What You Need to Know about Credit Repair

May 21st, 2014 | Author:

[I]f you have had some credit problems in the past and have a bad credit score, you may be looking at credit repair help. You’ve probably seen ads promising that your poor credit will improve quickly. Though some of these companies are scams, many are legitimate agencies that can make a difference. Before you choose one, there are some things you need to be aware of.

How Credit Repair Agencies Can Help You

These agencies can have information removed from your credit report by disputing accounts. However, they can only require that inaccurate information be removed. If it is legitimate, it must stay on there unless the collections agency or creditor chooses to remove it.

You should get the contract in writing that states how much you will be paying for and for what services. Some companies charge by the account that is fixed while others charge a monthly fee. You should find out how long it will take to get results and what the final cost will be. You also need to know how you can cancel their services and what the charges will be at that time.

Realize that your credit won’t improve overnight. As much as you might wish it would, you won’t wake up one morning with excellent credit and the ability to get any loan or credit you want. Repairing damaged credit takes time. Even credit repair agencies will tell you that when you inquire about their services.

Should You Go It Alone?

Credit repair agencies only do what you can do on your own. With that being said, does it mean you should handle your own credit repair? That depends on how much time you have and if you feel comfortable doing the legwork. Some people are independent and like to have control of their own credit repair. On the other hand, others may prefer the experience of an agency or be limited on time. For them, it may be worth the cost of hiring a professional.

Only you know if you should hire a credit repair agency or do the work yourself. But know that repairing bad credit takes time no matter who does it.

Newest Answers

Get a Better Credit Score in 2017

January 22nd, 2018 | Author:
h

[I]f you have a goal to improve your credit score for the new year, you need to set up steps to help you achieve this goal. For many, they read all kinds of information about how to get a good credit score, and it can be overwhelming. Sometimes, it can sound so easy but not […]

Continue Reading »

Why You Need to Check All Three Credit Reports

January 19th, 2018 | Author:
h

[T]here are three major credit reporting agencies: Experian, Equifax and TransUnion. All of them provide a credit report which lists your personal information and credit accounts. You can get one report for free each year or purchase extra reports through the agency sites. Many people just get one credit report, but you really should get […]

Continue Reading »

What is the Right Amount for a Credit Limit?

January 18th, 2018 | Author:
h

[A]s you get credit cards, you will notice they give you a credit limit. This is the maximum amount you can spend on the card without paying some of it off first. Credit card companies often increase your credit limit as you prove responsible handling the amount you have. You may wonder if more credit […]

Continue Reading »

Buying a Car with Bad Credit

January 12th, 2018 | Author:
h

[I]f you have bad credit, it can be difficult to qualify for a car loan. However, it’s not impossible. Before you go out and apply for money to purchase a vehicle, there are some things you should know. Check Your Credit Before you fill out any applications for car loans, you need to take a […]

Continue Reading »

What Does No Credit Mean?

January 10th, 2018 | Author:
h

[M]any people hear that they have bad credit, which means they haven’t always been responsible with their credit accounts. However, it is another situation entirely when a person is told they have no credit. You may wonder how that’s possible and what it really means for your future. No Credit Doesn’t Mean Never Any Credit […]

Continue Reading »

What You Need to Know about TransUnion

January 8th, 2018 | Author:
h

[T]ransUnion is one of the three credit bureaus which stores information about consumers and their credit history. It provides this information to creditors and to consumers. TransUnion was founded in 1968, and it now has more than 200 offices through the US and the world. How TransUnion is Different TransUnion is similar to the other […]

Continue Reading »

What You Should Know about Equifax

January 5th, 2018 | Author:
h

[E]quifax is one of the three major credit reporting agencies which provides information used on your credit report. It has a credit score which will impact your ability to get approved for new credit. All of these agencies aren’t the same, so here is some information you should know about Equifax. Equifax is headquartered out […]

Continue Reading »