There are many companies that provide credit repair services, but how do you know if they work? Many people fall victim to the lack of transparency in this industry. This article is a review of some top credit repair programs and what makes them worth your time.
Credit horror stories are a common occurrence in our society. Some people have been able to succeed with credit repair, while others have failed. Here are some success stories.
Latoya Scott of Life had $95,000 in debt a decade ago when she filed bankruptcy with a financial budget, including $36,420 in credit card debt. Her credit score was in the high 500s.
She was left with a $7,000 automotive loan and $51,000 in college loans after having the bulk of her debts discharged in bankruptcy. She established on-time monthly invoices for each of those debts, determined not to repeat her errors. Only eighteen months after filing for bankruptcy, her credit score was in the high 600s.
Scott began repaying her debts and creating new credit lines on a regular basis for two years to assist her get back on her feet rapidly.
“I’ve followed this strategy of repaying installment loans on schedule every month and paying off my credit cards,” she said.
Her new spouse purchased a house two years after she filed for bankruptcy, debunking the misconception that bankruptcy precludes homeownership.
Bankruptcy is sometimes depicted as a death knell for excellent credit and homes. It is true that bankruptcy will appear on your credit record for seven years after you file, albeit the impact on your credit score will diminish with time.
“It astounds me that there is a narrative out there that bankruptcy means you will be financially devastated for the rest of your life,” Scott said. “It’s not the ideal condition to be in, but it is feasible if you are patient and prepared to learn proper money management techniques while simultaneously rebuilding your credit.”
Credit repair is a difficult and complex process. It can be hard to find success stories that are not just a bunch of lies. Here, you will see actual credit repair success stories. Reference: credit repair heroes.
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