A Beginner’s Guide to Credit Repair Services

credit repair services

Do you want to buy a new home or a swanky new car? If the answer is yes, you might be significantly assisted in the process by a loan. However, a bad credit report in your name might significantly alter the terms of your loan or worse still you might not get the loan at all. Your credit history might have been affected by credit defaults or even inaccurate and faulty entries.

Under such circumstances, you would definitely want to rectify the errors in your credit report and improve your credit score. But then again, finding out the minute faults in your report and rectifying them using standard procedures could prove to be daunting for you or any other person who is a novice in the concerned sector.

This condition necessitates the employment of professional organizations that specializes in repairing your credit report and consequently improving your credit score. These professional organizations doling our credit repair service are known as credit repair companies.

Although there is a significant number of fraud credit repair companies that claim hefty benefits and impossible guarantees, there are trusted and tried brands that actually can do a world of good to your credit record. A handful of these companies enjoys a hefty success rate. It is rather pertinent to remember that accurate negative entries in your credit report can’t be removed under any circumstances.

The trusted credit repair companies always mind this fact and keep on reiterating that their services do not constitute a panacea for your credit woes. It is a fact that your credit report will not improve by leaps and bounds by legitimate services offered by a legal credit repair company. The company can only find out the lacunae and take corrective measures. A credit repair company does the following credit repair services:

  1. Get a copy of each of your credit reports from the three primary credit reporting bureaus namely Equifax, Experian, and TransUnion and analyze the reports from a professional point of view. Subsequently, if any fault or inaccuracy is detected, the company rectifies the same using legal means.
  2. Additionally the credit repair company you have hired might check the verification status of the negative entries and dispute any unverified entry. Law dictates the removal of any entry that can’t be independently verified.
  3. The credit repair company might also call up the original creditor and ask for documents pertaining to the concerned negative entry in your credit report. Just in case the creditor fails to produce any document concerning to the transaction, the company might call the credit reporting bureau and provide them the necessary details. This in turn creates the platform to dispute the entry.
  4. In case a credit reporting bureau has retained a negative entry for a period extending beyond seven years, the credit repair company might argue for its removal as law stipulates the deletion of any negative entry after seven years and cases of bankruptcy after ten years. A consumer is entitled to a damage of $1000 plus legal expenses if a credit reporting bureau fails to delete the entry after the stipulated time in accordance with the provisions of the Fair Credit Reporting Act (FCRA). This is also handled by the credit repair company.

While opting for credit repair, make sure that you are not expecting the unexpected as any accurate entry will stay for a period of seven years. Credit repair services can’t do anything about that. Genuine and trusted credit repair companies work within the legal framework and ensure that the loopholes are removed while making plans for your future credit management.