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November 2, 2018

What Can A Credit Repair Company Do For You?

Simple. Thrifty. Living.

If you have a low credit score or a large amount of credit card debt, then you’ve likely seen plenty of advertisements for credit repair companies promising to fix your credit. Many of the claims seem dubious and too good to be true, but there are actually reputable credit repair companies that can provide effective credit repair assistance, such as Lexington Law or Sky Blue.

Reputable companies such as those mentioned above will also tell you that you are, in fact, quite capable of repairing your credit on your own over time. But if you are seeking to rent an apartment, get a personal or car loan, or even get a mortgage, then you might need your credit repaired sooner than later. Then you might want to learn more about what credit repair companies can do for you.

Put simply, credit repair companies will gain a copy of your credit reports from the three major credit reporting bureaus— Equifax, Experian, and TransUnion. Then they will review each credit report and attempt to fix, remove, and repair any inaccuracies or outdated information on the reports that may be negatively affecting your score.

Again, this is something you can also do yourself, but without the knowledge and experience of what to look for and how to dispute the items with the credit reporting bureaus, the process could be lengthy, tedious, and at times, ineffective.

The best credit repair companies will continuously maintain contact with the credit reporting agencies on your behalf until all matters are resolved, including:

  • Notifying the agencies of inaccurate records
  • Negotiating with the agencies to remove or correct inaccurate records
  • Confirming all hard credit inquiries that have affected your credit score
  • Help you get a secured credit card to aid you in building up your credit again
  • Sending cease and desist letters to debt collectors

Ultimately, getting all of the above taken care of will help you raise your credit score quicker than you might have been able to do on your own. This can obviously help make you more eligible for loans and other services that require a good credit score.

Credit repair companies will typically charge a monthly fee for their services—reputable credit repair companies will not hold you to a long-term commitment. It should also be noted that nothing is guaranteed—a reputable credit company will not make any promises—if one does make a bunch of promises and guarantees, they should be avoided.

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Advertising Disclaimer: Simple. Thrifty. Living. does receive compensation for some of the services that we recommend, although we only recommend services that we truly believe are the best.