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(KTVI) – Consumers are seeing promises to erase bad credit advertised everywhere. Although this is a tempting offer, there are some things you should know before paying for this credit solution. Why pay a lot of money when you can do a lot of the legwork on your own. Bad credit is only as bad as you let it be
Sometimes you slip down, job loss and medical bills can negatively impact your credit score. But don’t rush to credit repair companies according to Rob Swearingen with Eastern Missouri Legal Services. “I think these companies offer services that actually go beyond what they can achieve. If you owe money and it’s on your credit report, no company will take it away. If you are paying a business money to repair your credit, I think you are wasting your money.
The three major credit bureaus allow you to dispute inaccuracies affecting your credit score. You don’t have to pay a third party to do this. And if you sign with the wrong company, you could pay up to $ 750 for little or nothing.
The folks at Clearpoint Credit Counseling offer credit counseling. It starts with a debt review followed by a clear management plan according to Dennis Johnson. “This is where we look at specific creditors to see if they could lower the interest rates for the customer. “Clearpoint Credit Counseling has a minimum monthly fee associated with the management plan. This non-profit organization reports that some of its clients are fully debt-free in less than five years if they follow the plan.
For those who cannot afford to pay an amount, there is hope of operating a North County branch of the Regions Bank. It’s free and you don’t need to be a regional bank customer. Something late according to Mike Hart, Midwest Area President Regions Bank. “We are underfunded in North County. The general population is underbanked and better credit scores are a way for people to avail themselves of better financial solutions. And live a better life.
Bonita Williams will lead Hope inside for Operation Hope at the New Halls ferry branch in the regions. She says, “It starts with a mindset in terms of repairing your credit. You need to consider budgeting, saving, knowing how to read a credit report. These are the things that I am here to help you with. Also, find out what your rights as a customer are with regard to credit reports. ‘
Operation Hope opens inside Bank of regions May 18. If you need help improving your finances and your credit score, do your homework before signing up with a service. The Federal Trade Commission offers advice and the Better Business Bureau will tell you if a business has a good reputation.
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