Method #3
Do It Yourself Credit Repair Programs
Some Do It Yourself Programs Are Excellent, Many Are Not.
I'll Tell You Why And Then Which Ones I Recommend.
Intro:
Most of the credit repair programs, courses, ebooks, etc. fall under this method of credit restoration.
Depending on the course you purchase this can be a pretty good route to go.
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Some have become outdated because they have not been upgraded as new laws and regulations have come along or as the credit system,
in general, has changed.
But some have kept up with the times or else they are newer and didn’t have to worry about upgrading in the first place.
If you have the self-discipline to get through the entire course and then do what it says, then this method will work and get you
to the desired result of great credit.
Personal Experience:
I did this a few years ago.
At the time I did this, I had already cleaned up my credit once before by using a credit repair company.
So, I was already familiar with the process of credit repair to a degree and knew that it really could be done.
It was just a matter of whether I was going to do it or if I was going to let someone else do it again for me.
But I was also broke and I knew that a credit repair course would cost less than one of the companies would.
I tried going straight to the credit bureaus to get the information I needed.
When that didn’t get me the results I wanted, I knew that there had to be a better way to solve my problem.
So, I went hunting. In the process I found more than one credit repair course that claimed to be able to teach me what I needed to
know in order to restore my good credit.
I really didn’t know which one was the best. And I didn’t find some credit repair guru somewhere that was able to give me the pros
and cons to all the courses out there.
Some of the courses looked better than others, of course, and in the end I picked what looked like the biggest and most comprehensive
course of them all.
I spent $80 on it and got a manual that was over 300 pages in return.
On the positive side, it was easy to read and well written and organized. I actually wrote the letters and had negative accounts
removed from my credit reports.
And my credit score really did improve.
One the negative side, the course only had a couple of basic examples of a dispute letter. If it had included a CD with several
example letters where I could just fill in an account number and mail the dispute letter off I would have been much more impressed.
And because there weren’t several examples to work with, my next frustration was that I not only had to write my own dispute letters,
but then I also had to come up with my own variations when I needed to dispute an account again.
Despite those challenges though, I stuck with it and took my credit scores from the low 500s all the up to the low 700s.
I went, in a few months, from not being able to get credit to having “A” credit and being able to get a loan on a home, a car loan
and multiple credit cards.
And I got all of them at great interest rates.
With all of that being said, let me give you a quick run down of the pros and cons of this approach to repairing your credit.
Pros:
- Thousands less than the Time method where you will waste your money due to higher interest rates.
- Hundreds less than a credit repair service company.
- The same price range as credit repair software
- Far more effective than following the Credit Bureaus’ Instructions.
- Will usually take less work than a credit repair company will require of you, although you'd think it would be the other way
around.
- Much faster than waiting months and years for your negative credit accounts to reach their termination date and fall off your
reports automatically.
Cons:
- Will require more work than using credit repair software.
- Some of the courses are outdated.
- Many of the courses leave it up to you to write the dispute letters yourself.
- Even if the course doesn't cost all that much, its still too much if the info is no longer accurate or effective.
- You still have to take the initiative to keep up with each negative account on your credit reports and track each step that
you've taken and still need to take in order to successfully get the negative accounts removed.
- You have to take the time to read and understand the course in order to actually do it. Most of the courses will be over 100
pages and many are more than 200 pages.
- Its easy to never get started in the first place or quit somewhere along the way because there is so much to read, understand,
implement and follow up with in order to succeed.
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Conclusion:
This is a good and effective method. But if this were the Credit Repair Olympics, then this method would take the bronze.
It will work, but be careful. All of them will leave it up to YOU to stay on top of the entire process from start to finish.
This method is worlds better than the first couple of methods I've discussed so far, but not as good as the remaining methods:
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