Credit Repair Companies VS Consumer Credit Counseling

Credit Repair Companies VS Consumer Credit Counseling

With our busy and engaging lifestyles, we tend to overlook some crucial aspects that may very well get the best of us, over a period of time. One such aspect we can all relate to is our credit score. There is no one to blame but ourselves for a glitch in our credit history, which may have occurred a few years ago as a mere oversight.

Acquiring a glistening credit report once again may seem like a long shot for a few, but for the determined it is definitely something that is in the ball park. There is no doubt that there is work involved and may take a few or more years, but with the right expertise can be turned into a seamless process. You can take the initiative of mending your credit report yourself, but then again there will be no one to blame for any further damage.

Understanding the basics and differentiating between the services offered by credit repair companies and consumer credit counseling services will give you a better perspective on which route to take. Credit repair services are available by the dozen and this may be old news to you, considering the advertisements posted in every newspaper and loud commercials on your television.

Credit repair companies will work with you to get the negative off your record, by either contacting the creditors directly or trying to dispute as much as possible, with the credit bureaus. This strategy helps those who have strange appearances on their credit report and those who have been a victim of identity theft. Credit repair companies will go as far as checking the authenticity of a debt and disputing it in a systematic manner.

Since there are several credit repair companies that are hungry to earn your business, it is you who will need to decide, which one can works miracles for you. It is best to check the reputation of a credit repair company thoroughly before appointed one and this is best done by taking a glance at their portfolio, which will reflect how many consumers are grateful to them.

On the other hand, there are consumer credit counseling services who work with your credit but within their domain. You as a consumer are overboard in debt, but want to keep this from getting to your credit report and that's where a credit counseling service comes into place. The services rendered by these agencies are to help you reach financial freedom, by either consolidating your current debt or on ways to re-finance and pay it off at a lower interest rate.

Many of us are new to debt financing and consolidation, considering we may go through it once or twice in a lifetime and that's why having a one on one conversation with a financial planner may very well be the best thing we can do for our financial future.

Whatever the route maybe, it is best to sit, think and analyze the credentials of the agency, before making a rash decision that may bring us back to square one.

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