Almost all people will do anything to improve credit standing and boost credit score. This goal seems to be impossible to achieve especially with the current financial difficulties brought about by the global crisis that started in 2008. So if you are on of the multitude of people hit by the global economic crunch, the best solution to fix bad credit is to repair it either by do-it-yourself tactics, credit repair businesses and credit repair by attorneys.
Negative marks on your credit score are results of:
Tax liens brought about by non-payment of real estate taxes. The federal government issues a tax lien as a security that the tax payer will pay its taxes due
Non-payment of mortgage resulting to its forclosure
Late payment of credit card balances
Late payment of utility bills or child support
And any form of late or non-payment of any credit instruments
Credit report for each consumer is available once every year. This free credit report can be obtained from three of the major credit reporting agencies: The Transunion, Experian and Equifax. The free credit report becomes possible due to the Fair Credit Reporting Act (FCRA). The most common credit rating system used by these credit reporting agencies is the FICO (Fair and Isaacs Company).
When bad credit hounds you, options for credit repair is provided as the ones that are aforementioned. Just remember that credit repair services should not act as your collections agencies for your debts. Here are some of the pros and cons (comparative points) between the three options for credit repair:
Credit Repair by Self-Initiative can be cheaper but consumes a lot of effort, time and patience. If there are disputes in the credit report received, you have to make the effort to correct it either by discussing it with the creditor's authorized representative or writing correspondences.
Credit repair service by companies or organizations can spare you from the rigorous "due process" but may charge a certain fee for their services.
Credit repair by attorneys can be the best option because not only it saves you time and effort, but as well as with the tactics they are going to employ owing to the fact they are knowledgeable of credit laws. However, you may need to pay a significant of money for their services.