Credit Repair?

[PurplePoison]

I was wondering if any one out there has ever consulted with one of those advertisers/companies that claim they can repair bad credit. I fell in love with an RV yesterday and the salesman told me that it is harder to finance an RV than it is a house. My score right now is probably the mid fives, he said they wont even consider an application with a score less than 600. Does anyone out there have any advise or stories to share on how you cleaned up your credit? If so pleeeez share, I must have that RV. Its a 2006, 31' class C Jayco. Thanks

[MagicMtnDan]

You see the advertisements in newspapers, on TV, and on the Internet. You hear them on the radio. You get fliers in the mail. You may even get calls from telemarketers offering credit repair services. They all make the same claims:
“Credit problems? No problem!”
“We can erase your bad credit — 100% guaranteed.”
“Create a new credit identity — legally.”
“We can remove bankruptcies, judgments, liens, and bad loans from your credit file forever!”
Do yourself a favor and save some money, too. Don’t believe these statements. Only time, a conscious effort, and a personal debt repayment plan will improve your credit report.
This brochure explains how you can improve your creditworthiness and gives legitimate resources for low or no-cost help.
The Scam
Everyday, companies nationwide appeal to consumers with poor credit histories. They promise, for a fee, to clean up your credit report so you can get a car loan, a home mortgage, insurance, or even a job. The truth is, they can’t deliver. After you pay them hundreds or thousands of dollars in fees, these companies do nothing to improve your credit report; most simply vanish with your money.
The Warning Signs
If you decide to respond to a credit repair offer, look for these tell-tale signs of a scam:
companies that want you to pay for credit repair services before they provide any services.
companies that do not tell you your legal rights and what you can do for yourself for free.
companies that recommend that you not contact a credit reporting company directly.
companies that suggest that you try to invent a “new” credit identity — and then, a new credit report — by applying for an Employer Identification Number to use instead of your Social Security number.
companies that advise you to dispute all information in your credit report or take any action that seems illegal, like creating a new credit identity. If you follow illegal advice and commit fraud, you may be subject to prosecution.
You could be charged and prosecuted for mail or wire fraud if you use the mail or telephone to apply for credit and provide false information. It’s a federal crime to lie on a loan or credit application, to misrepresent your Social Security number, and to obtain an Employer Identification Number from the Internal Revenue Service under false pretenses.
Under the Credit Repair Organizations Act, credit repair companies cannot require you to pay until they have completed the services they have promised.
The Truth
No one can legally remove accurate and timely negative information from a credit report. The law allows you to ask for an investigation of information in your file that you dispute as inaccurate or incomplete. There is no charge for this. Everything a credit repair clinic can do for you legally, you can do for yourself at little or no cost. According to the Fair Credit Reporting Act (FCRA):
You’re entitled to a free report if a company takes adverse action against you, like denying your application for credit, insurance, or employment, and you ask for your report within 60 days of receiving notice of the action. The notice will give you the name, address, and phone number of the consumer reporting company. You’re also entitled to one free report a year if you’re unemployed and plan to look for a job within 60 days; if you’re on welfare; or if your report is inaccurate because of fraud, including identity theft.
Each of the nationwide consumer reporting companies — Equifax, Experian, and TransUnion — is required to provide you with a free copy of your credit report, at your request, once every 12 months.
The three companies have set up a central website, a toll-free telephone number, and a mailing address through which you can order your free annual report. To order, click on annualcreditreport.com, call 1-877-322-8228, or complete the Annual Credit Report Request Form and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. You can print the form from ftc.gov/credit. Do not contact the three nationwide consumer reporting companies individually. They are providing free annual credit reports only through annualcreditreport.com, 1-877-322-8228, and Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. You may order your reports from each of the three nationwide consumer reporting companies at the same time, or you can order your report from each of the companies one at a time. For more information, see Your Access to Free Credit Reports at ftc.gov/credit.
Otherwise, a consumer reporting company may charge you up to $9.50 for another copy of your report within a 12-month period.
You can dispute mistakes or outdated items for free. Under the FCRA, both the consumer reporting company and the information provider (that is, the person, company, or organization that provides information about you to a consumer reporting company) are responsible for correcting inaccurate or incomplete information in your report. To take advantage of all your rights under this law, contact the consumer reporting company and the information provider.
This is from the FTC's (Federal Gov't) Web site. There's more worth reading on this page too:
http://www.ftc.gov/bcp/conline/pubs/credit/repair.htm

