Is credit repair always a scam             Click here to Print

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asked: Do you think credit repair companies are always a scam?
Options Results Votes
Yes
15% 15% 
 6 
No
40% 40% 
 16 
Somewhat
45% 45% 
 18 
Total Votes 40
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#Laura - Says,

Please put your valuable vote in here.
#Morningstar - Says,

No, not every credit repair company is going to be a scam, but when a company/salesperson claims that accurate information will be removed, it is time to be very leery of the company.
#goodnatured - Says,

I think that you have to be really careful, just like anything else you must do the research and make sure that the company is valid and that they are not scamming people out of money and not doing what they are supposed to do. There are many resources that a consumer can use to investigate. So before you invest your money, invest your time and see what the company is all about.
#fireyone - Says,

Good post goodnatured. I agree with you. I think people should think of shopping for a repair comapany as they would a bank or car loan. There are alot of good and bad ones to sort through. With the internet being a great tool to aid in their search. Sometimes by just ggogling a company name you can get some low downs on the positives and negatives of a company. Lots of people get so stressed when in financial turmoil that they just reach out and grab the first hand offering to help them out. It isn't always the best. A little time in research can save a lot of aggravation.
#cbass1017 - Says,

A good place to begin your investigation of a company is the BBB. There you can see how many people have filed compaints against them and if those compaints were resolved or not. I guess if you really just don't have the time to do it yourself you could look for help from these kind of companies but to me, its kind of like paying someone to go fill up your gas tank. Why pay someone else to do what you can do yourself for free?
#goodnatured - Says,

great point cbass1017,

Some folks really get intimidated by collectors, I mean sometimes collectors can be down right ruthless in their attempts to get a buck from the consumer.

Educating yourself on the laws of fair debt collection and knowing your rights is the first step. Making a stand and dealing with a ruthless collector is another. It is good to have forums like these to come too and get advice. In the meantime, don't answer the phone and send out those cease and desist when appropriate to keep the wolves at bay until you get the information that you need.

excellent resources on the debt forum in their do it yourself section. Smile Smile Smile

#fireyone - Says,

It is no wonder people get intimidated by CA's.. They are always doing things like going into peoples accounts..senting false summons and a million other things I have read on this site. The worst is calling family or the persons work . I hope someday they pass a law on that. Either way the best way to start is here getting educated.
#goodnatured - Says,

You got that right fireyone, knowledge is power, educate yourself so that no one can take advantage of you.
#sdchargers_63 - Says,

Well......I've looked at alot of credit repair companies. They want such a HIGH 'fee' for "helping you out." i tried to go through one, not too long ago. I lost about $600.00 and found out my creditors weren't even getting paid.
#goodnatured - Says,

If you are going to use these companies, you really need to do your homework first, you can search the bbb and other internet resources to find out what the companies reputation before you put your hard earned in someone else's pocket. You can always do it yourself with a little time invested in educating yourself and standing up to the creditors you can handle debt management on your own.
#fireyone - Says,

I still think self help is the best. Reread some of the post or google credit repair companies. I gaurentee tou will find more horror stories than success stories. It really isn't that hard to do by yourself if your dedicated and who has money to lose by taking chances. I know I sure don't.
#scott - Says,

Definitely not. I am not taking chances with my money. It is better if I have to face tough challenges by doing it myself but NO i wont give it to someone who will waste it and leave me in a deeper mess.
#goodnatured - Says,

I think if you educate yourself that you can do it yourself and save alot of money. and you know what is going on through out the whole process.
#Morningstar - Says,

Code:
They are always doing things like going into peoples accounts..senting false summons and a million other things I have read on this site. The worst is calling family or the persons work . I hope someday they pass a law on that.


It's called the FDCPA, and it applies to 3rd parties (friends, family, etc...) and places of employment, and it bans the disclosure of collection account information (3rd parties, not spouses). If you are hoping to explicitly ban all calls to anyone except the debtor, that will never happen.

Code:
Well......I've looked at alot of credit repair companies. They want such a HIGH 'fee' for "helping you out." i tried to go through one, not too long ago. I lost about $600.00 and found out my creditors weren't even getting paid.


That's consolidation or settlement, not credit repair.

#cbass1017 - Says,

But boy does it ever sound like most of the credit repair companies I've heard of. High fees, not getting exactly what you paid for, you name it. I think the point to make here is that whether its consolidation, settlement, or repair, its something anyone can learn how to do on their own if they are willing to take the time to educate themselves about it.
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