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What you oughta know About Credit Repair Companies

Credit repair involves the removal of negative information from your credit report with the overall goal of improving your credit rating. If you realize that there is some inaccurate information appearing on your credit reports, you have the right to contact the credit reporting agencies and dispute the information. A poor credit score can drain away your hard-earned money on excessively high-interest rates. Taking this initiative to repair one’s credit can be a daunting experience as the process is time-consuming. Although anybody can carry out credit repair, some individuals might feel less equipped to handle the research and close follow-up needed during the process. CreditRepairCompanies.com is a great site for anyone that wants help with their credit. They rank and review the best companies online.

Credit Repair Companies

Individuals who feel that they cannot handle the credit repair process on their own can hire a credit repair company to do this. These companies act on behalf of the individuals to pay off debts and re-establish credit. Below, let us discuss some of the benefits you will experience when you hire a credit repair company for their services.

· They are highly experienced

This is the main reason why most people all over the world hire the best credit repair companies. The professionals are aware of the latest shortcuts, tricks and super-effective methods to the job done in a time-saving way. With the experience of fixing client’s credit score for quite a long time, the professionals become experts in facing the various challenges of the process.

· Time-saving

The processing of repairing your credit rating is the length and you might not be able to devote all your time in. A credit repair company knows very well all the procedures, policies and technology to ensure that a good credit rating is achieved within the shortest possible time.

· Money saving

You might be forced to hire a lawyer if you decide to handle the process by yourself. This can be expensive. Again, the faster you repair your credit the more you save. A lower credit score means high-interest rates on credit cards, bank loans, automotive loan, and mortgage. You will also pay higher premiums and all these can cost you a lot. This necessitates the need to hire a professional to improve your credit rating and lower the interest rates.

· The credit repair company has lots of resources

Without proper resources, a personal effort to repair one’s credit can very difficult. Credit repair companies have lots of resources which puts them in a position to handle the process in the best possible way. The company can use its knowledge, skills, and technology to achieve the best for the client.

Questions to ask Yourself Before Hiring a Credit Repair Company

There are many companies which offer credit repair services. Before hiring a credit repair company, you need to ask yourself some questions. This will ensure that you choose the most reputable firm so that you can achieve your goals.

· Do they have a Better Business Bureau (BBB) record?

Accredited firms maintain the highest standard of trust and reliability.

· Is the firm a law firm?

An Attorney is bound by rules of ethics which require him to act with absolute integrity. Attorneys are therefore likely to act to the client’s best interest to produce a positive result. Notwithstanding, all companies charge roughly the same amount whether a law firm or not.

· Is a free consultation available?

Before you enter into a contract, the company should offer a free consultation where your goals and expectations should be discussed.

· Can you cancel at any time?

You don’t need the services forever so the credit repair company should allow you to cancel the contract once you have achieved your goals.

· How many people have they successfully assisted?

The company needs to have a proven track record of success. It should have helped thousands of clients delete items which could be pulling down their credit rating.

· Are there online account management tools?

A reputable credit repair company will allow you to choose the way you want your case to be managed. The firm should be able to allow you to manage your case through a secure online website.

Several cases have been reported to the Federal Trade Commission about credit repair scams. This is why when choosing the credit repair company to use you need to be very careful. Be wise, don’t fall victim to some of these phony schemes.

What is Credit Repair and Is it Legal?

 

Credit repair is a term that is used to refer to the process/procedures taken or applied in order to turn a bad credit report into a good one. This repair process, also known as restoration, could be done by deleting negative/incorrect information from one’s file and taking proactive steps to adjust one’s expenses in order to raise one’s score. The act itself is also known as fixing one’s credit.

Is credit repair legal?

More and more people are having vehicles repossessed, having their homes foreclosed upon, and falling behind on the payment of their bills. Many consumers, therefore, are looking for ways to improve their credit scores and are questioning if credit repair is legal. The short answer is “yes,” credit repair is legal. Credit repair is your right, is mandated by Congress through legislation that has been passed and improved upon for several decades and regardless of the myths out there you may here, there is nothing illegal about it all.

A quick internet search will provide you with the websites of a multitude of companies who profess to rebuild your credit for a fee. These companies may seem to be a wish come true to those who suffer from bad credit and want to increase their credit score.

Though there are some companies who will do little to improve your credit and certainly cannot live up to their outlandish claims, there are some companies who can help improve your credit and will do so legally.

Some companies may boast that they can remove bankruptcies and court judgments from your credit report. What you need to know it that this can only be done legally if there is a valid reason for doing so, such as the bankruptcy was entered against you in error, i.e. the bankruptcy belonged to someone else. If you have actually declared bankruptcy, then it will most likely remain on your credit report for up to ten years. It is never legal to remove accurate and true information. Take a look at some of the important stipulations that these companies are required to adhere to;

  • A clear and detailed contract must first be received by the individual seeking credit repair services prior to any repair company performing services for them. It is typical for these contracts to include a description of services to be performed, payment for these services and time frame for completion.
  • Repair organizations are never permitted to ask for payment prior to providing service to an individual. Any company that asks for upfront payment for their services should be shied away from, as these could be potential scams.
  • Companies should never alter the identity of their users or attempt to illegally alter their credit history. All preparation services should be performed within the confines of the law, never misrepresenting the client or their history.
  • Services that are provided to any individual by a credit preparation company can never be misrepresented. This means that the services provided by the company must be those that are discussed with the individual seeking their services, no less.

In reality, the best advice regarding credit repair is to do it yourself. You can accomplish everything these companies can if you have the desire and knowledge to do so. You can try to repair your credit legally. To begin, you will need to obtain a copy of your credit report, which you can do by contacting one of the three major credit reporting bureaus (Experian, Equifax, or TransUnion). These three credit reporting agencies are legally bound to provide you with one free copy of your credit report each year, upon your request.

Once you receive a copy of your credit history, you should sit down and review it carefully. You need to check all information on the credit report for false or inaccurate information. If anything is incorrectly reported, you should write the credit reporting bureau and request that the inaccurate or false information be removed or revised. You will need to provide the credit reporting agency with any documentation which substantiates your claim. Be sure to retain copies of all correspondence to and from the credit reporting agency.

So, is credit repair legal? Yes. Credit repair is legal, ethical and 100% within your rights.