You've seen the ads on TV and in newspapers where credit repair companies can clean up your credit report in 30 days and get you back in good standing. They claim bankruptcy, liens, judgments; late pays can all be cleared in no time 100% guaranteed or your money back.
Think that one through. A company guaranteeing a qualified credit report in thirty days. If you have read any of the articles we have here on repairing credit, or better yet, if you have started to deal with the credit reporting agencies yourself, you know very little or nothing will happen in thirty days. Repairing credit is a process requiring patience. Any organization that claims it can repair your credit in 30 days is most likely a scam and unfortunately there are a lot of them out there.
It is estimated that Americans have been bilked out of 50 million plus dollars by "credit doctor" credit repair frauds. So are they all scams? The answer is no. However, credit repair is a market that can easily play on fear and consumer ignorance. If you need credit repair, you probably just want to get it over with so you can get back to a normal life and a quick fix, guaranteed, probably sounds like a good deal. Trust me it is not.
We have laws that give the consumer rights and the dispute process is fairly straight forward. What makes the task so challenging is the adversarial relationship between the consumer and the credit reporting agencies. Basically you are telling the credit bureau that they are wrong. Because they do not generate the items you are disputing, they are purely list them, they have to go to the time and expense to verify or validate the item with the credit or other source who submitted it.
Credit reporting agencies are for profit organizations. The cost of dealing with disputes comes off their bottom line much like warranty work on an automobile is to a car manufacturer. Something broke and now they have to pay to fix it. You are not their customer, the creditors are. Do not expect the agency to be a helpful buddy in this process.
So if you are going to attempt credit repair yourself you have to have the grit and determination to put up with a lot of frustration. If that sounds like too much, then search out a legitimate credit repair organization. They're out there and thousands of negative items are removed every day. However, it is not an overnight process for the individual. It takes time.