It’s easy to get pulled in by skillful pitches from people in the “loan rescue” business. They promise quick and easy solutions to borrowers who are having trouble keeping up with their mortgage payments or whose home value is now below what they owe on their mortgage. The only thing these “rescuers” need from you is some money up front. DO NOT PAY THEM A CENT! Some outfits just take your money and disappear. Even those who may help you with the process are simply providing services you can get for FREE from others, such as FICO and its partner organizations. You can contact us by visiting: And I’ll repeat: there is NO CHARGE EVER for the help you’ll get there.

Incidentally, the Federal government is considering making it ILLEGAL to charge upfront for loan rescue services. Nearly two dozen states have already passed laws that prohibit upfront fees.

Now a word about “credit repair” companies. I’ve been asked about these since my last two blog postings on How to Boost Your Credit Score. As those posts stated, there are NO QUICK FIXES to a credit score. So don’t be fooled into using a “credit repair” service. Credit counseling, however, is available at no cost from organizations like our partner, the nonprofit Homeownership Preservation Foundation. You can get in touch with them here:

By the way, even correcting an error in your credit report can take a month or two to cycle through the system and up your score. But you can get that report for free and easily check it yourself. Find out how to do this (for no charge) at

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