Take the First Step in Repairing Your Credit Today
Credit repair is a collection of important services that can help you achieve many of your financial goals both now and in the future. From taking out an auto loan to buying your very first house, your credit plays a crucial role throughout your life. Understanding what credit repair is, how it works, and how to get started is the first step toward financial security.
What is Credit Repair?
If you have less than perfect credit, you may be declined for credit cards, auto loans, and even mortgages. This can prevent you from living the life you want, regardless of your current situation or income. Credit repair is a collection of services that is designed to help you remove negative items from your credit reports so that you are more likely to be approved for the financing you need. No one credit repair solution is right for every situation, so it’s important to seek services that are tailored to your specific needs.
How Does Credit Repair Work?
The first step involved with credit repair involves obtaining copies of all three of your credit reports from the major bureaus – Equifax, Experian, and Transunion. This way, your credit repair team can check your reports for inaccuracies and outdated information. For each negative item found, your credit repair partner will send a dispute directly to your creditor. That creditor has a set amount of time to respond with verification of that negative entry, and if they do not, then they are legally obligated to remove that item from your credit report.
For Items that Cannot be Immediately Removed
Of course, disputing entries on your credit report will not always leave you with a flawless record. In some cases, you will need to work with your creditors directly. When you partner with a professional credit repair team, they will work with your creditors to find solutions to even the toughest problems. You might also consider what is known as a debt consolidation loan, which is a lump-sum loan that you can use to pay off creditors. Rather than making multiple payments on high-interest accounts each month, you make a single payment to your debt consolidation loan provider.
Getting Started & What to Expect
Getting started with credit repair is as simple as picking up the phone and calling a credit expert. The first step in the process is obtaining your credit reports, and each of the three bureaus is required to provide you with one free report each year. Once you have access to these, the processes involved in filing disputes and negotiating with creditors can begin. Although it can take some time – a year or two, in some cases – most people find that they can improve their credit significantly.
Whether your credit history has suffered due to an emergency situation, an unexpected life change, or even hasty decisions you made years ago, you are not alone. Millions of Americans have worked with credit repair professionals to improve their credit and ultimately reach their financial goals.