[MagicMtnDan]

With your credit score (even if you could "repair it") you can be sure of one thing if you get a loan: you'll pay a higher interest rate so that purchase will cost you a LOT more over the years of the loan.
The only advice I can give you is to be patient and wait. Don't buy until you've fixed your own credit which means:
1. Pay all past dues (if you have any) now
2. Never again make a late payment
3. Wait. It takes time to fix your credit report (showing no late payments and nothing outstanding).
Good luck.

[OCMerrill]

Careful - None of these so call credit repair guys waves a magic wand over the reporting bureaus and make it all right. They will tell you what you want to hear and part you with some cash though. Some of the guys take money to fix issues and then sell the client out to the creditor so they can locate them. Then harrass to death.
Mid fives...do you owe any creditors money? If so showing paid on a collection helps big time.
As far as getting your score up quickly there is only one thing I know of and that is to protest specific derogatory line items (creditor issues) one by one with each of the three bureaus. This can be done on-line easily. They will contact the or each creditor protested and have them check for errors. Some creditors don't respond or respond with incorrect info and the derogatory item could then be removed. May or may not work. May help enough to get your score up.
By the way we have a 30' GBM Maverick Class C and still (almost 8 years old now) dig it. These finance terms (as you know) are for along time. Don’t take a crappy interest rate because motor home values do NOT HOLD and you could end up major upside down if you want to change up later on.

[callbob4homes]

While I don't mean to sound mean spirited here, I have to wonder why, with gas going over 3 bucks a gal., why would you want to do this now? Like the rest said, you will be paying high interest rates on something that will devalue by the day. With a mid 500 fico, I would have to bet there are some delinquite credit problems or unpaid or charge offs. Why not take the money you were going to spend on the rv, pay off some bills and cc's, get your credit back together and hopefully gas won't be 4 bucks a gal next year. (yeah right). and don't fall for those credit repair scams. There are some lenders out there that do have access to legit ways to help you clean up without getting hosed. pun intended

[dmontzsta]

I am in the process of this now. I am trying to do it myself first.
I just read about a company that was actually caught paying off employees in the credit bureaus, they were erasing peoples stuff...wish I could have got in on that...although all my bad credit is from other peoples stuff.
NEVER help anyone else, you get NOWHERE!

[OCMerrill]

NEVER help anyone else, you get NOWHERE!
This advice (credit wise) is GOLDEN!
I ended up with a Condo in Rancho Cucamonga that I previously co-signed for when the payments stopped being made back in the mid 90's. When values fell down a bit my X walked away. Rented it at a 50% loss to keep my credit in tact. This also kept hers in tact unfortunately. Renters did not keep the Condo in tact and as soon as values balanced I sold it. Now I kick myself over the money I lost all the way around. :220v: :boxed:
As far as buying an RV with $ high gas prices...I ponder if I can really aford to boat either and we do both the RV and the Boat thing. I will do it anyway.

[C-2]

I know a few things. First off and IMPORTANTLY - do not order your credit reports via annualcreditreport.com. This gives credit bureaus an extra 15 days (45 isntead of 30) to investigate any disputes you may have. It screws you for a year, and you want the 30 day timeframe only. Pay the extra 9 or 10 bucks for an old fashioned hardcopy. If you dispute online - it's almost a waste of time.
Truth is, some of the credit repair companies know how to bump your credit up. The credit bureaus know this and try to badmouth them whenever they can, cuz they work.
There are also different FICO models, such as mortgage, auto enhanced and who knows whatt else. If you have any late car payments, no matter how good your regular "FICO" may be, your auto enhanced will be in the toilet.
Normally there is no quick fix, it usually takes 3-6 months to see results. I recently used a nifty little trick on Trans Union and bumped my score up 40 points within a month.
I'll give ya more later, gotta go mow the lawn.

