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Are you wondering how to fix your credit score? If you are, then you should know that there are two ways to go about it. There is the way to go about fixing your own credit or, you can hire a credit repair company to do it for you. Most people don’t like to think about fixing their own credit because they feel it is far too complicated and time consuming. If you decide to go the route of hiring a credit repair company, there are some things you should know about these companies.
Most of the top credit repair companies are not for-profit organizations that aim to assist consumers improve their overall credit history, usually by arguing inaccurate data on their credit reports with the credit reporting agencies. An example is a firm such as Credit Saint. You could attempt to repair your credit yourself, but most credit repair companies can bring about quicker results through a debt consolidation program (DMP) with a lower interest rate. The lower the interest rate on your debt, the faster you will see your score rising.
What the credit bureaus do not want you to know is that it is not just you who is responsible for your credit score. It’s actually an entity called the three main credit bureaus namely; Equifax, Trans Union and Experian. These bureaus were established to monitor and compile consumer information in order to make it easier for you to get loans when you require them. In other words, if you have too many late payments in your credit report, or if your credit report contains inaccuracies, then the bureaus will take action against you.
This action can be in the form of a letter to your creditors informing them that you have requested a copy of your credit report to check for any errors and then sending them the documents with evidence that the information is correct. If they are unable to verify the negative information, this can result in a letter being sent to your creditor warning them that they may be liable for fraud, as this is what they are legally obliged to do. If the information is correct, then the creditor must provide proof of this. You will receive a free credit report for the next seven years from the credit bureau.
If the negative items are incorrect, or if you feel you need to dispute them, you will need to write to the credit bureau to dispute the item. The credit bureau has thirty days to investigate the item and reply to you, or you can send them a letter stating the claim is unfounded. You should also get in touch with the creditor and request proof that the negative items are correct. You may find this is all the action you need, or you may find the creditor needs more information to verify the information. In this case, you would need to write a letter to them stating your dispute and the reason you think it is not correct.
If your dispute is found to be justified, then your account will be closed, and a new one will be opened in your name. If the credit report is inaccurate, or if it contains inaccuracies, your account will be permanently erased. Your credit report cannot be affected for seven years. This is the way most people repair their negative accounts. However, if you need to dispute errors on your report immediately, you should contact the bureaus immediately to avoid having your account deleted for a period of time while the bureaus investigate the claims.