Credit Score Improvement
WHAT IS THE REAL STORY ABOUT CREDIT REPAIR?
by Michael McGinnis
Credit repair companies have a tarnished image. Yet despite their troubles as an industry, there are some good operators. In the Dallas - Fort Worth area, there are three companies that we have had experience with or come highly recommended by well respected members of the lender/real estate community.
Each of these companies use different strategies to accomplish their results. One thing runs common with them however. That is the worse the credit, the longer the process takes and the more complex the problems are, the more it costs to clean it up. Is it worth it? Does it really work? How much does it cost?It is worth it? It takes time and money to get your credit scores raised. On a $100,000 loan, a 4.25% difference in rate over 360 months will cost you about $100,000. What is your tolerance for the time and money necessary to save you $100,000?
Does it really work? We have seen people work with a reputable company and follow their instuctions implicity and obtain improvement of 150 or more points in their credit score. I have witnessed bankruptsies, repossessions and charge offs removed through the credit repair process. Whether you obtain results like these is difficult to say and there are no guarantees.
How long will it take? It is hard to say exactly how long your situation will take to clean up. Just remember that you took a while to get into the shape you are in and it will take some time to get you where you need to be. With that said, I recommend that you be prepared to take at least 90 days to see results. In some situations, 30 to 45 days may get the job done. In other cases, it may take a year. Most take somewhere in between.
How much does it cost? Charges for credit repair are structured several different ways. Of the three companies that we would do business with, each has a very different pricing structure. We recommend that you plan on spending $500 to $1,000 to get your credit in good enough shape to borrow money for a home.
Companies We Would Do Bussiness With:
National Credit Solutions , 2035 Central Circle, Suite 107, McKinney, TX 75069 Attn: Mike Powell, Senior Consultant, 1-866-485-2540 mpowell@ncs700.com www.ncs700.com
United Credit Source, 3400 Silverstone Drive, Suite 114, Plano, TX 75023 Attn: David Castillo, Texas Marketing Representative, 1-888-616-8688 david@unitedcreditsource.com www.unitedcreditsource.com
Horizons Unlimited Group, Up My Score, 791N. Hwy 177, Suite 501-C PMB 315, Waxahachie, TX 75165 1-888-868-4426 www.upmyscore.com - Anyone signing up for this service through A-1 Homes will receive a voucher good for $400 off the price of any A-1 Homes manufactured home. Ask your representative how this service can be free.
Michael M Group and Mortgage Resource Group and Michael McGinnis offer the foregoing information for the enjoyment of those who view it. Michael M Group, Mortgage Resource Group and Michael McGinnis are not in the business of Credit Repair and/or Credit Score Improvement and are not authorities in evaluating or recommending such firms to the public. Information contained herein reflect the personal experiences of Michael McGinnis for specific clients. Any person considering credit repair or Credit Score Improvement services shoud perform their own investigation and satisfy themselves that the company under consideration is capable of providing the service desired and that the cost for such service is agreeable. Any person considering entering into a binding agreement should seek legal counsel prior to executing same.
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