In the prior post, I asked my client exactly what DSI told her they would do for her to repair her credit for the fee of $487, to which she replied, “That they would dispute some charges and raise my credit score.”.
And I replied to her:
“Lovely………and, unfortunately, exactly what I told you. You need credit restoration on steroids and that doesn’t come from paying a company to do disputes for you unfortunately.
Let me show you the actual hard cost of disputing derogatory accounts:
- Nothing, it can be initially done directly on Equifax.com
, TransUnion.com and Experian.com
- If they are verified or if you are told that your dispute is frivolous, you can then mail a certified return receipt letter to the collection agency or company. This runs about $5 per letter. You also have the exorbitant expense of an envelope and the piece of paper that the letter is written on. And, of course, there is the time you have to spend to print the letter, stuff the envelope and mail it. But, you used to spend that same time paying the actual bill.
- If your dispute gets rebuffed AGAIN, then you drop the hammer on them with another letter using either the Debt Validation technique or the 623 method depending on who the account is held with, collection agency or original lender, respectively. Cost? Same as number 2.
- And, if none of these techniques works, do you know what to do? And please don’t say, “pay the derogatory account” because that is credit suicide due to refreshing the date of last activity on the account so they report it on you for yet another 7 years (nice, huh?)……the actual answer is to negotiate what is called a “pay for delete”, but then again, you need the script and process on how to do this so you don’t get scammed by the collector (which they will absolutely do if you don’t hold their feet to the fire).
And here’s the kicker, that ONLY addresses your current derogatory accounts. It doesn’t address any current positive accounts that also need attention to boost the score, nor does it address the creation of new positive accounts, generating additional streams of income so you don’t have cash flow interruptions, etc.
In short, and forgive me for being so blunt, but you just paid $487 to put a band-aid on a bullet wound. They cannot guarantee you that they can get the items removed and if they don’t, what then?
This is why you need a real solution that will provide you with video training on exactly what to do, how to do it and provide you with the resources (letters, scripts, pitfalls, etc.) necessary so you can take control and no longer be at the mercy of collectors and lenders.
Watch these two videos and listen to the audio and you will know more about true credit restoration than DSI:
http://www.creditrepaircollege.com/7secrets.mov
http://www.creditrepaircollege.com/freecd
http://www.creditrepaircollege.com/a-comprehensive-plan“
And this is what led us to develop Credit Repair College because no company can do for you what you can do when you are empowered with the correct knowledge!
Earlier this week at our real estate investment firm, I had a client that enrolled into our retail rent to own program. The program is a home ownership program that is designed to help clients easily overcome past credit hurdles and get into their dream home. Because the objective is to help the clients get fast tracked for mortgage qualification, credit restoration through Credit Repair College’s program is a program requirement. This particular client had just paid DSI $487 for “credit repair” and was asking if that would satisfy her contractual requirement for credit restoration. I told her no and went on to explain why. When I told her the truth about what credit repair companies really do, she proclaimed, “…And now I feel like I just threw away the 487.00 with DSI!”. I asked her what they specifically told her they would do for her for $487 to which she replied, “That they would dispute some charges and raise my credit score.”. Ouch!
In the past, prior to developing Credit Repair College, we previously allowed clients to select from a list of legitimate credit restoration programs run by various companies like, Lexington Law, Veracity, Ovation, etc.
The frustrating thing about this was that our clients received mixed results. In the case of Lexington Law, which is considered by many to be the premier credit repair company in the United States, we had clients who gave rave reviews and we had clients who said after a year they received no benefit at all. When you hear this one or two times, it is easy to dismiss it as an anomaly. When you hear this dozens of times, it makes you start to wonder. And wonder I did. So, I began investigating to see what “services” all of the major companies provided and how they were different, if at all. It is no secret that there are tons of credit repair companies that are a complete rip off who simply prey on the lack of knowledge and hopes of people desperate to improve their situations. But, what about the legitimate companies?
Here’s what I told my client, “That’s fine. I am familiar with DSI. We used to refer Lexington Law exclusively. The challenges we ran into were multi-fold. Some people reported great results. Some people reported no results. When you ask yourself how it is possible that some people gave rave reviews and others didn’t, we had to examine what credit restoration companies really do. The only thing a credit restoration company can do for you is send dispute letters. Nothing else. There are a bazillion things that you can do that they cannot that will rapidly increase your credit score.
What led me to develop Credit Repair College is all of the bad information that is out there and the desire to empower people with the right information so that they wouldn’t be at the mercy of a credit report or lenders.
So, here’s the deal, if you don’t want to send the dispute letters yourself, you can keep DSI and have them do it for you. It is a great service and can save you some time and hassle, albeit at a monthly (or in her case, a one time up-front) expense. Alternatively, you can just work the plan in Credit Repair College and do it yourself. The end result is that the investors and sellers that we acquire properties from want to know that you are enrolled in credit restoration that will fast track you for mortgage qualification and the only way we can assure them of that is through our program.”
To hear the rest of the story and my professional advice to her, continue reading the next post.
