we work with credit repair specialists on a regular basis, our business depends on your success. It's in our best interest to make sure you are represented by professionals who are experienced in dealing with creditors, the credit bureaus, and collection agencies.

Interview your candidates. Make sure they understand and can explain to you how credit scores are calculated. Remember the 5 factors that make up a credit score that we discussed in a previous article? Without a detailed knowledge of the specific elements that make up your credit score, how can they possibly create a successful strategy to increase your score?

Don't believe the hype. Credit repair takes time. Don't fall for advertisements from companies promising miracles in just a few days or weeks. Remember, it took time for your score to get where it is, and it will take a legitimate credit professional time to fix it, depending on your situation. For the most part, expect 3 to 6 months for the best results, and up to a year or more if you have more serious problems like bankruptcies or identity-theft issues.

Don't spend more than $1,500. Depending on your situation, expect to spend between $800 and $1,500 for a legitimate credit repair company. Again, if you have serious credit challenges such as charge offs, collections, public records or identity theft issues, expect to be in the higher range and vice versa. In today's market, where FICO scores one point below 740 could cost you thousands of dollars in interest and monthly payments, you'll be glad you made this investment in your financial future.

Monitor your progress. Be sure to communicate with both your mortgage professional and your credit repair representative throughout the process. To ensure success, we all need to be on the same page. With the right team of professionals, you can expect your credit score to increase between 10 to 220 points over the course of 6 weeks to 6 months. That's going to save you a lot of money on your mortgage, credit cards, auto loans, and even student loans.

Credit repair is a valuable, worthwhile service when you're working with the right company. If you have questions about credit repair and how it affects your chances of securing a mortgage or refinance, don't hesitate to call. We'll be glad to review your credit and see what, if anything, needs to be done to help you meet your financial goals and needs.

If you or anyone you know has any questions about credit scores or what can be done to repair them, please don't hesitate to call.

 

Karl Peidl
Lincoln Mortgage Company
251 Bellevue Avenue, Suite 102
Hammonton, NJ 08037

609-878-7013

kpeidl@linc-mort.com

www.karlpeidl.com

 

 


Pennsylvania: Licensed by the PA Department of Banking as a First Mortgage Banker and licensed pursuant to the PA Secondary Mortgage Loan Act. New Jersey: Licensed by the N. J. Department of Banking and Insurance Maryland: Authorized Mortgage Lender by the State of Maryland Commissioner of Financial Regulation. Florida: Licensed Mortgage Lender by the Florida Office of Financial Regulation. Delaware: Licensed Lender by the Delaware Office of the State Bank Commissioner.







© Copyright 2009. All About News, Inc.

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Rainer
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Brian Griffis
Realty Choice - Springfield, MO

It amazes me people fall for those credit repair scams on the internet.  I just don't get it.  Those "companies" can't take anything off your report that is legitimate, so why do people believe they can?  If people have bad credit, it is usaully for a reason, so maybe they shouldn't be looking at running out and getting in more debt right away anyway. 

Oct 07, 2009 02:56 AM #1
Rainer
108,048
Karl Peidl
Moorestown, NJ
Accredited Loan Consultant

Brian - I'm not sure if it is hope or optimism, but people often want to believe someone that is telling them what they want to hear as opposed to what they need to hear. 

Oct 07, 2009 03:44 AM #2
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Rainer
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Karl Peidl

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