Is 'Credit Repair Specialist' As Dishonest As 'Loan Specialist'?

Neither a loan specialist nor a credit repair specialist is dishonest by profession. There are good and bad companies that provide both of these services and the important thing is to take the necessary precautions to assure you are working with the good guys.

Why the Bad Reputation?

Loan specialists and credit repair specialists both have bad reputations thanks to predatory companies who take advantage of people in bad financial situations. People in need of loans and people in need of credit repair usually are very vulnerable financially, and they often do not have complex financial knowledge to make the best decisions. Some companies profit off of this by giving bad advice that ends up costing the consumer greatly. 

How do I Find a Good Company?

There are several nonprofit companies that provide loans and credit repair. These companies can be preferable because they are not looking to profit at your expense as much as other lenders. They are still going to make money off of your loan, however. You can also check with the Better Business Bureau, Chamber of Commerce, and consumer review sources to see which companies have good reviews. Asking friends and advisors will help you protect yourself and choose the right company. 




View all 3 of your FREE Credit Scores

blog comments powered by Disqus