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Credit Repair

There is no doubt that many people suffer from bad credit because of a number of reasons. They could have delayed on their EMI payments, credit card payment and even their utility bill payments could have been delayed by a few days or weeks. All these do hamper the credit record and when there is a need for loan, it could lead to problems. Hence many such persons find the need to go in for repairing their credit. However, the damage that has already been done cannot be done overnight and it takes time and effort. This is where the role of a good credit repair service provider could come in handy. They are professionals who try and get wrong information and inaccurate data removed from credit report. When you hire the best credit repair companies, they may be able to repair your credit history and this may help your credit score to get a boost. But the challenge lies in being able to choose the right service provider because there are quite a few of them in the market.

Things You Should Know Before You Pay For a Credit Repair Company

Since the role of these service providers is not easily measurable, many people often end up paying the wrong firms and fly-by-night operators. Hence, it is important to be sure that you are hiring the right professionals. This is not easy and it requires gathering the right information and feedback about these professionals.

To begin with, it would be a better option for you to try and remove the wrong information and record that could be damaging your credit score and credit record. Only when you fail on this should you approach a credit record company. Once you have decided in principle to approach them, here are a few things you should know before you part with your hard earned money.

• Check on their reputation. This is the primary and most important task that you must do before you hire these professionals. They should have a clean and honest reputation. You can get to know about this characteristic by going through some genuine credit repair company reviews. This will help you to have a reasonably good idea about their credentials and their track record. Genuine reviews will easily help you to separate the grain from the chaff.
• Fee arrangement is vital. There are two types of fee arrangement that the service providers usually collect. The first is the fee that they charge for removal of certain wrong records and information from the credit bureau. On the other hand, there are others who charge a flat fee each month. In the former case, please make sure that the credit report has permanently removed the wrong information. In many cases the information comes back to haunt the customers again after a few months. Monthly fee also can be a drain unless the service provider is able to show some results. You have to do a tight walk and decide as to which option is better.
• Read the contract properly. This is another important point to be kept in mind while selecting these companies. They have a contract and you must read through the contract carefully to make sure that there are no hidden surprises by way of fees and other such things.

How Credit Repair Companies Work?

Generally, these companies will collect your credit report and review it carefully. They will look for possible areas of wrong and erroneous reporting. It could be certain things like bankruptcies, tax liens, and also charge-offs. Once they have gone through it, they will come out with a plan of action to dispute the credit report records. They may request the credit bureau to validate the information and make rectifications wherever it is possible. They also may communicate with them to dispute certain credit record entries and have them removed from the list. Further, they also may go in for cease-and-desist letter which may prevent debt collectors from harassing the customers.

Alternate To This Approach?

A more conventional approach could solve your credit record problem instead of trying to repair damages that already have taken place. You could go for secured loan. This could be in the form of a jewellery loan or other types of loan where there is a security attached to the loan. Borrowers will be willing to take this risk because their exposure is secured. If you are able to repay the loan instalments properly, you will be able to rebuild your damaged credit record over a period of time. Some borrowers also offer credit building loans and give you a chance to repair the damage. Finally, you could personally get in touch with the credit bureau and ensure that they are made to delete wrong and inaccurate reporting. This is the safest and best way.

Credit Repair FAQs

What is Credit Repair?

It is a process of finding out wrong record and inaccuracies and ensuring that the same are cleared by taking it up with credit bureaus. Credit bureaus will not do so in the normal course and it may require persuasion, and even you may have to take legal recourse if the errors are genuine and if the credit bureaus are refusing to cooperate.

Is there a need to repair credit?

Yes, there is a need because your eligibility for fresh loans, credit cards and other borrowings are directly related to your credit score and credit report. Hence, if you feel that there is are some wrong entries that require deletion and correction, you must do what it takes to have the situation remedied and corrected. You should try and do it as soon as possible because the more you delay it, the more you will be damaging your overall credit record.

Can Professional Credit Repairers Help?

Yes and No. If the credit repairer is genuine and with a good and honest track record, they can help in getting the errors identified, rectified, deleted or modified as the case may be. This will improve your credit score and your credit standing will also stand enhanced.

It is quite clear from the above that there are both pros and cons in hiring professionals for repairing your credit report and credit score. You must exercise care and caution and make sure that you hire only the best in the field who have the right expertise and experience on the subject matter. Most importantly they must be scrupulously honest and fair in their dealings.