Talk to a debt counselor toll free:800-300-9550
Our Clients Rate Us Excellent
Based on 3234 reviewsTrustPilot Reviews
Having a bad credit score can cost you many thousands of dollars over your lifetime.
If there is inaccurate or erroneous information on one or more of your credit reports then getting rid of them is one of the quickest ways to get your credit score improved. According to the law, credit bureaus are required to resolve any disputes you file within 30 days. This is so that if you wanted to get a new credit card, buy a car or a new house you wouldn’t be hung up for months waiting to get your disputes resolved. However, don’t expect the credit repair company to tell you exactly when you'll see an improvement in your credit score as some of your credit issues could be fairly complex and require much more time to get resolved.
Are there credit repair companies that can be trusted?
If a credit repair company promises to get your credit score boosted by 100 points overnight, that's a company not to be trusted. There are some other danger signs that the company may not be trustworthy such as charging you before they've actually done any work. If a company promises to get your credit reports fixed overnight or asks for money upfront, run, do not walk away from it.
What a reputable credit repair company will do is explain your consumer credit rights to you before you sign a contract. In addition, it will answer any questions you have regarding those rights. It will be able to understand why you’re disputing an item so that it can ensure that the three standards of fairness, accuracy and complete substantiation have been upheld by the data furnishers and the credit bureaus. And finally, it will be able to provide detailed explanations of what it can do for you so you will know exactly what to expect.
Frequently Asked Questions about credit repair
Q. Are credit repair services legitimate?
A. Credit repair services are legitimate. But it's important to understand that not all credit repair companies can be trusted. Some make extravagant claims as to what they can do for you or, as noted above, charge you for their services before actually doing anything to repair your credit. If you think a credit repair company could help, be sure to check it out with the Better Business Bureau and look for online reviews from people that have used it.
Q. How long does it take to do credit repair?
A. This will depend largely on the credit issues that need to be repaired. If the company found a few simple errors in your credit reports it could file disputes and have them resolved in two months or less. On the other hand, if your credit problems are complex it will take longer. For example, one credit repair company says it takes five months on the average to repair its clients' credit.
Q. What does credit repair cost?
A. Different credit repair companies charge different amounts for their services. Most provide a free credit report and consultation before you’re required to sign up for their services. One charges a flat fee of $59 a month and another charges $79.95 to 99.95 per month, plus a one-time charge of $14.99 to get your credit reports. In short, the only way you’ll know for sure what credit repair will cost you is to contact a reputable company, get a free consultation and ask how and what it charges.
Q. How to do credit repair myself??
A. If your choice is DIY credit repair your first step will be to get your credit reports and review them carefully. As you have read you can get all three on the site www.annualcreditreport.com. What you will want to look for are errors such as credit card accounts that aren’t yours, multiple instances of the same negative item, accounts with the wrong balances or accounts you had closed that are still reported as open. If you find errors, you can dispute them with the appropriate credit bureau by sending a letter along with the documentation that proves your case. The credit bureau then has 30 days to get the information verified by whatever company provided it. If that company is unable to verify the information or fails to respond to the credit bureau within 30 days, the item must be removed from your credit report.
Q. What does credit repair mean?
A. Credit repair means finding erroneous items on your credit reports and getting them removed to increase your credit score. The sad fact is that if there are no serious errors in your credit reports, there is not much that you or any company can do to repair your credit. A full 35% of your credit score is based on your credit history and if you have a bad credit history, there's just nothing that can be done about it.
Q. Why to not use a credit repair service?
A. Credit repair can be expensive. If the repair company charges $79.95 a month and it takes five months to repair your credit it would end up costing you nearly $400. This could be worth it if you have numerous errors in your credit reports that are dragging down your credit score. But if you review your credit reports and find only a couple of simple errors then dispute them yourself and save some money.