Credit Repair Services
If you feel that you need help and are interested in professional credit counseling, there are some things you need to know. Chief among these things is that not all agencies offer the same quality of services. Credit counseling is an unregulated industry, so that means that you could fall victim to an unscrupulous company if you do not do your homework. Be sure to verify that the agency you choose to help you is registered with the National Foundation for Credit Counseling. If a credit counseling agency is a member, you can be assured that it follows that national standards established by NFCC and is likely to be a reputable company. Your Employee Assistance Program (EAP) or human resources department may also be able to point you towards a reputable credit repair service.
Another point to be aware of is that most credit counseling agencies are non-profit and the fees they charge are voluntary. Some agencies assess monthly fees that are in addition to your debt payments. These fees can amount to a significant amount of your monthly payment. Shop around to find a credit counseling agency that asks for reasonable fees and then negotiate with them about how much you are willing to pay.
Lastly, credit counseling is not a quick fix. Credit counselors can give you information about money management, help you negotiate with your creditors, and many even offer consolidation loans (loans that will allow you to pay off your debt all at once and make just one monthly payment). What a credit counseling agency cannot do is repair your credit overnight. The damage to your credit did not occur overnight, nor can it be fixed overnight. There are no shortcuts. You need to make on-time payments to your creditors for a least a year or more in most instances before any noticeable impact on your credit score will occur. Any person or agency that promises immediate credit repair is likely to take you for a very unpleasant ride.