A Big Promise from a Mortgage Consultant

Ask Bob

Hi Bob,

Remember I talked with you over the radio about the mortgage lender suggesting that I contact their "credit repair" person, well the web for this particular one is "xxxxxxx" the lender guaranteed me a score of 640 within 35 days if I worked with her, their fee to start is $199. sounds really good for a guaranteed score improvement that high, I don't know if I could do that on my own by submitting letters to the credit bureaus do you?

Thanks for giving me an opportunity to talk you through this one. First of all, it is impossible to guarantee that type of performance. Secondly, the web-site states that they don't use meaningless guarantees. Once again, they are doing the same thing that you would be doing.

The credit reporting agencies don't speed up the process just because it comes from a credit repair agency. They investigate it at the same rate as if you would have sent those letters in yourself. The site also says that it will take 30 to 60 calender days. The credit reporting agency has 30 to as much as 45 days (if new information is presented) to investigate.

The reality of credit reporting is this:

You have negative and inaccurate information on your credit report - if that is the case, you dispute it requesting it be corrected or removed.

You have negative and accurate information on your credit report - it will stay on your credit report for 7 1/2 years past the first missed payment - there are no exceptions regardless of what anyone says.

So, if you have anything on your credit report that is inaccurate, get it removed or corrected by following the instructions on my web-site. You can do that for free.

http://www.prudentmoney.com/adminnm/templates/abiz-conresources.asp?articleid=1124&zoneid=67

If you want to have some fun with the mortgage person, request that she put the guarantee in writing with her signature as well as the owner of her mortgage company. Then ask what you get in the event that the 640 is not reached. I will say that is the first credit repair type web-site that was actually legit.

Keep the Faith