Unless you have been living on a deserted island for the last few decades, you have probably heard the term “credit repair” at least once or twice. If you are facing credit problems of your own, you may even find yourself wondering if professional credit repair services might be able to help you improve your current situation. After all, bad credit can not only be embarrassing, it can also make life miserable and lead to a lot of wasted money. The desire to improve your credit is not only natural, it’s extremely wise.
Of course, you may still have a lot of unanswered questions about credit repair, how it works, and if it’s the right choice for you. Keep reading to learn more about the advantages of credit repair and to help educate yourself with the information you will need to make an informed decision.
Credit Repair Defined
Before we proceed any further, it is important to understand exactly what credit repair is and what it is not. First, credit repair (when it is performed properly) is NOT illegal. You can hire a professional to help perform credit repair services on your behalf just like you may choose to hire professionals for any number of other services (tax preparation, auto repair, haircuts, dental work, etc.).
Legitimate credit repair services generally involve the process of helping you, the consumer, discover how to exercise your rights under the Fair Credit Reporting Act (FCRA), the Fair Debt Collection Practices Act (FDCPA), and a variety of other consumer protection laws. Under the FCRA, for example, you have the right to dispute any item on your credit report with which you disagree. Disputes are one of the primary services which most credit repair companies perform for their clients.
Is a debt, which was purchased by a collection agency, being reported as if it were a brand new account? It can be disputed. Do you disagree with the balance being reported on a charged-off account? It can be disputed. Do you simply want a creditor to prove to you that it is reporting 100% correct information about your account to the credit bureaus? It can be disputed. Not only can all of these issues and more be disputed, you can elect to have a credit repair company perform them for you.
Credit repair is not, however, a magical formula which will turn bad credit into great credit overnight. Just because an account is disputed does not mean it will be deleted from your credit reports (though good follow up by an effective credit repair company could possibly improve your chances of success). Additionally, you may need to work with a credit repair company who will advise and educate you on the most effective ways to improve your credit outside of the dispute process.
Can You Repair Your Own Credit?
You certainly have the right to attempt to repair your own credit and to dispute erroneous items on your credit reports without hiring a professional. If any company tries to tell you otherwise, chances are high that you are dealing with one of the scam artists which will be discussed further below. However, it is also worth pointing out that just because you can attempt to repair your credit on your own does not mean that doing so is the best choice.
Effective credit repair typically requires extensive studying (from reputable sources), good organization, consistency, and thorough follow up. Like many Americans, you may find that you are simply too busy to dedicate the time and attention which is often necessary to successfully repair your own credit. Additionally, you may not have the experience or knowledge base required to best make your case with the credit bureaus or with your creditors themselves. If either of these 2 scenarios apply to you, then hiring a professional credit repair company to dispute and work on your behalf may be the best choice.
Reputable Credit Repair
If you have determined that you do want to hire a professional credit repair company, it is very important to choose wisely. Credit repair, like any industry, sometimes has rotten apples. If you have ever seen a sign on the side of the road making outlandish promises such as “Guaranteed 100 point credit score increase in just 30 days,” then you have seen the advertising of a credit repair scam artist first hand. (Hopefully, you never called the number. If you did, you likely have a horror story to tell about getting ripped off.)
At Financial Renovation Solutions (FRScredit), we pride ourselves in treating our clients the right way. We do our very best for each client and make sure that the lines of communication always stay open. As a result, our systems ensure that clients have access to their online account 24/7. Additionally, we offer a 100% money back guarantee*. It all starts with a free credit analysis. Call 214-856-0068 or click here to schedule your free credit analysis now.
Ready to begin renovating your credit and your lifestyle? Call 214-856-0068 or CLICK HERE to get started.
Please feel free to contact me if you have any questions.