Credit Repair Bogus

Student Loan Law

Question: How reliable is credit repair?

credit repairI also want to know how expensive is credit repair and how long does it take? Is it worth doing credit repair?

One guy said he lost his house due to foreclosure and debts and paid $360 to a credit repair specialist and his credit was permanently cleared with all 3 agencies. Can that really be true?

Some years back I used to hang around with some unsavory characters and I think they stole my identity, ran up debts in my name and this ruined my credit.

How does the credit repair distinguish between the true id theft victim and somebody who is merely trying to get out of paying their debts?

What factors and procedures go into repaying credit and claiming id theft?

Do credits contest the credit repair, or do they fight you?

What are the chances of repairing my credit?

Answer: How reliable is credit repair?

The credit repair fixes you are describing sound very bogus to me. Credit bureaus have a vested financial interest in maintaining the reliability of the reports which they sell to subscribers in the financial industry. If the reports can be hacked to remove derogatory but truthful information, the financial industry would stop buying the reports. Selling those reports to the financial sector is they way that credit bureaus make most of their money.

I simply do not believe the story you were told about credit repair. Derogatory credit stays on a report for 7 years. I know that credit fixers claim the can erase bad credit. They claim that they can create segregated credit files to isolate and hide a person’s bad credit. They also claim that by multiple disputes of a derogatory they can eventually get it removed. Today they may be selling you credit repair. Tomorrow, the same guy will be selling your hair tonic.

Identity Theft and Credit Repair

If you are already drowning in debt, consult a bankruptcy attorney for advice. Bankruptcy won’t give you instant credit, but it might get you out of debt. After that, you have to reearn good credit the hard way.

You have probably waited too long to do anything about it. You generally have 60 days to report the ID theft to the bank. Identity theft is a serious crime. If you failed to promptly make a complaint, you may have waited too long. By waiting, you have prejudiced the rights of the other victim.

Identity theft has two victims, the consumer, and the bank. Proving that you are an ID theft victim means that the bank has to take the loss, but they didn’t do anything wrong. Because you did absolutely nothing to help the bank to recover, you will not be allowed to claim ID theft to eliminate your bad credit.


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Leon Bayer and Jeffrey Wishman are Los Angeles Bankruptcy attorneys. They have been practicing bankruptcy lawyers in Los Angeles for 37 years and are Certified Bankruptcy Specialists by the State Bar of California. These are lawyers who bring experience, skill and creativity to the highly complex area of bankruptcy law. At this Los Angeles law firm, the your initial consultation with an expert is free. Mr. Bayer is a coauthor of Nolo's The New Bankruptcy: Will It Work for You?, authors the “Ask Leon” series on Nolo’s Bankruptcy, Debt & Foreclosure blog, and writes on bankruptcy topics for Nolo’s website. In addition, Mr. Bayer devotes a significant number of hours to volunteer legal services. The State Bar of California has commended Mr. Bayer for this work every year since 2004.