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Tuesday, November 18, 2008

Fast credit repair is a lie

By Ricardo Mendiola

If you know that you need to start learning and instituting credit repair techniques in your life, one of the major questions you may be wondering about is rather you cannot successfully do it yourself, or if you should seek the professional help of someone who is skilled in repairing bad credit. The answer to that question really depends on your situation.

No doubt, if you find yourself reading up on credit repair, you probably need it yourself as your less than great credit is hindering your ability to find a decent job or move to a new home. It may also be as a result to finding out that the school of your child's dreams just accepted them, but you cannot get the loan needed because your credit is bad.

Any time you start to fix an object, you first need to understand why it broke. You cannot expect a mechanic to simply say your car won't run and then replace a part and make it start again. In the same vein, you can't just simply say I need credit repair and expect it to work. You need to first evaluate how you got into the situation you are in and start to face the facts so that you can officially get running again and back into the financial market.

This may lead you to wonder about the many ads and banners you see advertising quick credit repair online and lead you to believe there are other options than the one of hard work and perseverance. Nope. Actually, if you choose to use these scams, you can end up with less money than you started with, or with more debt and behind bars.

However, if these two steps sound like an impossibility in your life as you look at the mounting stack of bills on your table, and you know there is no way on earth you can possible even touch your debt because the money simply is not there, it is probably time to consider hiring a professional credit repair agent. There are many ways to get on top of your pile of debt, but you are going to need some help to find them.

A professional credit repair agent is first going to help you by consolidating your debt from credit cards and misc loans into one payment that you are responsible for monthly. They not only will manage to get the total amount down a little, (yes there are ways if you know the law) they are going to get them into one place so you only have to pay one bill and its set at a lower interest rate with a manageable monthly balance due that you can make.

This is the best way that you can come out on top of credit repair scams once you decide to take part in them. The alternative is much worse. You may actually receive advice and the how-to booklet of creating a new credit score account for yourself. Sounds great in theory, except for the fact that this is completely illegal and is actually known as credit fraud. Not only will you amass more debt with loans you should not be adding onto your current loans that have dropped your credit score, but now you have just purchased yourself 1-2 years of prison time. Oops.

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