Can credit repair services really help you improve your credit rating? The reality is that there are only two situations in which credit repair services can actually make a difference inside your credit history, and neither one of them consists of erasing your bad credit. So if you get a promise from a credit repair that, for a fee, they will eradicate your poor credit, run the other way!
The only time a credit repair services may erase a record of bad credit out of your credit history is if the bad credit score results from identity theft or scams. The other credit repair the can perform is to correct clerical errors within your personal information like your name, address, gender, or marital status.
Identity Fraud And Fraud Repair
Credit repair services will sometimes need months to clear poor credit resulting from fraud or identity theft, because they will have to send the victims’ documentation of the problem to the credit reporting agencies, which will investigate and document everything on their own. Once they established that fraud or identity robbery has occurred, the bad dealings will be removed from the credit history, repairing the credit score of the person who has been victimized. If you are a victim, you may most definitely benefit from having one of the credit repair services assist you.
If you try to prove identity theft or fraud on your own, you might find yourself stonewalled by both creditors and the credit reporting agencies who compile your credit history. Even the credit repair services often have to await for your documentation to wend the way through the bureaucracies at the credit reporting agencies, but the time it would take and the aggravation you would experience if you tried to do it on you own might make you decide that it is simply not worth the effort.
Can You Repair Past Credit Violations?
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If, on the other hand, your bad credit history is of your own doing, because of frequent delayed or missed payments, or bankruptcy, you will be stuck with your record until it is automatically erased following a specified time, which can be several years.
There are credit repair services which do not actually try to swap out your credit history, but act as advisor’s in helping you find ways to keep your spending under control and to pay down your debt. Their staff will be happy to work with you so long as you are making an honest effort to become financially responsible.
If you request a copy of your credit history each year and review it for errors in your personal information or inaccuracies within your payment history, you can fix any errors by writing a letter to the credit reporting agency, including documents of the mistakes, and asking for a study. Keeping your credit history accurate is essential since you may have to undergo a credit check if you apply for a loan or a job.
You will find three agencies which handle the majority of the credit reporting: Experian, Equifax, and TransUnion; they have all you personal details and your credit transaction history, and are responsible for compiling your credit score. You may request your credit track record from them as a group, at no charge, once every single twelve months though their Annual Credit history services.