How does “credit repair” work ?
Question by whocares: How does “credit repair” work ?
Ive seen the ads for years and assumed that they were just semi-scams that repeatedly request for things to be removed over & over until someone forgets to verify it and then they get removed.
Well, I had a tax lien for past due taxes filed withOUT notifying me like they are supposed to.
It hurt my score by about 88 points because of the tax lien.
The lien has now been released as I have got up to date on my taxes and they are sending a refund.
Should I just repeatedly tell them its false to hopefully get them to remove it ?
Those firms apparently guarantee results.
Im not going to pay anyone because in all likely hood, I will never borrow again in my life. (Other than credit card bills that are paid in full every month)
But, I used to take pride in my 769 score. Now its 681 and its just average and I hate it.
Best answer:
Answer by Chris Spectre
I think what happens is that you challenge the debt, and whilst it’s under challenge it has to be removed from your credit check allowing your record to look clean.
What do you think? Answer below!
It doesn’t. Credit repair companies are scams. The only thing they do well is take your money. There is no way to remove legitimate negatives from your credit report. No special letter or inside info.
A tax lien is listed in the public records section. Disputing it will NOT get it removed. The public records have to show that the tax lien has been removed. Paying the lien does not get it removed. It has to age off — at least 7 years and it might even be a 10 reporting period.
The debt should first be removed from your credit check to wash it out.
http://raiseyourcreditnow.com/ has articles and several steps to raise your credit score.