There’s no question about it. You need to do something about your bad credit score, regardless of how you got it. Moreover, you don’t want to leave it at that. Otherwise, it will affect other aspects of your life. Imagine not being able to get a cell phone service contract or finding a decent apartment? Beyond that, leaving your credit score with a bad rating can have an impact on your relationships. You can check small things like your credit inquiries here http://aaacreditguide.com/credit-inquiries/ but for more serious items, you may be overwhelmed. The last thing you want is to fight over credit with your better half. Chances are it won’t end well.
While fixing your bad credit is a given, the issue stirs up the age-old question of whether you can do it yourself or hire a professional for the job? In this case, it would be acquiring the services of a credit repair business. Chances are you’ve heard of companies like this before. But seriously considering their services only came about once your credit score went down. If you’re thinking whether you should hire a credit repair company or not, then check out these benefits of doing so as well as the possible disadvantages you might come across if you do.
Why You Should Hire a Credit Repair Company
Chances are you’re too busy to deal with errors in your credit report. On the other hand, you have the time, but you just can’t make sense of it. In this case, then it’s possible you need the help of a credit repair company. Here are several reasons why.
- A credit repair company has experience
Do you know how or where to start fixing your credit score? Moreover, are you familiar with your rights as a consumer under the Fair Credit Reporting Act laws as well as the Fair Collections laws? A credit repair company s knowledgeable about all of this. Likewise, they have the skills to deal with collection agencies and the credit bureaus.
- Hiring a credit repair company saves you time
Improving your credit score can be time-consuming. Moreover, it’s tedious as you need to know different procedures and policies. Hence, hiring a credit repair company leaves you with more time to take care of other aspects of your life while they take care of your credit score.
- A credit repair company has the resources to deal with every aspect of a dispute process
While it’s possible to do all of this by yourself, chances are it would take you too long to get everything you need. By the time you do, your credit score might have taken another nosedive. You should know improving a poor credit score can involve any of the following:
- Filing legal documents and letters
- Talking with a collector
- Speaking with rep from a major credit bureau
Why You Might Think Twice about Hiring a Credit Repair Company
Hiring a credit repair company can save you time. Moreover, you’ll have the benefit of their experience and resources at your disposal. However, there are a couple of issues you should be aware of before doing so.
- The services of a credit repair company aren’t free
Are you mindful of the fact that undergoing the dispute process is free? Then again, if you don’t have the time or knowledge to deal with the dispute, then you might be better off hiring a credit repair company.
The price charged by a credit repair company varies. It would depend on where you live and the type of services you require.
- The services of a credit repair company aren’t guaranteed
Just because you paid for the services of a credit repair company, it doesn’t mean you’ll get the results you want. That is an improvement in your credit score. You should be aware of the fact that not all issues on your credit report can be resolved, even by professionals. Then again, several companies do offer a money back guarantee if they are unable to do something positive with your credit problems.
- You could get scammed
The possibility of being scammed by a credit report company exists. Thus, you should be aware of your rights as a consumer under the Federal Trade Commission (FTC).
The FTC forbids any credit repair company from charging a fee before doing any work. You should avoid anyone who asks you to pay for their services upfront. Likewise, walk away from anyone who offers a guarantee of a new credit file afterward, according to Randy Padawer, Consumer Education Specialist with Lexington Law,
Getting your credit report in order and improving your score is important. While it’s possible to do yourself, it can be a major undertaking. Depending on your issues, it might take up a lot of your time. Moreover, you might not know how to go about repairing it. In this case, hiring a credit repair company is an option to consider. But before you do, make sure to weigh the pros and cons to be able to make a wise decision.