If you have ever received an offer by a credit repair company to fix your credit score, you may have been filled with questions.
Credit repair companies promise to help you remove negative items from your credit reports. In exchange, you pay them a fee. So, in essence, credit repair companies are businesses not unlike any other. They show up each day to put in solid work in order to be paid for their efforts.
That being said, credit repair is indeed a legitimate business. Credit repair companies help individuals from coast to coast fix their negative report items so they can save money and reap the privileges of better credit in the future.
You Have Poor Credit, Now What?
If your credit score is hurting, you may have had trouble getting approved for credit cards and loans. When you do get approved, the interest rates are astronomical, which means you have to pay back even more than you originally borrowed, sometimes much more.
With improved credit, you would have no problem being approved for credit cards, mortgages, and loans. And you would enjoy fantastic, ultra-low interest rates as a result.
Credit repair companies help you get from poor credit to improved credit step-by-step. However, not all credit repair companies are created equally.
Ensure you find a reputable credit repair firm that puts integrity and honesty above all.
When you find a company you feel comfortable working with, you will likely be paired up with a credit repair specialist. Here is the typical process that the expert will follow.
How a Credit Repair Company Fixes Your Credit Score
The Initial Credit Report Review
Before a credit repair professional can help you fix your credit, he or she needs to review a copy of your credit report. Every citizen of the country is entitled to one free copy of their credit report from the big three credit reporting agencies: Experian, TransUnion, and Equifax.
Upon reviewing those documents, the credit repair specialist you are working with can help you identify areas that need work. You may be familiar with these areas already, which can include delinquent accounts and late payments.
However, reviewing your report can also identify issues of identity fraud, which the professional can help you mitigate to help you get your credit reports and the accompanying score back on track.
Negative Marks
The credit repair professional will pay special attention to charge-offs, tax liens, and bankruptcies. Late payments and erroneous accounts will also be noted.
All of the above can be done by anyone without experience in the area of credit assistance. However, only an experienced credit report professional can formulate an effective plan for raising your credit score as quickly as possible.
Your professional will focus on disputing errors to your credit reports and negotiating with creditors to remove negative items altogether. Many credit repair help specialists have relationships with creditors and can help you negotiate lower fees and account settlements.
To facilitate error reporting, your credit help professional may mail requests to creditors validating the information. He or she may send off letters to dispute erroneous marks and even cease and desist letters to debt collectors on your behalf.
Add Positive Credit
A credit repair specialist won’t just focus on negative marks to your credit reports. You can expect your credit help plan to include adding positive credit accounts, such as secured credit cards that you will then pay off regularly, effectively raising your credit score in the short term.
How Long Does Credit Repair Take?
You can increase the odds of your credit score increasing quickly by working with a well-recommended credit repair company.
That being said, each of the credit bureaus has thirty-days after receiving any disputes submitted on your behalf to verify the information. The credit bureau will reach out to the company that provided the information on your credit report. You will then receive the results of the invitation within five days of the conclusion of the investigation.
Raising Your Credit Score is Easier Than You Think
You may have attempted to raise your credit score all on your own only to hit a dead end. You are not alone. Many people remain unaware of how credit really works and how to raise a lowered score when payments have been late or other problems have plagued your reports.
A skilled and experienced credit repair specialist can get your credit back in the green with speed and precision, and with ethical means. Contact Spearhead Credit Solutions, now helping people like you fix their credit scores no what marks remain on your credit report. Contact us now to schedule a free consultation. Your new higher credit report score awaits!