What Exactly Are Credit Repair Companies?
If you have been rejected your request of a credit card or a loan because of your credit score, then you might want to think about hiring the service of a credit repair company. However, if you do so in haste, you might end up regretting your decision, so you have to be patient and carefully understand the things these credit repair companies can offer you, and also the things that they cannot do for you.
Credit repair companies are organizations that intend to go through your credit reports from the three credit reporting bureaus, review the negative items and seek out for the mistakes and errors present in the report, they then request that the mistakes be removed and they also negotiate with your creditors in order to solve the disputes.
Of course, it is possible that you do it yourself, but if you are frustrated by the absence of progress in fixing the report or you just do not want to fix it yourself, then you can request the service of the company. Hiring a credit repair company will cost you anything from $80 and above.
There are some things you should watch out for when hiring a credit repair company both positive and negative.
Be wary of companies that:
- Do not provide contract and still demand payment upfront.
- Make promises of fixing the credit quickly and easily and also guarantee that they will fix an error or increase your score.
- Have had complaints lodged against them and suggests that you lie about things such as creating a parallel identity and finally
- The ones that suggests that you remove legitimate information that are negative, and are prepared to do illegal things on your behalf.
You should however watch out to hire the ones who:
- Offer consultations free of charge and have a track record.
- Explain the options you have to you and offer a warranty for their performance.
- Adhere to laws guiding credit repair and also have an attorney-on-staff that ensure they do this.
