There is a lot of information available on the internet about credit repair. Some of it is good, and some of it is not so good. So, the question is, does credit repair really work?
The answer to that question depends on what you mean by “credit repair.” If you simply mean repairing your credit score, then the answer is probably no. However, if you mean repairing your credit history, then the answer is definitely yes.
Credit repair services can help you to remove negative items from your credit history, which will improve your credit score. They can also help you to negotiate with creditors to get those negative items removed from your credit report.
Begin Credit Repair
So, if you are looking to improve your credit score, then there are basically 2 parts to the process:
1. Get your credit report and dispute the negative items in it.
2. Negotiate with creditors to remove those negative items from your credit history, if you have been making on-time payments for a period of at least 6 months or so.
In general, negotiating with creditors on your own is very difficult to do, but credit repair companies have more experience with this kind of thing and are often able to better negotiate on your behalf.
Disputing Your Negative Credit Items
The first step is to get a copy of your credit report. You can get a free copy of your credit report from each of the three major credit reporting agencies: Experian, TransUnion, and Equifax.
Once you have your credit report, you will need to identify the negative items that need to be disputed. This can be done by reviewing your credit report and looking for any errors or incorrect information.
You can dispute the negative items on your credit report by sending a letter to the creditor or debt collector that is listed on the item. Be sure to include copies of any supporting documentation that you have, such as billing statements or letters from the creditor
Negotiate with Creditors to Remove Negative Items on your Credit Report
If you have been making on-time payments for a period of at least 6 months or so, you can negotiate with creditors to remove those negative items from your credit report. This can be done by sending a letter to the creditor or debt collector that is listed on the item.
Be sure to include copies of any supporting documentation that you have, such as billing statements or letters from the creditor. There is no guarantee that a creditor will hear your story and honor your request. But it’s definitely worth a try.
Find a Reputable Credit Repair Program
You can also sign up for professional help to repair your credit. Before you sign up for any credit repair program or service, just make sure that they are reputable. It’s not a good idea to go with the cheapest service available because it increases the likelihood that you will get ripped off.
Hiring a “free credit repair” service is also very risky because they usually lead you to believe that they can do things that are either impossible or illegal to do for free – such as getting your creditors to remove negative items from your credit history after making just one payment.
So, if you are going to hire a credit repair company, make sure that they have a good reputation and that you trust them. In general, the more expensive the service, the better it is likely to be.
Be Patient When Working on Credit Repair
The first thing you’ll want to do is to get a copy of your credit report. You can get a free copy of your credit report from AnnualCreditReport.com. This website is authorized by the Credit repair can often take several months before your credit score starts to show positive results from the work being done on your behalf by credit repair companies.
So, if you want to improve your credit score and repair your credit report as quickly as possible, then the best option is usually just to pay off your debt and stop using credit.
This will also help build up your trustworthiness with lenders over time, which will make it easier for you to get approved for loans (and thus improve your credit score) when you start to apply again.
The other option is to wait, and let time do the work for you. So long as you make on-time payments every month, then your credit score should continue to improve over time without any negative impact from the negative items that are currently in your credit history.
Time, Good Financial Habits, and Professional Help Will Improve Your Credit
The most important thing to remember when you’re beginning your journey to credit improvement is to be forgiving of past mistakes, learn healthy financial habits moving forward, and seek professional help to stay on track.
A more positive outlook toward a more financially secure future starts today. Give the Ascent Network a call today at 1-877-871-2400. Ascent Network helps consumers all over the United States and is available locally in Huntington Beach, CA, Coachella Valley, Palm Springs, Cathedral City, Rancho Mirage, Palm Desert, Desert Hot Springs, Indian Wells, La Quinta, Indio, and Thousand Palms.