No.

There are a couple of reasons to avoid credit repair clinics.
First, you don’t need them. If information on your credit file is inaccurate, you can easily challenge it yourself by writing a letter. Also, these companies typically advise you to pay your debts on the condition the negative information is removed from your file – but you don’t need a credit repair company to tell you that.

The second is industry sleaze. In some extreme cases, these companies resort to illegal or abusive tactics like identity fraud to help their clients. As a result, the Federal Trade Commission hates credit repair companies. In an interview with Bankrate.com the FTC’s Jodie Bernstein said they’d never come across a legitimate credit repair company.

So, if you can’t use a credit repair clinic, what should you do?

Well, bankrate.com has solid pointers for getting started. Also, the FTC has a good list of “Must Do Questions” if you really need help hiring a credit repair outfit. As an absolute last resort there is always bankruptcy.

Thanks,

James

MANAGE YOUR MONEY TOGETHER

Here are some simple guidelines for DINKS to build wealth:

1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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