Credit Repair

A study done by Lexington Law Firm reveals that around 30% of those with poor credit standing opt not to fix their credit scores, as they believe doing so is too expensive. The truth though is that there are other ways to fix your credit standing without having to spend too much. And while working with a credit repair company will save you from the hassles of resolving your credit issues, there are also other simpler and less expensive ways to fix your credit standing.

Indeed, repairing your credit may seem like an uphill battle, but with good knowledge and with the right strategy, you can improve your credit scores over time without having to spend a lot. The question you need to ask yourself is whether you want to hire professionals or fix it on your own.

Hiring a Credit Repair Service
A company that offers credit repair services primarily works to remove negative items from your credit report, helping you improve your credit scores, and eventually making you financially free and easier for you to borrow money from banks. There are several companies that offer this type of service and it is crucial that you choose wisely, as it can do two things for you: it can either help you make financially free over time or put you deeper in debt. If you’re working with a good credit repair company, below are a few of the several things you can get from doing so.

The company will do the work for you. The people are professionals who know what they are doing, and this will save you from the hassles and stressful and tedious processes of fixing credit scores.

The company contacts credit bureaus and identifies errors on your report, and then have these credit bureaus fix and replace errors if needed.

The company works with creditors and lenders and negotiates with them so you can be offered better repayment deals.
The company knows consumer protections statues and laws, such as the Fair Credit Reporting Act, and works accordingly to make sure you stay protected.

Fixing Your Credit on Your Own
You can also fix your credit standing without having to spend money, i.e. by doing it on your own. The process can indeed be tedious and time-consuming, but if you do not have the budget to hire a credit repair company doing it on your own can provide you a lot more benefits. There are only four easy ways to fix your credit standing without having to spend a dime.

Request a copy of your credit report from each of the three major credit bureaus. As a consumer, you are entitled to a free annual credit report from any of the three major credit bureaus: TransUnion, Experian, and Equifax.

Check your credit report and make sure the information is correct and accurate. When you find errors and inaccuracies on the report, you can send a letter notifying the bureau and the creditor about the errors and discrepancies you’ve seen.

Dispute incorrect and inaccurate information. These credit bureaus and creditor are required by law to work and investigate your claim and then inform you of the results within 30 days after you’ve filed your claim.

Request a new credit report from the bureau and make sure errors have been fixed or removed.

Credit reports are considered important documents, as these are where most lenders would turn to in order to determine whether you’re qualified and eligible to borrow money from them. Such documents tell a lot about your ability to pay back. Thus, especially if you have poor credit standing, it is important to check on your credit report regularly, not just to fix any errors and discrepancies, but also to ensure the information is up to date.