Getting back on track can be challenging after experiencing credit hardships. Managing loans, credit cards, and utility bills is not easy, let alone keeping a periodical check on your credit report to review any fraudulent activities and negative items.
However, if the idea of working with a credit repair or credit restoration company has crossed your mind, you may also be wondering if it’s worth it. We put together this blog to help you decide whether or not working with a credit restoration company is right for you.
A credit repair company can help you read your credit report, look for inaccurate information or negative items, and file a report with credit bureaus that manage your credit information. Additionally, a credit repair company can help you learn how to manage your credit better and teach you about the factors that raise your credit score.
You can work on repairing your credit without taking the help of credit restoration companies, but they can ease your burden of figuring out everything by yourself.
Can credit repair help you?
People wanting to improve their credit under the guidance of skilled professionals who have the right knowledge about the system can benefit from credit repair.
Here’s how to identify if you’ll benefit from credit repair.
1. If you want to improve your credit score.
A professional credit repair company thoroughly reviews your credit report to find any negative or inaccurate items that may be hurting your credit score.
2. If you want to work with professionals.
As mentioned above, you can improve your credit on your own, but a licensed credit repair company has professionals with years of experience working with credit bureaus who can make the process easy and hassle-free for you.
3. If you want support filing a dispute.
A credit repair company can help you gather proof and communicate with the credit bureaus on your behalf so that you don’t have to.
Eventually, starting the process of credit repair is beneficial for anyone with low credit scores and helpful with taking the next steps in the right direction.
Benefits of credit repair
Some people may recommend for you wait for negative information to leave your credit report after seven years, but you can get rid of it quicker with proper intervention.
Take note: there’s no overnight fix for bad credit, and a legitimate credit restoration company may take up to 3 to 6 months to repair your credit.
You can learn the best practices to manage and maintain your credit from a credit repair company and get immediate support in challenging the credit bureaus so you can see visible improvement in your credit health.
What are the benefits of credit repair?
|Negative items and inaccurate information may be removed from your credit report.||Your score could improve after disputing successfully.||You can learn a thing or two about the best practices to keep your score up.|
Is it worth it to work with a credit repair company?
Evaluate your current credit situation and goals to arrive at an answer to this question. You’ll also want to assess whether you entrust the process to professionals or take care of credit disputes on your own.
Should you work with a credit repair company?
|Credit repair company||On your own|
|Time||Will take care of the dispute process for you, reducing your time commitment.||May take hours to gather evidence and send certified letters for each dispute.|
|Knowledge & Expertise||Years of experience working with credit bureaus, which includes knowledge of the law and other protocols.||You need to learn how to file a dispute and communicate with creditors. You may also need to learn about FCRA, FCBA, FDCPA, and other credit laws.|
|Cost||Generally offers services for an economical monthly fee.||Free, although you may have to purchase additional copies of your credit report.|
Oftentimes, a credit repair company is the right choice for most people. Those unfamiliar with the credit system and the credit bureaus can benefit the most from the help and guidance of a credit repair company.