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Credit Repair

How to Repair Your Credit

Has your credit been damaged by a divorce, job loss, or medical situation?  Has it kept you from getting approved for a car or home loan?  If so, credit repair should be on your radar as a possible solution. Some people try to fix their credit on their own, but give up when they realize how much paperwork and time is involved in repairing your credit. However, the overwhelming process of fixing your credit on your own is not your only option. Reputable credit repair agencies can easily help you repair your credit and get approved for new lines of credit, including home or auto loans. There is usually a fee for this service, but when you factor in the cost of high-interest loans, or the cost of filing for bankruptcy, the fee can be considered money well-spent.

How To Choose a Reputable Credit Repair Agency

The most important part of choosing a credit repair agency is making sure that the company you choose is reputable. Although you may have heard of a particular agency, or you know there is an agency in your town, it is important to do your research to make sure you aren’t wasting money. One simple tip to remember is reputable credit repair agencies won’t make exaggerated claims regarding what they can do for debtors. If the credit repair agency is making claims that sound too good to be true, you should find another credit repair agency to work with.

If a credit repair agency is truly legitimate, you should receive a contract for their services. The contract should include the total cost for the agency’s services, the exact services that will be provided, how long the process should take before it is finished, any guarantees the company has regarding their services, and all of the company’s pertinent contact information including company name, address and phone number.

What a Credit Repair Agency Can Do For You

A reputable credit repair agency cannot erase all of your debt. However, they can take investigate your credit report, and take steps to help you find mistakes, which will increase your credit score. Other services that credit repair agencies can perform include:

  • Investigating your credit report from all three credit bureau agencies.
  • Identifying errors on your credit report.
  • Disputing errors on your credit report for you.

Although this seems like a fairly simple process, it can be very time consuming and includes a great deal of paperwork. After a dispute has been filed for you, the company you are disputing has 30 days to respond to the dispute. Sometimes, a credit repair agency will have to dispute a claim several times before it can be corrected. This process can also be incredibly overwhelming if you have a lot of default accounts that need to be addressed.

How to Avoid a Credit Repair Agency Scam

There are reputable credit repair agencies available. However, some companies that claim to offer credit repair services are scammers. It is important to be able to tell the difference, so that you are not wasting money on a useless service. Important tips for identifying a credit repair agency scam include:

  • The company demands payment before services are rendered.
  • You are not advised of your rights before the repair process begins.
  • You are instructed not to retrieve your own credit reports.-The company claims that they will eliminate all of your debt.
  • It is recommended that you apply for an EIN to create a new credit identity.
  • The company advises you to dispute everything in your credit report, even if you know some of the debt is legitimate.

A reputable credit repair agency is a great choice for someone who wants to avoid bankruptcy, but doesn’t have time to fix their credit on their own. By choosing a reputable credit repair agency, you can rest assured that the agency will do its best to improve your credit for you.

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