Credit Repair and ID Theft
Letter to “Ask Leon”
How strategic is credit repair? How expensive and how long does one have to pay for? Is it worth it? I know a guy who lost his house due to foreclosure and debts and said he paid $600 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? 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 person 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 from whoever they buy the accounts from and then the debtor is home free when the debt is challenged and the creditor s can’ produce the debt?
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.