Credit repair service

[Ilovefayth1025]

iknow i can do it myself, but does anyone in here do credit repair??

 

 

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[MarvBear]

Welcome to CreditBoards.  We are a DIY credit site, and as such more than pleased to offer you advice.  That would be the extent of our involvement.

[insolent1]

Know the Federal law before engaging a credit repair service. Many of them are scams.

https://www.ftc.gov/enforcement/statutes/credit-repair-organizations-act

[Killbadcredit]

Not trying to complain , however I see a problem with this law.

 

 I know this doesn’t apply to everyone, and there are good folks.

 

I would be scared to sign people up and know that it’s  a slim chance they will come back to pay me once they get results. 

 

Here in San Antonio, people don’t like to pay for quality services, at least in my area.  People here would run off without paying.

 

People in my local area would probably sign up and never pay once they got results, that’s just how they are here.

[insolent1]

Hence the law provides for contracts prior to initiating work. 
 

[Killbadcredit]

Yes correct, but I’m just sharing how the locals are here in my area. 
 

So how does the contract protect you?

Does it force customer to pay in anyway?

Edited November 15, 2020 by Killbadcredit

[cv91915]

"My credit is f-d up.  I'll pay you later if you fix it."

[insolent1]

13 hours ago, Killbadcredit said:

Yes correct, but I’m just sharing how the locals are here in my area. 
 

So how does the contract protect you?

Does it force customer to pay in anyway?

This in not something that the layperson can do and it is the near exclusive purview of attorneys.

The attorneys that do this sort of work will have clients sign a contract stipulating that an automatic payroll deduction be made monthly to a third party escrow account. Out of that escrow account, comes a monthly payment to the creditors that the attorney has negotiated a reduced amount with the creditor/collection agency and a partial payment for the attorney's services. This is a stipulated agreement and the creditor agrees to halt all collection and legal actions, for a guaranteed and negotiated partial payment of the monies owed. The attorney does all the negotiation, communicates with the creditors, and ensures the rights of the debtor client. The debtor client merely ensures that there are monies in their bank account to cover automatic escrow deductions until the previously agreed upon amount is PIF. 

https://en.wikipedia.org/wiki/United_States_contract_law

[centex]

14 hours ago, Killbadcredit said:

Yes correct, but I’m just sharing how the locals are here in my area. 
 

So how does the contract protect you?

Does it force customer to pay in anyway?

I won't speak to that area of law since it is not what I want to focus in (quite honestly, nowhere near enough money in it), but even in the criminal defense realm, we generally have a good feel for the ethics of a particular client.  Not everyone is a deadbeat just because they had other problems in their lives...

[Killbadcredit]

10 hours ago, cv91915 said:

"My credit is f-d up.  I'll pay you later if you fix it."

Yea, you you took the words right out of my mind. 

[Killbadcredit]

Thanks insolent, and Centex I was just wondering how this all worked. I see a lot of credit repair organizations on YouTube and thank God I don’t rely on them. Most of them however don’t seem to be attorneys. 
 

Good points tho, and as always I appreciate your times you put into helping us.