How much do those credit repair companies charge?

piggeh

I know you can do exactly the same that they do for free, but I dont really want to spend my time writing letters, chasing banks up, writing to information commissioners etc, just to get my credit record correct. Of course it depends how much it is, but does anyone know how much credit repair companies charge to do all the chasing for you?

backontheup

I paid for this once - about 10 years ago. Total waste of time

As I remember at the time - it cost £35 and they just sent me a letter with instructions on how to contact the court that issued the CCJ with a list of excuses.

Admittedly, their advice worked, but it was nothing I could have done without their help TBH

wherediditallgo

piggeh wrote: »

I know you can do exactly the same that they do for free, but I dont really want to spend my time writing letters, chasing banks up, writing to information commissioners etc, just to get my credit record correct. Of course it depends how much it is, but does anyone know how much credit repair companies charge to do all the chasing for you?

How much do they charge? Too much is the answer to that question. There is nothing that they do that you can't do yourself, & it's not as difficult as you think.

The first thing you need to do is contact the credit reference agencies for a copy of your credit file - there are 3 main ones, & I advise that you contact all three as the information they hold will be dependent on which credit providers have used their services & also which have kept the records up to date. If there is anything you disagree with, you have three choices - you can contact the creditor & ask them to correct the error (there is a sample letter here), or you ask the credit reference agency for an explanation of the entry, or you can submit a Notice of Correction. This is basically an explanatory statement by yourself that can be added to your credit file, so that anyone checking your file can see it. There are rules about the formatting of it, but you can find more info including sample statements here.

You have access to a computer, so you can save the sample letters on your computer, & then just edit them as necessary for each creditor - it's not as if you'll have to write each one out by hand. It's unlikely that you'll have to go as far as contacting the Information Commissioner, but if you do you might be able to find a sample letter for that too. I think it's worth you investing the time, as you'll be much more informed about what's on record about you than you would be otherwise. I've been keeping an eye on my credit file since a month after I went BR, & I'm doing the contacting myself. There's no way I'd pay someone to do it for me - I threw enough good money after bad before I went BR without doing it now too.

fermi

Exactly how creditors should update your CRF's post bankruptcy is explained here:

CREDIT REFERENCE FILE CLEAN UP – POST BANKRUPTCY

This includes the letter and guidance that is approved by the Information commissioner. The letter is available separately here:

CRF's: Letter to former Lenders post Bankruptcy

Please make sure that you follow this procedure carefully, especially the wording of the letter, since the creditor may otherwise refuse to update.

Info on how to complain to the ICO (compiled with their guidance) is at:

How to raise a complaint with the Information Commissioner

It's all very simple, and their is no point paying a third party for any of it.

(Thanks to DebtQuestions for the original info and liaison with the ICO ).

If the links above don't work then go to:

http://www.debtquestions.co.uk/debt_forum/viewforum.php?f=24

rog2

Hi piggeh - you've got this far on your own, so what harm is there in a few letters?
'Credit Repair Companies', for want of a better word, are simply one example of the 'scavenger industy' that feeds off of debt and the result of debt. They are in the same league as 'Debt Collection Agencies' and 'Private Debt Management Companies'
Whatever they may promise, there really are no 'quick fixes' and the money that they would charge, in fees, is probably much better off in your pocket.
Follow the advice in fermi's post.

piggeh

I know it's only a 'few' letters, but I've wrote too many letters recently and really feel like a few months where I don't have to worry about doing such stuff in my own spare time. Hence if they dont charge much, it would be worth outsourcing. Otherwise I'd just put it off until the new year when I feel like getting on the letters path again.

Have already got a few credit reports - what a mess

rog2

piggeh wrote: »

Otherwise I'd just put it off until the new year when I feel like getting on the letters path again.

Have already got a few credit reports - what a mess

You know, piggeh, it really doesn't matter if you put it off until the New Year - your credit report is not going to be fully 'clean' until six years have passed anyway. Sure the defaults must be marked as 'satisfied' with a date within your bankruptcy period, but they won't actually 'disappear' from your file, for six years.
Save your money - have a 'break, till New Year' then tackle it when your batteries are fully re-charged.