If you have decided to fix your bad credit, there are credit repair companies that can help. This is a big decision and not one you should take lightly. On average, a credit repair company will charge you a few hundred dollars and their program usually takes a year to complete.
You don’t want to pick the wrong company and find yourself deeper in debt and nowhere closer to improving your credit. On the other hand, if you find a great company to help you that might be one of the smartest financial decisions you can make!
Let’s first of all take a look at what you should hope a credit repair service will do for you. Take a look at your credit and ask yourself what you think needs to improve. Credit repair goes beyond disputes with your credit companies and the credit bureaus.
Credit repair has been seen as something that is repairing the credit report. Now, working to repair your bad credit can also help to fix your credit report. You have rights under the Fair Credit Reporting Act to dispute any items that you feel are inaccurate.
This part of repairing your credit has been very beneficial to people who have incomplete or inaccurate information on their credit reports. This will of course only help your credit score once you get the items corrected.
This is just the beginning, repairing your credit. Although some people are not satisfied with just working to correct their credit reports. If you find a reputable credit repair company then they should also work with your creditors to have them stop reporting negative accounts.
Another thing they should do for you is contact collection agencies to have them stop reporting negative accounts. Some credit repair companies will even dispute some debts reported and find out how legitimate those claims really are.
Now, it depends on each individual credit situation just how well a credit repair company can help you. Some people might only want to get help on fixing their credit reports, while others need more extensive help and look for a company that provides full credit repair service.
Here is an important question most people ask, how can you tell if this is a reputable credit repair company? There has been a bad rep given to this industry because of many scams that have taken place. Fortunately, the fraudulent companies have been shut down. I think it is still necessary that you take some precaution and figure out if you have found a legitimate company before working with them.
Familiarize yourself with some of the laws that surround credit repair companies. The Credit Repair Organizations Act was drafted to protect you, the consumer, from any credit repair scams. They also protect your right to get any help with credit repair for your report.
There is always the Better Business Bureau (BBB) reports, they keep all complaint on file made against companies. If there are multiple complaints against a company or a low rating, proceed with caution.
Also, if you come across a company that does not list “credit repair” in their services on the BBB then also be wary of them. The nice thing about the BBB is that they have high standards for credit repair companies. If you have found a company that is possibly fraudulent, the give away is that they have not listed “credit repair” with the BBB.
As with anything you do, concerning your finances and credit, take the time to do some research. There are many reputable companies available and thanks to the internet you can find them within minutes of searching!
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Credit repair is possible for everyone and good credit is definitely in your future.