The Pros and Cons of a Credit Repair Service
Having a good credit score is essential if you want to get approved for any financial service, whether that be an auto loan, a mortgage, a personal loan, or anything else.
A credit score of around 700 (Fico score), is a good score. For those who aren’t quite there yet, credit repair can make a world of difference.
Credit reports can be obtained free of cost once a year from each of the three credit reporting bureaus-Equifax, Experian and TransUnion. The Fair Credit Reporting Act (FCRA) requires the information on your credit reports to be 100% accurate. Otherwise, it must be removed. A study conducted by the Federal Trade Commission revealed that one in five people had an error in at least one of the three reports.
Here we will discuss the pros and cons of hiring a credit repair service so that your search for ‘Credit repair services near me’ leads you to hire the best credit repair company.
Why you should hire a credit repair service?
Chances are that you are too busy to deal with errors in your credit report. Even if you have time, you may want someone else to do the actual work of fixing a credit report. Some of the advantages of hiring a credit repair service have been mentioned below:
A credit repair service has the experience
You can try to repair your credit on your own. You will find a lot of good advice online. However, you may not be acquainted with the laws that can be used to your advantage. Are you familiar with the Fair Collections laws or the Fair Billing Laws?
A credit repair service is knowledgable about such laws and more. They can fix your credit. They can also help you understand how the different items on your credit report are affecting your credit score and where you can concentrate on instant results.
A credit repair service has the resources
While it is possible for you to manage by yourself, you will have to do everything alone, on your own. This may prove difficult. Improving a credit score involves filing legal documents and letters, talking with a collector or creditor, speaking with the representatives of the credit bureaus, etc.
A credit repair service has the experience to deal with collection agencies and credit bureaus. They know whom to contact and for what. They also have the skills to negotiate. This is because a credit repair service has been doing this kind of work for quite some time.
A credit repair service saves your time
Improving the credit score can be time-consuming. Also, the process is tedious. You may also find it taxing to spend time thinking about possible solutions to credit repair problems.
When you search the net for ‘Credit repair services near me’, you will get many results but if you choose a top credit repair service, they will find the best ways of repairing your credit score while you can use your time to focus on other matters that require your attention.
Why you should think twice about hiring a credit repair service?
There are all kinds of people out there. Do you know whom to trust? Some of the disadvantages of hiring a credit repair service have been mentioned below:
The services of a credit repair company aren’t free
Undergoing the dispute process may be free but to avail the services of a credit repair company, you will have to pay them. The price charged by a credit repair service to repair credit varies. It would depend on where you live and the type of services you require.
There are scammers everywhere
The possibility of getting scammed exists. You should be aware of your rights as a consumer under the Federal Trade Commission (FTC). The FTC forbids any credit repair service from charging any amount upfront. At the same time, you should be on your guard if someone offers a guarantee that your credit score will improve for sure.
Search the net for ‘Credit repair services near me’ but carry out due diligence to select the right service. Do you have any questions?
