Bad Credit Agency

Whats is better for you and your credit? Credit repair companies or filing for bankruptcy ?

Public Comments

1. Call Consumer Credit Counseling...they're a non-profit organization, and will help you avoid bankruptcy if at all possible. (And bankruptcy is always the worst thing you could do...) CCC can give you good advice. Good luck!
2. If its all about credit cards only.. you dont' own a home.. go ahead with the credit repair company its much easier than filing for bankruptcy which is a huge hassle. I am watching a friend going through that now and it ain't pretty, you need to hire a lawyer(that is about 2K right there) then they file in the superior court( this is a federal thing) then you have to take 2 different classes one on line.. another after you did your court date. Then you have to wait a couple of months and apparently your always denied the first time so he has to repackage the filing and do it again.. its endless!! and time consuming.
3. Neither. I quote from the 2007 edition of the Consumer Action Handbook "There are lots of companies out there advertising that they can erase bad credit for a fee. Do not believe them". Nothing that is correct can be removed from your credit report. The only way to repair credit is to rebuild it by establishing good pay history's.
4. Stay away from the "credit repair" companies. You can do the work yourself and save a ton of money. Not sure of your financial situation, but maybe you should contact a bankruptcy attorney for a consultation then make an informed decision.
5. DON'T file bankruptcy. It may wipe out your debts (that's if you qualify) but your credit is ruined for 10 years. NO house, car, loans, credit cards, and maybe even a job. If you use a credit counseling agencies (which you would have to do 180 days prior to filing chpt 7 or 13 anyways) use a reputable company. Here is a link to those recognized by the FTC. http://www.usdoj.gov/ust/eo/bapcpa/ccde/cc_approved.htm Govt approved credit counseling agencies. Hope this helps