What Is A Good Credit Repair Service?

You probably know by now how important a credit score can affect important matters in life

. From rental applications, opening credit cards, and borrowing money to purchase large ticket items, your credit score will determine not only your eligibility to receive a line of credit but also the interest terms you will receive for the loan. In this much tightened economy, banks and companies require much stricter underwriting criteria, and reports from major credit bureaus and score calculating companies will have much influence on your ability to borrow money. Although these scores are extremely important, the Government Accountability office states that more than 80 to 90 percent of the credit reports have severe errors and are based on inaccurate information. Thus, to fix my credit effectively, it is best to seek out for a professional credit repair service.

Many people think that I can fix my credit through making timely payments and clearly past delinquencies. However, systematic and established practices among credit bureaus, score calculating companies, and past creditors require a much sophisticated and specialized credit repair service. Even if I can fix my credit, I would rather save the time and money spent on calling creditors and sending dispute letters to credit bureaus, because specialized companies can effectively let consumers outsource this work. Then, what determines a good credit repair service company from the rest?

Large services that claim to fix my credit at a very low cost usually do not show the best results. Because of the cheap service payment, most of these companies use automated computer programs to send out generic dispute letters to credit bureaus and typically make no effort to contact the original creditor. Although seriously inaccurate information can be fixed through such cheap credit repair service, significant improvement in your credit score is highly unlikely to be achieved. Any unverifiable or inaccurate accounts, by law, must be removed or updated, but automated services cannot proceed to do this because of budget and human capital restraints.

Good credit repair service companies, on the other hand, offer personalized and customized service, which utilizes actual agents and representatives to dispute credit reports directly with credit bureaus, scoring companies, and even creditors. Not all companies offer to contact the original creditor, but some do at a reasonable cost, and a third party intervention is much more likely to accomplish a settlement than the actual debtor. Using a third party shows the seriousness of your situation, and also specialized credit repair service companies know the legal issues related to the conflict. Such reputable companies also utilize the federal law (Fair Credit Reporting Act) to protect debtors from any unfair slanders to hurt the debtors trustworthiness.

As such, it is much beneficial to hire a credit repair company to fix my credit. Even if you have a moderate credit score, it may be helpful to utilize professional service to update and correct the score. A higher credit score can open up much more favorable opportunities in life, such as lending at lower interest rates and even potential job opportunities.

by: Vikram Kumar

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