3 Rules to Know Before Signing Up With a Credit Repair Company

3 Rules to Know Before Signing Up With a Credit Repair Company

There are several credit repair companies out there and for most, they work to bring you results. If there are a number of errors or questionable entries in your credit reports, they can be fixed and you will get a better score almost overnight, but dies that mean it works the same way for everyone?

Your friend may have gotten a sizable boost in his score and recommend a particular company, but does that mean it will work similarly or better for you? There is no easy way to answer those questions, so here is a simple guide to prepare yourself on what to expect from your credit repair company, before you sign up.

Rule 1: If it sounds too good to be true, it definitely is

It goes without saying and yet many thousands fall for it. It is not possible in all occasions to give your credit a major boost. Your credit history cannot be deleted, your score cannot become 750 in a week, there can be no 100% results, and more importantly, you should not create a new profile to apply for new credit cards.

So don’t rake up your expectations before going in based on fliers or internet ads. Ads are meant to draw your attention, there is bound to fine print where it says at least a simple ‘conditions apply’.

Rule 2: There are a number of things that you can do on your own

While going in for a credit repair service is recommended, know that there are a number of things that you can do by yourself. You can apply to the bureau to get your reports sent to you for free once a year. There are also a number of reporting agencies that can calculate your score at any time for a small fee. If you find any discrepancies in your report or are not sure of the entries mentioned, you can challenge them with the bureau.

If your claims are valid, they will be removed. Another thing to note will be that if the items on the report cannot be verified, they get taken off. You may not, unless you work in the banking of financial sector know to go about these things. That is where credit repair companies step in.

Rule 3: Credit repair services have a lot more experience

Conducting investigations into reports is what they do for a living, they will know who to go to and the right questions to ask in order to improve your scores, that goes without saying. They will do all the ground work and be thorough with the different avenues that are available in your favor. It also does not mean that they do it as a social service, so be wary of any company that says they can improve your scores from a really low value to something that seems a bit off.

A new credit identity, for example, is not something that they should not even offer you; it is illegal. Something that a credit service can really do for you is negotiate with loan companies and banks and work out a repayment schedule that is a little easier for you to manage.

If you are suffering with a long history of bad credit, it will make credit more expensive and it will in turn lead to a lot more strain to pay up leading to a worse score, it is a vicious circle.

If your report is accurate and you know it, there is little even one of the best credit repair companies can do to boost your scores. So do not contest or challenge accurate entries.

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