Like you, every day, I receive several offers to instantly repair credit (for myself or for my clients), and I pass dozens of bandit signs on street corners offering Expert Credit Repair. Here's why that's still a bad idea.
The usual way do-it-yourself gurus go about the credit repair process is to protest everything on the report that is negative. They hope that the reporting company doesn't have the staff to keep up with all of those reports, and won't comply with the thirty day deadline to reaffirm. Instead, so the theory goes, they just delete it and move on. Presto - Clean Credit!
First of all, if you are complicit in a fraudulent effort to "bump up" a credit score to qualify for a mortgage loan, that's considered mortgage loan fraud. Check with your wardrobe consultant to see how you will look in orange coveralls. At best, you will spend the next twenty years looking over your shoulder.
There are lots of legitimate things one can do, challenging truly erroneous items, settling old judgments or defaults, paying down accounts, etc., but mindlessly challenging everything also will update the adverse information with a current verification date instead of a stale one. In addition, and this is the trap many are falling into today, under a recent change, Fannie and Freddie will NOT underwrite any loan that has trade lines reported as ‘disputed'. So, while "credit repair" might remove some of the bad accounts, if any of the trade lines still show up as disputed, the borrower can't get a loan!
Working with a competent Loan Officer who is skilled and up to date in these issues is still the only real way to fix problem credit. We don't originate loans, but we work with several delightful and intelligent folks who work with people who need a little assistance with credit issues. The result is almost always a delighted client with a new home, acquired without the need for scams. If you know someone who needs a referral in the San Antonio area, we will be glad to point them in the right direction. We have a list on our website: www.TellEllen.com.