[soupersonic]

If you have collections, you can sometimes contact them and arrange to pay them x amount of cents on the dollar ,in return they mark it paid in full. Tell them you are leaving the country or something like that,dont tell them you are trying to buy anything or they will have you by the huevos.

[YeLLowBoaT]

Best way to bump up your criedt score is to pay off your debt. Paying your bills on time and in full for a year or 2 will do wonderful things to your criedt score...
beside when gas hits $5 a gal you will be able to pick up that new 200k RV for about 50k.( well maybe not 50k , but pennys onthe dollor.)

[Hallett19]

Be careful with some of those companies, I know sometimes they will post that you had assistance from them and it dings your credit up pretty bad.
I had a few late payments and 2 paid collections from when I was younger, wanted to refi at a better rate so I sent letters to the creditors I had lates with and the 3 bureaus, got almost everything taken off, even one of the collection companies pulled a coll. from my file !!
Start with that first and then contact a credit attorney, they dont ding your credit and they are reasonably priced.
500's is low though, you have to get that up :) Good luck !!

[Howie Feltersnatch]

After gas is at $5.00 a gallon for a year or so, the dealership you're looking at will probably be out of business. Then you can buy your dream toy for next to nothing. Oh yeah, your grocery bill will be up by 400% too along with the price of clothing, hardware, landscaping, construction, etc. Party on...

[ShowSumSkin]

I work for Wells Fargo and I deal with all types of loans. You usually have a better chance getting financed at your own bank then with a dealership. Banks look at different things on your credit and consider how long you've had a relationship with that bank. I also know WF sends the loans they can't finance to their sister company, WF financial who has more ability to work with people who don't have the best credit.......so who do you bank with? I can always run an app over the phone :rollside:

[BajaMike]

Dispute anything derogatoy on your report...even if it's accurate...some of them will fall off.... :idea:
And the ones that don't fall off, keep on disputing them, oh, and also, pay off any collection accounts...:D
:boxed:

[USCFAN]

Dispute anything derogatoy on your report...even if it's accurate...some of them will fall off.... :idea:
And the ones that don't fall off, keep on disputing them, oh, and also, pay off any collection accounts...:D
:boxed:
This is some of the best advice yet. This all most of the credit repair companies will do anyway, they will just never tell you that. My wife has a friend who claims to do it and all he does it write letters to the credit bureas and claim the negative information is not yours. For the tune of $600.00.

[wantacat]

I use to work for Transunion...I know how to get some stuff deleted...first I would have to know what exactly is wrong w/your report? lots of lates? BK? Liens etc.....PM if you need help. DO NOT GO TO A CREDIT CLINIC...most credit clinics use the same format......its obvious ....you will have a harder time getting tradelines removed.

[Wmc]

Here is a sample letter you can use to send to all your credit agenices. I am in the mortgage business and a fico score in the 500's is not good. You need to make sure you always pay your bills on time. Focus on one account at a time and start hammering them down. Do NOT go to credit counseling as Lenders look at that as a Bankruptcy and you will have to wait an addition 2-5 years to obtain a loan.
Good Luck.
October 17, 2005
Name
Address
Address
Phone
S/S:
DOB:
EQUIFAX
P.O. BOX 740241
ATLANTA, GA 30374
EXPERIAN
P.O. BOX 2002
ALLEN, TX 75013
TRANSUNION
P.O. BOX 1000
CHESTER, PA 19022
Re: Inaccurate Information Reporting on my credit report
Dear Customer Relations Representative:
Enclosed please find a copy of my credit report. I have circled the items that I believe are incorrect and request immediate investigation into this matter.
List all the credit company names & account numbers you feel should not be on your credit and attach a copy of the bill showing it has been paid, etc.
These entries on my credit report are extremely detrimental and inaccurately reflects my credit.
When you have completed your investigation please notify me in writing reflecting the results of your investigation.
Sincerely,

[FREIND OF AA AND TA]

Pm me tomorrow, I have used a guy for a long time for repair. He does what he sais. Not cheap but dam good. I have seen him remove huge charge offs and forcloseures. The # is at the office.