When you apply for any form of financing or loan, your credit score will be one of the primary things that lenders would investigate. This is because your credit score will reflect whether or not you are going to be a risky borrower, thus helping lenders decide if it is worth it to provide you with some sort of financing.
Nowadays, it’s not uncommon if you find yourself with an average or poor credit score, considering there are many people who are having a hard time paying off their debts on time. Unfortunately, having poor credit is not a good situation to be in, as it has a negative effect on your financial health. Getting any type of financing will also be hard and will likely result in a lot of rejections or very high-interest rates.
This is where credit repair companies come in, as they are designed to help fix your current credit rating and improve your score. But why would you need to get a credit repair company if you can do on your own almost everything that they can do for you? Well, it’s the same reason why people hire personal trainers, mechanics, gardeners, etc. They don’t have the patience and time to learn how to do it properly themselves, so they hire someone who can do it for them.
With credit repair companies, you will basically be paying for the convenience, time saving, and less hassle way of fixing your credit score. Yes, you can do all of it on your own, but if you don’t have the time or desire to do it, then you will need help and credit repair companies.
But with so many credit repair companies out there, which should you choose to help fix your credit? This article will be answering that question for you.
Before we discuss the best credit repair company that can help fix your credit, it’s important to first discuss what they can’t do and what you should be wary of. This is important to know since there are many companies out there that promise to fix your credit score only for them to scam you out of your money.
So knowing what they can’t do and what you need to be aware of when choosing a credit repair company will help you avoid the ones that are just out to scam you.
One of the first things that you should know is that any accurate but negative information on your credit report that is bringing down your credit score will stay there for at least seven years. This is the sad truth of having a bad credit, as only time can erase any negative information you have on your report as long as it is accurate. So if you have a bankruptcy on your report or a criminal record, they will stay there, unless it is proven that they are inaccurate. If a credit repair company says they will remove that accurate information on your report, then you better walk away, as they can never really do that.
Another thing that legit credit repair companies can’t do is to give you illegal advice. An example of an illegal advice is telling you to dispute all negative information on your credit report, even if the information is true, or creating a new credit identity just to get an approval for a loan. These things are illegal and will likely result in criminal charges against you, which can be a bigger problem than just your bad credit score.
Legitimate credit repair companies also don’t require upfront payment, as they will usually charge you after they have delivered the work you required from them. They will also advise you to contact the credit bureau directly to get a free report of your credit and disclose all of your legal rights before signing a contract with them. And it is required that you should have a written contract with them, detailing the services that they will be providing you.
It is also important to remember that a legit credit repair company will likely take 2 to 4 months before you can begin seeing the results of their work. This means companies that are promising results in just weeks are likely lying to you and are just out to get your money.
These are just some of the things that a legitimate credit repair company can’t do and should be doing for you. Remember, it’s important that you research for a credit repair company first before you engage and do business with them.
Now that you are aware why you would need the services of a credit repair company and what you can expect from them and what they can’t do, it is time to discuss the best credit repair company that can help fix your bad credit.
Having bad credit is really an unfortunate situation to be in, especially if you will be in need of some form of financing real soon. This is because, not only will it be harder for you to get an approval for a loan, but you will also likely have to pay more in interest rates and fees in order to get an approval.
This is why some people opt to have their credit score be improved first before they apply for any form of financing so they don’t have to deal with very high interest rates and bad loan terms. You can fix your credit score on your own, but it will take some time and effort on your part. If you don’t have the time and desire to do it on your own, then you can get the help of credit repair companies.
There are many credit repair companies available out there, but it’s important to remember that not all of them will have your best interest at heart. Some are just out to scam you and not really do anything to fix your credit score. It’s important that you first do your research, so you will only be dealing with the best and legitimate credit repair companies. The 5 mentioned in this article are 5 of the best credit repair companies you can find. You can use them as your starting point in your research.