Bad Credit Repair Service

Bad Credit Repair Service

Bad Credit Repair Service: Do You Need One?

If your credit report is not exactly in tip-top shape, you can do the cleaning up yourself. That is, of course, if you have the time and patience. To repair a bad or horrible credit report, you will need to allot time and energy in getting the necessary credit reports, reviewing your documents and then writing the credit bureau. You save money, but it might take a lot of your time.

If you think that’s not for you, then it’s time to seek the help of credit repair companies.

What they do
Bad credit repair services will do exactly that – repair your bad or horrible credit. After getting the relevant information and supporting documents from you, they will then request for your credit reports, review and note whatever errors are present and then send out dispute letters with the supporting documents.

A legitimate credit repair company will inform you of your rights as stipulated in the Fair Credit Reporting Act. They should also have a written contract for you to sign, explaining the details of their services. The contract should also include a clause informing you of the right to cancel within 5 working days.

A credit repair company should never ask you to pay until they have completed their services, which they must within six months after the signing of your contract.

What you need to do
First, do some research on as many companies as you can find in your area. Get their background and history and if possible, get information on client reviews. Get to know their policies and don’t be afraid to ask questions.

Get in touch with the Better Business Bureau and check the company’s reliability. Find out if the company has a certificate of registration so in your research, you will know if there are any complaints filed against them. Ask for info or referrals from family and friends.

Gather all the relevant documents you have that will accurately reflect your debt situation. Credit card bills, information on monthly payments, repossessions, all unpaid collections data should be available to the credit repair service to ensure you’re your credit information is accurate.

And this is where you need to tread carefully…
Be wary of credit repair services that promise quick fixes – like getting you out of your poor credit situation within a week or a few days. These promises are not deliverable at all, because legitimate companies need at least a month or two to take care of your credit report. It takes time to get in touch with credit reporting agencies and your creditors. Plus, there’s paperwork to be made.

Beware of companies who promise to totally erase your poor credit and remove bankruptcies from your credit record. They cannot do that; no one has the right to remove information from your credit report. Negative credit information stays on your file for about 7 years, while bankruptcies for 10 years.

Don’t be tricked into getting a new credit identity, like applying for an EIN (Employer Identification Number) and then using this number to apply for credit. Some unscrupulous credit repair companies might even advise you to change your mailing address or phone number. This is fraud.

Avoid credit repair companies that ask for money before they even look at your papers. Chances are, you could be dealing with scammers. Legit companies will look at your documents and assess your situation before they make an estimate of how much you have to pay. To protect yourself, check these companies with credit associations in your locality or state.

Good credit standing is critical to everyone, whether you want to buy or refinance a house, get a car loan or even apply for a job.

There is no magic formula or secret access to legal loophole information that credit repair companies are privy to. What they can do, you can do yourself. They are just there to save you time in case you do not want to be bothered with going through your documents and bills and filing your applications, reports and letters of dispute. As long as you work with one who can help you legitimately, then by all means, get yourself a bad credit repair service.

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