If you're dealing with sky-high interest rates, oppressive charges, or you just can't find the loan you need because of your bad credit, you may want to consider hiring a credit repair company to help you. With a legitimate credit repair company, such as the ones listed below, you can correct any inaccuracies reported to a credit bureau and improve your credit rating. The services you receive will vary depending on the credit repair company and the level of service you choose. While all of these companies will file disputes with each credit bureau on your behalf, some also offer credit monitoring, credit counseling, identity theft screening services, debt validation letters, submitting goodwill letters and writing dispute letters, among other services.
The basic level of service only considers dispute letters and follow-up while the premium tier will provide you with credit rating monitoring, goodwill letter submissions, unlimited challenge validation letters, and a final recommendation letter. Many clients see results within 15 to 30 days because the company immediately begins sending dispute and debt validation letters on their behalf. The cost of credit repair services varies widely depending on the company you choose and the services you want. Most companies charge by the month since there's no way to know how long your disputes will last.
In most cases, you can cancel your service and stop making payments with 30 days' notice. No company in the credit repair industry or any credit repair software currently available on the market can completely erase your credit profile. If you have legitimate negative elements in your credit reports, such as late payments, default, or bankruptcy, you will have to wait until those items expire in your reports. This can take between two and 10 years, depending on the type of negative element.
A credit repair company can only dispute inaccurate items in its credit report and challenge its creditors to verify legitimate items. It is illegal to claim that a legitimate item is inaccurate when filing letters of dispute. In some cases, a repair service may file a letter of goodwill on your behalf to ask the debt collector to remove an accurately reported negative item. This is not a guaranteed process and it is completely up to the debt holder to accept or deny the request.
The time you'll need to repair your credit will depend on the amount of work you need to complete. For example, it may take you a month or less to eliminate some inaccuracies in your credit report while deeper disputes may take longer. When you file a dispute through a credit bureau, that agency generally has 30 days to investigate the claim and make a decision. Most credit repair services limit the number of disputes they will file on your behalf each month which means that you may have to wait several months to file all the necessary disputes.
A credit repair service can legally request the removal of any inaccurate information from your credit report. This can be as simple as misspelling your name, address, or Social Security number, or something much more complex such as accounts added to your name due to identity theft. You should question any credit repair service that claims it can delete legitimate items, erase your valid debts, or completely clean your credit history as this is usually a sign of a credit repair scam and rarely leaves you with a clean credit rating. If you have negative elements in your credit report, you may want to hire an experienced credit repair company to handle this complex work for you.
The cost of these services is a small price to pay for hiring a legitimate company that cares about your interests and wants their credit rating to improve through legal means. The Credit Repair Organizations Act requires companies to provide you with a firm total of costs and an estimate of how long it will take to get results as well as giving you three business days to cancel services free of charge.
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