Credit Repair Skeptics, Be Informed…
You’re in debt, your credit has seen better days, and it’s starting to look hopeless. You keep hearing about credit repair companies and their quick solutions to your credit problems, but can you really count on these people to help you?
If you’re not entirely convinced that there’s a good, effective way to improve your credit, then you’re not alone. Most people with bad credit do nothing about it because they’re just not aware of the possibilities. One of their few options is to consult a credit repair company for help, but many of these companies can be hard to trust. And what can they really do for you, anyway?
Actually, some of them can do a lot. Whether you’re thousands of dollars in credit card debt, have a history of collections, or you’re just a few points down-you have options. Improving your credit is rarely easy, but understanding just the basics of credit repair can take you a very long way.
So here’s an overview of some of the most common strategies used in credit repair. It’s important to make sure you know the advantages and disadvantages of each strategy before you go ahead and take the plunge- and there’s a lot to learn. If you’re not sure which approach is right for you, consult with an expert; they can help you decide.
So here it is…
The 3 Most Common Strategies Used by Credit Repair Companies
1.Disputes: You have the right to dispute any debt you feel to be inaccurate with the appropriate credit bureaus. This can be done by writing a letter to the bureau requesting verification, and correction, or a deletion of any inaccurate listings. They then have 30 days to honor your request. Sometimes credit repair companies can help you this way, but it may not be the best approach to your situation, and it doesn’t always work.
2.Debt Settlement: This is achieved by reaching a settlement with your creditors. If you simply can’t pay your debt in full, there’s a good chance your creditors will reduce your debt to an amount you can afford. In fact, it’s possible to have your debt reduced by up to 60% with strong negotiation. Debt reduction can be a highly effective strategy, but again, it may not be suitable for every situation.
3.Establishing New Credit: Repairing bad credit is just the first step. Once your debt is under control and your credit report is looking better, you can focus on building new credit. And a good credit repair company can help you with this. Remember, the only way to increase your credit score is with new, positive lines of credit.
Pay Attention to How you’re Treated-It Matters
Whether or not to hire a credit repair service is a hard decision, but deciding which service to use can be even harder. There’s a simple, straightforward approach to credit repair-no tricks, no magic. And if you’re dealing with a company that doesn’t follow the rules and help you with the three key steps mentioned above, then you’re probably dealing with the wrong people.
A good indication that you’re dealing with the right company is that they take the time to carefully review your credit circumstances and discuss your options with you at length. You should be treated as an individual, with personalized service that is tailored to your particular needs.
So if you at anytime feel that your needs are lacking personal attention, or that you’re being lumped into a standard, one-size-fits-all credit repair program and nothing more-you might want to keep looking.
After all, your credit is one of the most valuable things you’ll ever have, and you need someone to help you that cares about your credit as much as you do. So pay attention to how you’re treated-it matters
MyCreditGroup is a leading credit repair service helping tens of thousands of consumers repair their credit and reduce their debt for over a decade.
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