Let me just first state that credit repair services are not legal under federal and most state laws. Credit repair services aren't just called "credit repair"... They are also known as credit help, credit management, et cetera.
I had a bad run in with credit when I was a teenager. Later on in life when I wanted to buy a house I knew I'd be in a little bit of trouble. So, I Googled "credit repair" "credit improvement" "FICO improvement"... I cam across scores of scam-looking websites—we've all seen them. I chose not to partake in their programs.
My lender referred me to a colleague of hers, Manny, who told me he ran a program that would increase my credit score through unconventional ways. She disclosed to me that although such services wouldn't be legal per se, but would raise my score. I was desperate so I went ahead.By the way my lender is a fabulous professional, very reputable.
I contacted this gentlemen and told me he could raise my score at least 100 points. Sign me up! I paid him $695 and he told me it could take 45 days.
This is how EZ Financial Corp works. The corporation of Manny takes your credit card information and opens an account on your behalf at Ox Publishing and opens up a line of credit to buy up to "10,000 in merchandise." Get my drift? They give you a subprime loan for one month, you buy nothing, they close your account at the end of the month and report it to the credit bureaus and they raise your scores accordingly.
My score went up minimally, not enough for 695. Finally I made some noise to Ox Publishing and got ahold of the "CEO" who told me "What are you talking about? We sell books, nothing credit-related." Their website touts credit repair—whatever. They gave me a refund after I spewed my knowledge of federal and state credit laws.
Be aware. Manny is part of a scheme known as a "pyramid scheme" or something of the sort. He's not a qualified financial advisor. He's just some middleman who really doesn't need your credit card information. Also, while all this was going on (over the span of about two months) I would call him to ask for the status and he was always either on vacation or was on the phone with another client—either way he may or may not have gotten back to me within the end of the century.
Bottom line, I was wrong to engage in this company. Credit repair doesn't operate legally, so don't try it. I guarantee you that the amount you spend to raise your score a couple (and I mean a couple) points is not worth it. Pay your credit card payments on time, open up a department store account, et cetera. There is no safe way to repair your credit other than playing by the rules right.
Don't do business with this jerk off. He's an idiot and he's not going to look out for you. The cheesy website with stock photos should be enough for this to sink in.
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