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.
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