Credit repair services can help you get your credit under control. The following article discusses whether or not you should use a credit repair company or if you should try to fix bad credit yourself.
When you need help in raising your credit score, eliminating your debt or improving your credit rating. You can find them on the internet and in the phone book.
Help may be available through some financial companies or a credit repair attorney. Debt management services are another possible option.
Credit repair services have the expertise to help you with your financial problem. These companies exist to help consumers sort through the legalities. While you may be too confused to sort through the issues, they fully understand the process involved. They may be able to help you successfully escape your current debt load.
It is essential in today’s world to keep your credit solid. If you have a bad credit score or negative credit rating, you will have to pay higher interest and may be denied a loan.
When you improve your credit score or rating, you improve your chances of getting a personal loan and paying lower interest on mortgage loans, credit cards, refinancing, and other financial investments.
A credit repair company will help you set a positive goal for financial freedom. They will begin by eliminating specific negative items from your credit report. They understand what they need to do and how to accomplish it legally.
They also know how to deal with and relate to credit bureaus. Unlike you, they do not become frustrated or discouraged with credit bureau bureaucracy.
Moreover, a good credit repair company understands consumer law. They can help you through the legal maze towards understanding how to deal with credit bureaus.
Steps to take before signing
In the past, there have been problem with credit repair services. In 1996, however, Congress passed legislation to improve the situation. The Credit Repair Organization Act is enforced by the Federal Trade Commission FTC and by state attorneys general.
The act ensures companies meet certain consumer rights. Know your rights. This will help you make a prudent decision on whether to hire a credit repair company.
The first step is to do research. Checkout the various credit repair services on line or in the book. Do not restrict your choice immediately. Obtain information about several possibilities.
Follow this up with a visit to the Better Business Bureau before you initiate contact. You can visit the Better Business Bureau's website www.BBB.org and find reports on hundreds of companies.
When you approach a credit repair services insist you obtain a written contract describing the exact terms and conditions of your agreement.
This must include the company’s guarantees of performance (Many companies offer a money back guarantee if you are dissatisfied with the results). Read this contract through carefully. The act allows you three days to change your mind and cancel.
Be aware credit repair services will ask for personal information on your financial situation. Some provide a credit team as well as a personal credit expert to help you negotiate.
Some will include you in the process to a greater or lesser extent than others. The important thing is the help offered to negotiate with the credit bureau.
There is a fee. Be sure you are aware of what it consists of and whether it is a one-time or monthly payment. Some online services charge a one time enrollment fee and further money for ongoing help.
Make sure the contract includes exact sums and particulars. Just as important, be sure you understand what you have to do and how much you have to pay before you commit yourself.
Once you have assured yourself the credit repair company is legitimate, sign up, follow their instructions and your credit woes may soon be over.
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Disclosure: I am an independent Credit Repair Cloud™ Affiliate, not an employee. I receive referral payments from Credit Repair Cloud. The opinions expressed here are my own and are not official statements of Credit Repair Cloud.