When you find yourself in need of some serious credit repair you have a few options. You can continue in your bad habits, try some do-it-yourself tricks, or you can hire a credit repair company to help you out. Clearly the first option should be thrown out the window. The sooner you get your problem solved, the sooner life will be easier for you. Next you can take steps to repair your credit yourself. While this is an excellent option and you can do everything that a credit repair company can do, you will probably struggle with things like time management and organization. So that leaves us to the third option: have a credit repair company do the work for you. But what can credit repair companies do for you? If you can do everything that a credit repair company can do by yourself, then why would you opt out to pay to have it done?
Before we talk about what a credit repair company can do for you, let’s talk about what a credit repair company has to do for you. The CROA, enforced by the Federal Trade Commission, requires credit repair companies to explain the following:
Your legal rights in a written contract that also details the services they’ll perform, Your three day right to cancel without any charge, How long it will take to get results, The total cost you will pay and Any guarantees
As you shop around for credit repair companies, make sure that these items are all in order; doing so will help you make sure that you are not victim to credit repair fraud or scams.
Having Someone Do For You What You Can Do For Yourself
In credit repair shopping, you will find a lot of criticism against credit repair companies, most of which is based on the premise that you can do everything that a credit repair company will do by yourself at little to no cost. The truth is, that statement is absolutely true. No reputable credit repair company will deny that or lead you to believe that you can’t do everything yourself. So if that’s the case, then why on earth would you pay a company like Lexington Law or Sky Blue Credit to do it for you?
In response to that question, think of any other service you purchase. You can learn to change the oil in your car, make your own food, or sew your own clothes. The reason that you purchase credit repair services is because you want an expert to do it for you. Having a credit repair company work their magic for you can give you comfort in knowing that the process is being done right and as time-efficient as possible. Your time is also extremely valuable; paying a credit repair company will save you time from not only the actual process, but from the studying and learning that is required to ensure accuracy through the whole way.
What A Credit Repair Company Can Do
Credit repair companies take you through the entire credit repair process, from start to finish. During their time that they work with you, they will ensure that everything they do is stuff you want done. For example, when you first start, the credit repair company will go through your credit report with you. As they do, they will ask you which entries you would like disputed and removed. By asking you instead of telling you what you want removed, the credit repair company can gauge where you are and how they can best help you in the credit repair process.
Once your credit repair company has figured out what you would like done, they then proceed to begin the repair process. They will draft up dispute letters for all the entries you want to dispute and will send them out for you. They will keep track of the status of each letter and will even send in second and third dispute letters to get things removed. A major benefit of having a credit repair company do this for you is that they will be able to keep track of when each letter was sent and when responses are legally required. Their entire focus is to get you the results that you want because in many cases, if you don’t get results, then they don’t get paid. Having that extra incentive of getting paid motivates the credit repair companies into doing everything they can to get you the results you want.
Beyond sending dispute letters, credit repair companies also work a lot with your various creditors and financial institutions. They also use methods like goodwill interventions and debt validation. Credit repair companies have often built relationships with different creditors (even yours) and will be able to negotiate a better deal than you would yourself.
Overall, opting out to have a credit repair company do the work for you will be to your benefit. They have regulations that they must follow and that you can check up on. Most importantly, they will save you time from studying and research and will do all of the grunt work for you so that you have one less thing to worry about in your busy life. Though you can do everything yourself, don’t discard the idea of going with a credit repair company too quickly. They may just be the perfect fit for what you are looking for.