Do credit repair companies really help?
Improving your credit can be a confusing and overwhelming task, but it can help so much when it comes time to buy a house, a car, finance a new business venture, or just get a new credit card. Credit repair companies claim to be able to help customers improve their credit scores using various methods, and some companies even offer a refund if they don’t succeed.
The big question is whether these companies genuinely help or whether they are a waste of your hard-earned money? There are many factors to consider, and it is important to remember that every person, and every credit score, are unique.
What are credit repair companies?
It can be difficult to know where to start when it comes to credit repair. It seems there is a wealth of confusing and conflicting information. For example, making regular payments can help you maintain a good score, but paying off in full or closing accounts can harm your credit.
Opening an account sees your score soar, only to see it plummet when you pay off the balance. And exactly who do you talk to if you find an error on your report? Credit repair companies can help with all of these factors.
Credit repair experts clear up mistakes and conflicts on your credit report in exchange for a small fee. Their services may involve general maintenance, such as making sure that there are no anomalies or discrepancies. They can take care of notes that need removing or incorrect searches.
A surprising number of customers fail to realize that there may be errors on their credit file that bring down their score. A search or application for credit recorded incorrectly, a black mark that remained on your report unfairly, or many other types of errors could be keeping your score low, no matter how hard you try to improve. Credit repair companies identify these issues and resolve them with the provider or credit agency.
There are many different choices if you decide to head down this route, from general credit repair companies to specialist services. The latter can be useful if you are working within a tight time limit, for example, you are planning to apply for a mortgage.
Choosing a specialist can also help if you have any concerns or disputes and require a professional to advocate with credit agencies on your behalf. Some companies can also offer step-by-step guidance and counseling; this can be beneficial if you have no idea where to start.
How do credit repair companies improve your credit score?
Credit repair companies help consumers clean up and improve their credit score. They start by examining the customer’s credit report from the three major bureaus. The company get the reports, they will ask you to, as the customer, to obtain them. It is always worth checking this information in advance.
The comparison helps the expert to get a clear overall view of precisely what is going on and helps them to spot trends or patterns in the consumer’s credit history. It is also an easy way to spot mistakes instantly. Perhaps a search appears on just one or two reports, or a date is different on each report. Eliminating these errors is an easy way to boost your credit score and an excellent place to start.
The next step is to identify areas that can be disputed or eliminated and work with credit agencies to get these factors removed. Contacting agencies is another area where hiring the professionals is a bonus. Agencies can help you draft letters and correspondence to the necessary parties and often have a wealth of contacts, tips, and tricks to help speed up the process.
Once you see these errors resolved, it is easier for you to begin working on building up your score without any anomalies holding you back.
Who should try hiring a credit repair company?
Credit repair companies are ideal for those who have no idea where to start when it comes to fixing their credit or those who are unsure how to deal with errors. They can also be ideal for those who have a large number of errors or confusions on their report, to create a clean slate upon which to rebuild your credit score or simply for those that just want the job done right the first time! Contact us today for more info of how we can help repair your credit report: (855) 439-6717