The High Cost of Bad CreditOriginal Article - https://www.nytimes.com/2023/06/07/magazine/bad-credit-repair.htmlDesperate to improve their ratings, Americans now spend billions on "credit repair" - but the industry often can't deliver on its promises. She found seminars that cost as much as $1,500 but settled on two e-books, "Boost Your Credit Score" and "Do It Yourself! In the argot of the credit bureaus, tradelines are just another word for all the accounts listed on a credit report - credit cards, loans and mortgages are all tradelines. In low-income communities, payment delinquencies on credit cards, mortgages and auto loans - all of which invariably lower credit scores - are twice as high. "If you have 400-675 credit score and want a 700-800 credit score, David can LEGALLY erase negative items … repos, foreclosures, late payments," one post declared in typical fashion.

Source: New York Times June 13, 2023 11:48 UTC