Some other companies include credit repair for a monthly fee and promise to remove a foreclosure from my credit report. Should I just do that instead?
No. It’s not true. Companies that promise to remove foreclosures from credit records are preying on vulnerable customers. “There’s no miracle work,” according to credit repair expert Edward Jamison in SmartMoney. “A lot of companies out there will lie [and say that it can be done], but that’s not the way it goes.” Your money is much better spent paying off your bills, than paying for monthly credit repair. If a credit service disputes your foreclosure for you, they can have it removed from your record – but only for 30 days while it is in dispute. Assuming your foreclosure is genuine, it will return to your credit report. No company can repair your credit for a fee. The Office of Financial and Insurance Regulation Commissioner warns, “Consumers should avoid companies pitching quick and easy credit repair.” He adds, “Removing blemishes from a credit report requires the passage of time, careful budgeting and establishing a successful track record of on-time payments.” PlanToForeclose.com
