Credit repair has become a popular solution for those with poor FICO scores. This is a service offered by some companies and is available through an Internet or phone based program. Credit repair software helps consumers to improve and fix inaccurate information on their credit reports, and also to increase their credit score. Unfortunately, there are many fake credit repair companies that prey upon consumers looking for help, so it is important to be aware of these and pick a company that is legitimate. Finding the right credit repair company can take a little research, but it can pay off in good rewards down the road.
First, consumers need to make sure they are looking for a legitimate credit repair company before contacting them. There are a number of illegitimate companies who may require consumers to send them money in order to gain access to their client’s records Creditrepair Company. Consumers should never pay anyone to help them fix their bad credit standing, as this is never a wise decision. While some may charge a small fee to gain access to your credit report, most will require a payment beforehand in order to get started. Consumers should never pay for credit repair services, and instead should investigate each company they come across to ensure they are legitimate and make payments when needed.
Next, consumers should educate themselves about the way credit repair works. The credit report companies sell consumer’s reports to the major credit reporting agencies (Equifax, Experian, TransUnion, and Experian) at a cost. These reports take time to process, and it is rare that the credit bureau actually changes the information on the consumer’s report. When a consumer asks for a copy of their credit report, this may require them to contact the credit bureau. In some cases the consumer can request a report from all three agencies online. While this process may take longer, it is much less intensive and also does not involve having to pay anyone in order to do so.
One of the largest questions consumers have is how much does credit repair costs. Depending on the company chosen to fix one’s credit scores, one might initially be required to pay a small fee. However, this fee is generally only a one-time processing expense and often reimbursing the consumer for a year’s worth of free credit scores from the credit bureaus. The majority of consumer reports take about six months to properly process, making the average cost of getting started with credit repair services about five dollars per month.
It is also important to remember that different credit bureaus use different guidelines to rate a consumer’s credit score. When repairing a damaged score, it is important to stay informed on the scoring methods used by each company. Once again, it might take several months for the company to completely process a dispute from one of the credit bureaus. In order to speed up the process of getting repair to take effect, consumers should get copies of their scores from all three bureaus, as well as any correspondence from the credit bureaus. By keeping current on the scoring methods, it will be possible to better understand how to make the maximum impact with their credit repair.
Credit repair companies offer a variety of services, depending on the original situation. Consumers can expect to receive a free copy of their credit history, a detailed explanation of why the inaccurate information is reported, and the option of appealing the inaccurate information or reporting. It is also possible for the consumer to request that the inaccurate reporting be removed completely, though not all requests are accepted. For example, removing an incorrect entry that was made on a mortgage application might be granted, but adding a similar entry in a different location might be denied. To keep the credit repair process moving forward, it will be important to keep updated with accurate and up-to-date information regarding one’s scores.