Credit Repair Myths

Credit Repair Myths

Credit Repair Myths

You may think from watching commercials and listening to talk shows that the only way to repair your credit score quickly is to hire someone else to do it. Credit repair companies abound in today's world, where credit scores matter more than ever even while people have worse credit than they ever have before. These companies promise to repair your credit within hours, practically, and they promise to do things for you that you can't do for yourself. The problem, though, is that with the right tools, you actually can repair your own credit.

One of the main myths of the credit repair company is that you can repair your credit instantly. This is simply not true. The easiest way to fix your score is to have the credit bureaus remove inaccurate parts of your report. Even this, though, can take a matter of months. It's not rocket science, though. Basically, you just need a system that will help you write letters of dispute, keep records of all your communications with the company, and keep on communicating until the problem gets fixed.

Another myth of credit repair companies is that they can make repairing your credit pain-free. If your only problem is errors on your report, the process ought to be painless, and can be if you do it on your own. If the issue, though, is actually with your lifestyle choices that have left you drowning in debt, there are no quick, simple fixes. It will take hard work to pay down your debts or get settlements so that your credit score will go up.

In this situation, all a credit repair company will do is add to your debt. Sure, they might get you a few settlements, but you can do this on your own. They'll then just charge you thousands of dollars to set up payment plans with creditors. You'll still have to pay off your debt. If you consolidate and are left with a smaller monthly payment, you can actually end up paying more and taking longer to do it!

The truth is that credit repair takes time and hard work, but you can do it on your own. You have to be willing to make some sacrifices and to change your lifestyle. You'll have to file some paperwork and make some phone calls. If you have the right tools, though, the process won't be impossible and may take less time than you think.

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