Are you struggling with poor credit? Is a low credit score making it impossible for you to get a credit card, obtain a personal loan, rent out an affordable apartment or even get a job? Take heart, there is a solution thanks to credit repair.
What Is Credit Repair and How Can a Credit Repair Company Help You?
Credit repair is the rigorous process of fixing your poor credit by requesting the removal of inaccurate and negative information from your credit reports. This process can be done by a credit repair company on your behalf but it is also very possible for you to do it on your own. The process of repairing your credit can be quite challenging with a lot of back and forth, but ultimately, after the negative information is removed, your credit score can improve.
Remember, when you have bad credit, you become a big risk to the mainstream lenders. This is why you must endeavor to fix your credit score. However, not all the credit repair companies in the market are worth your money. Websites such as the SFGate and the Times Union have reviewed some of the best credit repair companies of 2022 therefore make sure you read the reviews before you engage anyone to repair your credit.
The credit repair industry is very lucrative and unfortunately, scam companies have infiltrated the market. Do your own research; lookout for red flags and if you engage a company that demands payments upfront or they make promises to remove accurate but negative reports from your credit report, run.
Wondering how a credit repair company can help, here are 5 ways a credit repair company can help improve your credit score.
1. A Credit Repair Company Can Give You Free Consultation to Understand What Is Ailing Your Credit Score
If your budget is tight but you need help repairing your credit score, do not worry as some credit repair companies actually give free consultations. Companies such as Credit Saint, Sky Blue Credit, and The Credit Pros are among the top-rated credit repair companies that offer a free consultation. Once you engage them, they will go over your FICO score with you and begin the process of identifying the main problem and this will be the beginning of repairing your credit.
2. A Credit Repair Company Can Work on Your Behalf to Remove Negative Information from Your Credit Report
Once the problem has been identified, the credit repair company will then proceed to work on your behalf in removing negative information on your credit report. The repair company does this by making direct communications with the three main credit bureaus which are TransUnion, Experian, and Equifax. The repair company will repeatedly send letters to the credit bureaus and other debt collectors disputing the negative items over and over and if the debt collector fails to process the dispute in 30 days, the negative item should be deleted.
3. The Credit Repair Company Will Communicate on Your Behalf
If you are working with a credit repair company to repair your credit score, you do not need to worry about the communication aspect as the repair company will communicate on your behalf. Ideally, the credit repair company will communicate via the phone or email to the credit bureaus and credit issuers and their main intention will be to get the credit bureaus to delete the negative credit information or to get them to redesign the information so that it is more favorable to you the customer. If you feel that sending emails and making numerous phone calls to the credit bureaus is not your forte, hiring a credit repair company can help you a great deal.
4. A Credit Repair Company Can Help You with Situations That Are Out of Your Control
Let’s face it; sometimes your credit situation can be out of your control. For example, if your credit score was negatively affected by issues such as divorce, identity theft, medical bills that left you completely broke, student debts, or military service, a credit repair company such as Lexington law can implement specific laws to cushion your credit from these situations. Since Lexington law is a law firm, you can be sure that you are working with qualified paralegals who will not only send disputes for the inaccurate items but also, they will ensure that they keep you updated on the progress through an online dashboard.
5. The Best Credit Repair Companies Do Offer Some Form of Credit Monitoring and Personalized Services
Credit repair companies are not created equal. The best credit repair companies provide credit monitoring to some extent and also, they do offer comprehensive dispute options. Unfortunately, we are living in a world where identity theft is now very common. Criminals have mastered the art of stealing identities and using them to open credit cards and take out loans.
To protect yourself, you will need to work with a credit repair company that also offers credit monitoring. This way, you can be sure that your credit score will remain spotless as the repair company will always be on the lookout for any suspicious activities or when new credit is taken.