If you are having trouble with your credit report, don’t worry because your case is not an isolated one. Let us all face it; the financial reality will slap us with the need to have our credit reports high scores to avail of loan services.
This is why many people seek ways to improve their credit scores. While you can do it independently, the process can consume much of your time, and it can be frustrating not to get things done as you’d want.
So, who can you come to your rescue? Thankfully, there are credit repair companies to help you. To learn more, make sure to stick until the end.
What Are Credit Repair Companies?
This type of business assists you in understanding and repairing your credit by evaluating your credit history and trying to dispute errors with credit agencies and creditors. These companies usually have the skills, knowledge, and experience to deal with credit issues that you may be unable to fix by yourself.
This is why people hire credit repair organizations to assist them in investigating and fixing credit issues.
Is It Legal To Ask For Help From Credit Repairs?
Although reputable businesses offer credit repair services, the industry is also notorious for fraud, so you should thoroughly investigate any company you consider using.
The Federal Trade Commission cautions consumers against employing credit repair businesses that assure their ability to erase verifiable negative information or promise to assist you in creating a new profile using a credit security identity.
Similarly, Credit Repair Organizations Act compels businesses to give you a realistic estimate of expenses and a timeline for results. Additionally, you have three business days to renounce services free of charge.
A respectable organization should advise you on managing your current credit accounts. A trustworthy business won’t promise a specific outcome or pressure you to lie.
How Much Does It Cost?
Credit repair businesses typically charge a subscription fee. The monthly subscription charge is $75, though this might change depending on your chosen business and service. Depending on how many things are deleted from your credit history, they might charge you. The cost of having items erased varies as well.
How Do You Know If It’s A Scam?
You will know if the credit company you’re dealing with is a scam if they want you to pay before getting the job done. Others would also tell you to avoid contacting other credit agencies and ask if they want you to lie in your loan applications.
Another warning sign is if they don’t discuss your legal rights as a customer with you.
If you’re not up to these challenges, that’s okay. There are reputable credit repair companies that you trust to do all the work for you. What you can do on your part is to make sure that you don’t fall into scams and have a lot of patience to wait. Refer to this article to guide you.