[Karen37a]

Never really understood credit repair services. Doesn’t it require just paying off debt?

No West Coast

A lie or fallacy has been passed like a telephone game that you really cant do anything about your credit except wait to time it out.

On the other hand, there are credit repair companies that are good and some that are unethical...95 % were unethical, so they passed laws about surety bonds, charging upfront, work performed reasonable costs etc..chased alot of them out. Morgage brokers got really good and cleaning up credit, and waiting for a period of time before the client could buy a house; because clients can not have 30 days lates or collections in the last 2 years...they will be denied.So you learn how to clean it up or wait.

This all falls into better underwriting as well because someone with a bad credit score with high utilization ratios on credit is not the same as someone with 90days late on their home mortgage and defaults on 3 credit cards.

Some boiler rooms are going thru files we receive and tossing the ones who we see are one step away from bankruptcy or we are waiting 1 week to submit a file because we know the credit will move from 580 to 630 thru credit scoring algorithms and matrix and balances or whatever negative thing can be cure so they are not primed for default
( This is another benefit of taking files from real isos they are scrubbing the files, which = higher approval ratios,less wasted paper and time, hight closing ratios and low defaults)

You can search these posts from years ago, I had a huge "debate" with someone over this, I went into detail on the exact algorithms and systems...even explained how certain zip codes can be pinged.

I use to do a "fco is the enemy" speech back in the day...ill save the dramatics.