Credit Repair Company's
Home & Mortgage
As life progresses, its easy to build up a number of debts to various creditors. It could be a credit card, then you add a student loan, a car payment and perhaps a mortgage. All of these debts and how you handle them form your credit history. Most of us dont even think about our credit history, until suddenly something goes wrong.
Perhaps you got knocked back for another loan, or you couldnt rent a car, or perhaps you were knocked back for a service unless you could provide a substantial deposit. Your credit history will rapidly become very important to you at that point, because if its poor, these are the types of things that will happen to you. Now fixing your poor credit needs to become a priority for you.
Starting on your credit journey straight away is important, and its easy to get caught up in the desperation of the moment and fall for one of those credit repair company ads which seem to promise that they can magically repair your credit overnight. It usually costs you a pretty hefty fee for them to perform their services. And yet its very unlikely that they can do anything to repair your credit that you cant do for yourself. So unless your situation specifically requires assistance from a credit repair company, avoid them and their fees.
The main strategy of most credit repair companies is to request your credit report and then challenge every single negative entry thats listed. Sometimes there will be errors on your report, which makes this strategy successful, but thats not usually the case. Instead, the credit bureau has to document the entry within 30 days or remove it. When it comes to older entries, this can be quite difficult, and so this strategy often has quick results. However you can challenge your history by yourself - you dont need a credit repair company to do it for you, and youre just as likely to get positive results.
This strategy works well initially, but most credit bureaus will continue to investigate after the 30 days is up, and if they manage to document the entry down the track, it will immediately reappear on your credit history. So your gains may only be temporary ones.
Some credit repair companies will suggest other strategies which are less than honest, and its important that you dont risk getting yourself into trouble by agreeing to things like setting up a new address or bank accounts in order to fool a credit bureau into giving you a fresh credit history.
Also, make sure that any fees and charges the credit repair company charges are fully documented before you agree to use their services. You should also make sure theyve performed all the tasks they said they would perform before you pay them. And remember - read the fine print!
For most people, a credit repair company is unnecessary and an added expense at a time when youre quite possibly stretch far enough financially. So unless youre convinced they can perform tasks that you cant, or you simply dont have the time to repair your credit yourself, be very wary of signing up with a credit repair company.
Dont know your credit score? No problem obtain a free credit report online by visiting http://www.free-online-instant-credit-report.info, a popular credit report site that provides tips, advice and resources to include information on credit scores, credit reports, credit repair and resolving credit disputes quickly and easily.
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