Credit repair

Letter to “Ask Leon”

How strategic is credit repair? How expensive and how long does one have to pay for? Is it worth it? One guy said he lost his house due to foreclosure and debts and paid 60 $s for 6 months and although he owed a lot of debt prior to this, his credit was permanently cleared with all 3 agencies is this true? Or could there have been extenuating circumstances? What could they have been or be in any case? I was around some unsavory characters and I think they used my id to order stuff and this ruined my credit? What are the criteria for addressing this time limit etc? How does the credit repair distinguish between the true id theft victim and the maneuvered who is merely trying to get out of paying up? What factors and procedures go into repaying credit and claiming id theft? Do they ever just lose the records or don’t get them form whoever they buy the accounts form and then the debtor is home free went the debt is challenged and the creditor s can’t produce the debt? How prevalent is this scenario? What r the 5’s of this happening?

Leon Says…

The credit repair fixes you are describing sound very bogus to me. The world doesn’t work that way. Would you loan money to someone who has a known history of failing to pay it back? Of course you wouldn’t. If you want others to consider you a good credit risk, you have to make yourself credit worthy. Stop borrowing more than you can comfortably repay. If you are already drowning in debt, consult a bankruptcy attorney for advice. Bankruptcy won’t give you instant good credit, but it might get you out of debt. After that, you have to earn good credit the hard way. There is no instant fix for credit that you have already ruined. You can also do a web search for info on ID theft. I am not an expert on that, but if you have failed to promptly make a complaint, you may have waited too long.