Can I repair my own credit or I need the help of an expert?
Thinking how to repair my own credit? Well, to repair your credit you first need to understand that what credit repair is?
Credit repair is a process of fixing bad credit which can be in any form or shape. However, for many people, the term credit repair means the process of disputing errors on the credit report.
Can I do it on my own?
You can dispute errors with the credit bureaus on your own. It is like filing a formal dispute which one can do it online or via mail. In a formal dispute, you have to explain the details about a particular error. This should be accompanied by a supporting document.
Do I need the help of a credit restoration company?
A lot of people don’t have the time to follow the complete credit repair process or they do not understand how to go about it. Therefore, they need the help of a credit repair company that can dispute the errors on their behalf. The companies charge a fee for this service and sometimes you will need this service. The reason being there can be many errors in the credit report which need to be disputed. There can be an instance of theft that needs to be identified and only an expert can help you with it.
Credit repair can help you leverage the legal right to three standards. Firstly, the reports must be 100 percent accurate. Secondly, it should be substantiated in full and lastly, it should be executed fairly.
Communicating with the creditors is important here so all the three standards can be met.
Are errors common in the report? What do I need to know about it?
Yes, errors are more common than you think and if there are items on the report which are not 100 percent accurate or fair then you can think of how to repair my own credit or seek the help of a professional.
It is also shown in a study by the Federal Trade Commission that one in five customers have an error on one of the credit reports. You can get free copies of the credit report on some sites every 12 months and get a credit report card as well. As per the credit report card you can know that where you stand in important key areas that make the score. These things are credit utilization, inquiries, credit age, and payment history. Checking the report card will not give you any problems.
So, how a credit repair company likes ASAP credit solutions can help?
A reputed credit repair company will first get the credit reports from three credit bureaus so they can pinpoint credit issues. They need to contact the three bureaus because every agency has its own data furnishers who report the credit information of people to the bureaus. So, there can be inaccuracies on the reports which may not appear on other reports. Once the errors are checked properly you need to provide a supporting document to the credit repair company. For example, if your husband is supposed to pay a bill but you have been divorced so you need a document to show that it was his responsibility to pay the bill. This will not impact your score then.
In a few cases, it is hard to understand what needs to be included as per the supporting document. So, here is a credit repair company that can help you. If there has been some kind of fraudulent activity on the credit report so to prove that it is not yours you will not have the required documents. So, the bureaus and data furnishers will be asked to dispute it with some kind of supporting information and they will be working with the credit restoration company to check the details and get it removed from the report.
Conclusion: A good credit repair company understands the different laws and they can question the negative items on the report accordingly. So, depending on them is a wise solution. You will get a resolution and things will move smoothly on your behalf. It will allow you to stay relaxed and leave the rest on a credit repair company. Within 30 to 45 days a dispute will be resolved and that’s the timeline. You can move things quickly and in some time the score will move up. You will be free of the financial headache and live your life more peacefully.