Credit Repair Law Firms Vs. Agencies – A Borrower’s Guide To Credit Repair Services

A new guide from LoanLove.com takes a look at the services provided by credit repair entities and helps borrowers make the best decisions regarding their credit situations.

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San Diego, CA (PRWEB) April 18, 2014

LoanLove.com is a borrower advice website that offers in-depth information on home loans that experienced home buyers can benefit from in an easy-to-understand and entertaining way that even first-time borrowers will be able to grasp. The team at LoanLove.com is devoted to helping empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals and has the mission of helping consumers and borrowers to obtain the latest information on mortgage lending news, the real estate market and the U.S. financial landscape in order to help them obtain a home loan that they will love. Recently the website released a guide that takes a look at both credit repair law firms and credit repair agencies. The new article lists some of the pros and cons of each and gives borrowers the information that they will need to make the best decisions when it comes to repairing their credit score, which will have a great impact on their home loan options.

The new article says, “Life happens. For more and more prospective home owners, life events like divorce, job loss and unexpected medial bills overshadow their hopes of obtaining a future mortgage. While there is no substitute for time when it comes to repairing dings to your credit report, most consumers still look for help in accelerating the process.

That help may come in the form of:

  •     engaging the services of a credit repair attorney;
  •     signing up with a credit repair agency; or
  •     finding some other route to speed up the credit repair process.”

The article then reviews the first two options listed – credit repair attorneys and credit repair agencies. In this guide Loan Love notes that one of the primary benefits to the first option (credit repair attorney) is that the attorney can represent the potential borrower to their debt collectors, which can put a stop to harassing phone calls if active collection processes are taking place. LoanLove.com says, “Perhaps even more important, a credit repair attorney is more likely to have the ability to take fullest advantage of the Fair Credit Reporting Act, the primary law that protects you from unfair practices of the credit industry.”

The article gives some more information about credit repair law firms, and then reviews credit repair agencies. The credit repair services guide warns, “Both for-profit and not-for-profit credit repair services exist for the stated purpose of helping consumers to repair their credit. Unlike credit repair attorneys, however, many of these are limited in the assistance they can provide. While the federal Credit Repair Organizations Act prohibits for-profit agencies from making certain claims or offering certain credit repair services, there are still plenty of credit repair agencies scamming consumers by attempting to go around the law by organizing as a nonprofit.”

Loan Love goes on to list some of the good things about agencies, as well as some things they should be cautious about when choosing an agency, then ends the article by saying,

“The most important step you can take in repairing your credit is to stay the course of making sound financial decisions. Pay your bills on time, pay off debt as quickly as possible and use credit wisely. Credit counselors may have a role in helping you repair your credit if you choose an agency carefully and do your homework. Keep in mind, however, that most of the services you will be paying for are actions you could take on your own for free. Also, it’s important to discuss an agency’s course of action in detail and avoid services that run the risk of harming your credit rather than improving it. Depending on your credit problems, hiring a credit repair attorney could prove advantageous, particularly if you have inaccurate information on your report that the original creditor refuses to remove. If you also feel you could benefit from some financial counseling, consider a credit repair counseling agency with an attorney on staff.”

For more information on this topic, click here to read the full guide at LoanLove.com.


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