Anyone use Veracity Credit repair?

[FORMULA51]

Well I've been working on getting a house over the last few months, and found lots of repeats and other small BS on my credit report. I have a friend that's a realtor and he swears by veracity credit.

He was able to buy a house, so on and so forth, but in the meantime his wife opened credit card accounts in his name, maxed them out, and never told him about it.

Well, he turned to veracity credit repair and his credit score has raised 70 points in the last 9 months..

I'm curious if anyone else has used them and what their results were, also if you were pleased with the outcome....



:beer:

[Jeffro600]

If there small things, its probably easier and cheaper to just fix them yourself. Pull of a credit report and file complaints on anything thats not correct. I had a few discrepancies on my report last year and filed investigations on 4 of them, 3 of which were removed very quickly and raised my score 50 points. Just gotta ask what your time is worth...if its more valuable than what it costs to have someone else fix it, let them worry about it.

[FORMULA51]

that's the thing. it seems easier for me to pay someone $40 a month for a year to get all that crap off than for me to work on it day in and day out. Ya there is quite a few repeats and other crap that i totally blew off when i was younger, and now it's just easier in my eyes to have someone else dispute it.

i dunno that's why i'm askin the powers of the people :shrug:

[Leon Phelps]

I did mine myself..... Was under 5k of total debt though. Most places settled at .40 to .75 cents on the dollar. I also had a bunch of medical bills so YMMV. Most of those credix fixxer upper places wont fawk with you unless its like 10k or more of consumer debt.

[Bauer]

What kind of issues are you having??

[Steve]

it seems easier for me to pay someone $40 a month for a year to get all that crap off than for me to work on it day in and day out.

The bottom line is that you can pay someone ~$500 to do something you can do relatively quickly for free. If you have $500k to basically throw away go for it. :shrug:

[Dotcom]

veracity is a good service for when you have a lot of bad credit that is true and can not be fixed easily. they use the law against the creditors by flooding them with disputes that they must by law respond to within 30 days or the negative item is removed. i have used them to help clients in the past with differing but mostly good results. however they are always the last resort, most items can be handled easily especially if they are small like minor mistakes, miss reports, and duplicates. also a little good analysis and strategy can go a long way. find a good loan officer who will take the time to work with you toward fixing your issues to get you the best rate and program (like me ;) )

sean

[Dotcom]

also you can go a long way in getting your score up by analyzing your report and understanding how the credit bureaus score your report.

an example, if your revolving outstanding credit total is higher than 50% of your available credit it can drastically reduce your credit score. i recently had a client who had a credit card with a 300.00 credit line and a 200.00 outstanding balance, i told her to make a 100.00 payment on the card taking the revolving balance down bellow 50% and her score went up 65 points. this is an example of what a little strategy and understanding can do.

btw another mistake a lot of people make is to have a lot of available revolving credit with 0 balances, this can also negatively affect your credit score because you could get a loan on a house or something and then go out and run that revolving up causing you to not be able to make the payments because you have become overextended. I have a tool i use with the credit bureaus that can simulate changes on a credit report and tell me what will happen with the score. its a great way to put together a strategy to help the client get there scores up.

[scottycards]

Hey Formula-
Here's a "credit repair" goodwill letter form that you can send in if you have any lates on your credit report- it's free for you to do, and can generate results.

I'd say save your $500, but that's just my opinion- it ain't as much work as you might think.

G/L

Formula 51
555 Skull and Crossbones Way
Trailerpark, CO 80555

Capital One Bank
P.O. Box 26030
Richmond, VA 23260

Re: Account#6666666666666

To Whom It May Concern:

I am writing a letter about my experience with Capital One National that is a mixture of a grateful "thank-you" and a pressing request concerning a trade line in my credit file that I would like to have revised.

I received the card in May of 2002. There was a point at which I was financially struggling and I became disorganized with respect to, as you saw, making timely payments with Capital One. I fully recognize my responsibility with respect to payable accounts and have worked diligently to rehabilitate my relationship with Capital One since that time.

To be honest, I have since learned the essential organizational and financial management principles I desperately need at this point. Thankfully, responsible credit management is now reflected in my credit records which -- excluding the two 30 day late payments -- are excellent. I wish to thank you for renewing your confidence in me and for giving me a second chance at a relationship with you, one that I am determined to keep spotless.

I am about to shop for a mortgage, and it has come to my attention that the late notations from your company may preclude me from taking full advantage of the very lowest interest rates now available. Since those notations do not reflect my current status with Capital One, I am requesting that you give me a second chance at a positive credit rating by revising those trade lines. Your customer service representative suggested that I write you for a "goodwill adjustment." I sincerely hope that there is redemption at Capital One, and I beg you for such consideration in helping me erase my past mistakes. Please let me know if any additional documentation would assist in reaching a positive outcome, and I thank you again for the time you have spent reading this letter.

Very hopefully yours,
Formula 51