Credit Repair Specialists - Can They Really Help You?
Life is expensive, and millions of Americans struggle with just meeting the bills every day. Late payments, defaulted loans and bankruptcy all take a hit on credit scores. In the struggle to repair their credit, many often consider enlisting the help of a credit repair specialist. The question is can credit repair specialists really help you?
The simple truth is in many cases you can repair your credit yourself without the help of a credit repair specialist. However, you may want to consider consulting with one if, after you’ve tried yourself, you find you still need help.
You can begin the process of repairing your credit by obtaining a copy of your credit report and checking for any errors. Keep in mind, even if you use a credit repair service, you may want to get your own copy of your credit report instead of having him pull it. You can pull your credit report as many as times as you want without having it count against you whereas every time an outside source pulls your credit your credit score suffers.
Let’s assume you’ve chosen to use a credit repair specialist and take a look at what he’ll do for you. (You’ll notice how easily you can undertake the credit repair yourself.) Once he has your credit report in hand, he’ll want you to check for any errors ranging from your name, address and social security number to mistakes such as accounts listed more than once. It is absolutely essential that you carefully study every bit of information on your credit report to pinpoint any mistakes.
Once the mistakes have been identified, the credit repair representative is going to write a letter of dispute to the credit bureaus, in an attempt to have that information removed from your credit report. This is something you can easily do yourself—without having to pay for. Having the mistakes removed can be a lengthy process, especially if the credit bureaus don’t respond within 30 days. However, once they address your disputes, you’ll still have to wait at least 90 days until that information disappears from your credit report.
In addition to helping you clean up your credit report, a reputable credit repair specialists can also counsel you on how to manage your finances by helping you create a budget and providing you with educational material. They can also assist you in debt consolidation, if appropriate.
It’s important to make sure you thoroughly research your other available options before you pay someone to help you. Check the credit repair specialist’s standing with the Better Business Bureau (www.bbb.com), and ask for testimonials from previous clients. Always remember if sound too good too be true, then they probably are.
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