Do Credit Repair Services Work? Are They Legal? Are They Right For Me?
It is good to ask a lot of questions when you are looking into repairing your credit. You have many options, including repairing your credit yourself, hiring a credit repair service, or just waiting it out.
If you know a lot about credit and the credit repair process, I would recommend repairing your credit yourself. The Fair Credit Reporting Act (FCRA) allows consumers to dispute anything that is being reported on their credit report. This involves keeping track of what is on your credit report, drafting dispute letters, contacting the credit bureaus, and continuing the process as long as needed. This can be a daunting task and not recommended for the lighthearted.
Waiting for your credit to get better through time is just what the system wants you to do. It take at least 7 years for most items to be removed from your credit report. Some public items will last as long as 10 years. Collection companies will also sometimes resell your account to another collection company to restart the timing process, thus making your negative item impossible to come off your credit report. Only someone who isn’t looking for a loan in the foreseeable future should do this.
There are a lot of credit repair services out there, so are reputable companies and some are scams or companies that don’t have a good track record. So how do you know which one is for you? Well you could just take my advice and sign up for the one I recommend or you could do your research.
A good place to look up a report on a credit repair services is the Better Business Bureau at . They keep track of complaints and business practices of any major business in the United States. Another place to make sure that credit repair services are legal is to check out the info at . This is the Fair Trade Commission’s website. They do not recommend credit repair services, but state it is important to be careful when using them.
You also want to make sure you aren’t getting scammed or giving money to a company that is a ma and pa service. Do your research. Look at their websites, see how many clients they have helped, how many items they have removed. Don’t trust any rinky dink website that you find that promises anything and everything.
The most trusted credit repair services will also have the law on their side. Using the services of a lawyer or law firm will help make sure everything is legal.
I wish you luck in your search. You can take my recommendations below, but I urge you find out for yourself too. Better safe than sorry.