People frequently ask us “ShouId I try one of those companies that claim they can improve your credit score?” The answer is “Only if you feel like paying someone to do something you can do for free.” Individuals who’ve had money troubles but now want to restore their good credit often fall victim to credit repair scams. Financial planner and teacher Rob West tells us how to avoid them and how to repair your credit yourself.
- How do we identify the these scammers?
- So it seems scammers promise increased credit scores and don't really help you get out of debt?
- Seems like the MO is they get your money up front with just a promise to raise your score and then they stop taking your calls?
- Finally, how do we go about repairing our credit on our own?
Next, Rob and Steve answer these questions at 800-525-7000 or via email at Questions@MoneyWiseLive.org:
- If you're divorced, single, self employed, age 56 and concerned about having no savings and wanna start a Roth IRA, how do you start?
- Does re-applying on a line-of-credit affect your credit score the same as putting something on a credit card?
- If you've received a windfall of $50,000, should you put it toward a 4.5% mortgage of $150,000 or apply it somewhere else?
- Does closing one long-term account out of many really affect your credit score?
- If you've been told you should invest in something that might offer a higher rate than you're paying on your mortgage, should you listen to this advice?
- How should you prepare for long term care insurance if you're depending on Social Security benefits?
- What is the best way to manage your credit score? Your Money Counts
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