Bob: I was recently asked if I would consider offering credit repair services. Response: (Adapted from one of my heroes–Dave Ramsey): Absolutely not! Damaged credit can only be “restored” over time in one of two ways: (1) clean up your debt by paying on it, or (2) ask to have inaccuracies removed. If you see something that isn’t accurate on your credit report, YOU can write a certified, return receipt requested letter to the credit bureau. Specify the inaccuracy on your report and that they have 30 days to correct it or take it off (they’ll take it off since they can’t correct it because you never did it). When you think that a credit repair company can straighten your “stuff” out and do credit repair, that’s when you tend to get ripped off. You cannot have bad credit taken off your credit report legally unless it’s inaccurate. Do not hire a credit restoration service company under any circumstances.
Monthly Archives: May 2018
Give While In Debt?
Question: “Should I continue to give while in debt.” Response: Great question. Here are several observations that will help shape an answer for you. (1) Proverbs 3:9-10 says we are to honor God from the “first fruits.” Therefore, the first portion, the tithe, belongs to God, not to you and not to your creditors. (2) You have a clear responsibility before God to repay your debts. Psalm 37:21 states, “The wicked borrow and do not repay.” (3) You also have “other” responsibilities–responsibilities that don’t go away simply because you owe money to your creditors. For example, you have to keep paying for housing, utilities, food, and the many other practical needs of your family. (4) I believe that according to the Bible giving above and beyond the tithe is another important one of these “other” financial responsibilities. All things considered, then, it would be worth your while to explore ways to tithe, to pay your debts (at least cover the minimum payments required), to live (adjust your “needs, wants, and desires”) and to give above and beyond the tithe. How? Prayerfully work with the Holy Spirit, your spouse, and a financial coach (not a friend) to help you set up and stick to a spending plan (a “budget”) that provides for each.