It is vital to have on your regular to-do-list to check your credit report and validate it for errors. If you’re somehow reluctant to do this, any errors found in your credit report could stay for years and lower your credit score. This, in turn, could be a bad thing for you, as this could affect your life activities in terms of your financial viability, such as applying for loans, paying rent and others. The next best thing to do is hire a credit repair service for help. But how do you find a good credit repair company?
A credit repair company reviews your reports in detail to identify potential mistakes and errors. They will look for mistakes in your credit history, duplicate accounts and expired negative items. If errors are found, they send it to the three credit reporting bureaus and work with them to determine if the item or items found erroneous should be removed from your credit report.
Can a credit repair company help?
Before you decide whether you need professional credit repair, we will be honest with you that what the credit repair companies can do; you can do it on your own, at no cost. However, doing it on your own entails a lot of leg work, plus you may not have as much success making disputes yourself, which means negative information may remain and continue impacting your score. Hiring a professional credit repair service often increases your chances of success.
So, the answer is a big YES! These companies employ attorneys that are licensed to work in many states and they fully understand the nuances of the trade and the law. Their experience will certainly help in addressing your credit report problems and look for ways within the boundaries of the law to find a solution.
Here are signs that you’re dealing with a good credit repair company
A good credit repair company should:
1. Offer a free consultation. A reputable credit repair company will review your report and honestly tell you what it can and can’t do. It will tell you the process you will go through, like documentation you need to show, questions you need to answer, etc.
2. Have a track record. It’s important that you know and validates the track record of credit repair companies. If they have a long-standing record of good company service without violations, they are more likely to be legitimate.
3. Have an attorney on staff. A sound company should have Attorney-owned or -operated services that have at least one attorney working with them will make sure everything is done legally.
4. Explain your options. An honest company will tell you your options when your expectations are not achieved. It will direct you to the next possible steps you might want to take.
5. Offer a performance warranty. A good company should offer a warranty on their performance that states they won’t charge you if they can’t remove a certain number of disputed items on the credit report.
6. Adhere to local laws. A good credit repair company is licensed, bonded and insured.
Now that we have cited the things a good credit repair company provides, we deemed it also beneficial that you know what illegitimate or scammers do:
1. Ask for payment upfront before they start any work or charge you for the initial consultation.
2. Request that you don’t contact the credit reporting companies directly.
3. Advise you to dispute information that’s accurate in your credit report.
4. Tell you to provide phony information on your applications for credit or a loan.
5. Forget to review your legal rights when they explain their services.
Be on alert for these things, it’s a sign they’re running a scam.
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