Are Credit Repair Companies For Real?

A lot of people need to repair their damaged credits

. You can do this all by yourself or you can get help from several of the companies that assist in doing credit restoration. So how do these companies work? Can they really give you what you want? Can they really deliver "credit repair"? How do they go about it? Let's take a look at hard fact realities of the credit restoration industry.

Credit repair begins by communicating with the three credit bureaus, namely: Equifax, TransUnion and Experian. These three give a report about a client's credit and payment information for the use of potential lenders and creditors. These reports are also available for you to be able to follow up on your own credit standing. The reports must be accurate.

If the reports are accurate, then you can proceed to repairing your credit. But if these reports include errors, then according to the Federal Fair Credit Reporting Act, you have the right to dispute these errors. Usually, the merchant involved is given 30 days to prove otherwise but if they can't, then the derogatory item will be removed from you report.

Here is where a credit restoration company is really helpful with the long process of disputing report errors. Don't get me wrong, you can do it by yourself, but what you have to go through takes a lot more time and effort and writing skills; and eventually a battle with the concerned bureau. You can avoid all of these and put the rest in the hands of a competent company, which has done this very thing probably a thousand of times over.

So for those who can afford to pay a credit repair company, then you should know that there are a number of credit repair companies ready to help you but not all of them are good. Some make a lot of promises that are near impossible to accomplish and charge you higher fees. Some even charge you with upfront fees before they actually begin to work.

You should realize that good credit restoration companies charge only on a monthly basis. During the first month the company may ask for a small set-up fee to get them going but that's it. There are no contracts, since it involves an indefinite amount of time to get your credit standing back on track.

Credit repair companies can help you not only with disputes but up to the time you need to establish new credits and improve your score. But whatever assistance you need, always remember that you also have a part to play. You are expected to provide every detail and all information that the company needs. Whatever it is you can do and are supposed to do yourself, remember that fixing your credit requires a lot of patience and determination to face the challenge head on.

by: Dallas Hart

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