Credit Repair Companies

By
Services for Real Estate Pros with Financial Education Services

The problem today in the credit repair industry is that you have a lot of companies promoting credit repair and the people that are acting as agents for these companies have no formal training in the credit repair industry or you have the "do it yourself credit repair companies" that offer you very little if any support is this complexe process

My background in Mortgage industry (7 years), seeing literally thousands of credit reports and being certified as a credit repair counselor for Central Michigan University and actually teaching a course to one of the largest unions in the country - The United Auto Workers, certainly qualifies me as an expert in the area of Credit repair.

In my industry as a Certified Mortgage Planning Specialist (CMPS) and a Certified Credit Consultant, the baseline when doing a credit repair for a client is as follows:

1. Are they going to benefit
2. How are they going to benefit
3. Will they be able to maintain a good credit profile once my work is complete?
4. If not, why
5. What additional training do they need in order to maintain a good credit score?
6. What is the financial benefit they can expect from having a good credit score?
7. Do they need assistance in other areas of finance?

And finally can they qualify for the financing they need.

The bottom-line is fixing someone’s credit is a great thing as long as you are able to understand your clients will have additional special needs. You must understand that when a person has bad credit it becomes a way of life, not just an issue. People are very adaptable and they will learn how to live within there bad credit by paying cash for everything or simply by not living there lives to the fullest extent. Sometimes denying there family basic living needs.

Recent studies have shown that the people most affected by poor credit are the poor, elderly and people of ethnicity and the credit scoring models used today target this group of people.

In many cases a person with poor credit has not been taught fiscal responsibility by there parents and certainly not in school. So this is why it is important to understand the undertaking at hand when you are repairing someone’s credit.

Of courses there are many reasons for a person to have bad credit. Sometimes it can be the result of a job loss or a medical issue, but those are the exceptions.

When seeking out a company to assist you with your credit repair makes sure you understand the companies’ process. Ask for referrals and ask for examples of actual credit updates.

I will be posting some actual examples of credit repair from past clients for review with the client’s permission. All results are not typical and will range as far as the amount of time it took to get the result and the result themselves.

Credit repair companies can not guarantee you anything, but the alternative is to either attempt to do it yourself or continue to live with your credit the way it is. If you decide to do the work yourselve make sure you do the research. There are a lot of things you can do that will only further damage the credit or pay out money to collection companies that you may not need to pay. If you decide to hire a credit repair company ask a lot of questions. Make sure you get there processes in writing. Make sure you understand what they are really offering you and you have a clear set of expectations and hold the company to those expectations.

For more information on Credit Repair contact;

Mark Bustamonte
Certified Mortgage Planning Specialist
Certified Credit Consultant
http://www.mtgplanning.com/
www.unitedcredited.com

866-840-2240 Toll Free

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Tags:
credit repair
credit
mortgage
bad credit

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Anonymous
Anonymous

I am amazed that noone had commented on your article.  It was alot of important information I myself was in the mortgage industry for 15 years as a Loan Consultant (only be out fo a year) and helped many, many, many of my clients clean up their credit so they could buy a home.   While most loan officers tell those clients "call me when you fix your credit" I spent countless hours reviewing their credit reports and then structuring a plans for them to follow to turn their credit around.  Ninety nine percent of my clients spent the time it took and diligently followed the plan by paying off old debts, staying current with payments then writing to the credit reporting agencies and in effect reversing the negative.  Depending on the extent of the credit issues some clients were ready to go in 3 months, some in 6 and others 18,mo.s to 2 years.  My objective was to give them the information, knowledge and tools to affect those changes themselves my thinking was that if they could realize what work it took to turn their credit around and understood how credit works maybe they would keep a positive credit history from that point on and I have to say MOST DID.

On the prodding of many of my past clients I just finished a book on this very subject which will be out in Jan. or Feb. of 2008 called "The Credit Repair Guide" it includes the same step by step process that I gave my clients. 

I was going to start a credit solutions business to teach people how to repair their own credit along with an education on the basics of credit and how to maintain healthy credit - my realtors are pushing me to do this now that I am no longer a loan consultant so they have somewhere to send these buyers - however I need the ability to pull credit to structure a payment plan and unfortunately none of the credit repositories open accounts for that - they only allow credit to be pulled if your extending someone credit - what an irony!!!  I am trying to help people become responsible credit users and... protect them from these fraudelent credit repair places that rip them off and they won't let me do that because of the Credit Act.  Maybe that ACT should be modified! 

Your blog is a service to many people nice to see someone who helped their clients along the way instead of telling them to come back when they fixed their credit!!  I applaud you Mark!!  Best regards  Gail

Nov 06, 2007 05:51 AM #1
Rainmaker
35,552
Mark Bustamonte
Financial Education Services - Farmington Hills, MI
Get the Credit You Deserve

Hi Gail,

Thanks for your response to this blog. I would love to talk more with you about your book. Please give me a call some time.

Mark Bustamonte

866-840-2240 Toll Free

Nov 06, 2007 09:20 AM #2
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
35,552

Mark Bustamonte

Get the Credit You Deserve
Get GREAT credit NOW!
*
*
*
*
Spam prevention