Is Credit Repair Right For Me
Credit repair services are frequently advertised as “silver bullet solutions” that will address all of your problems. These companies advertise that if you hire them, they will dispute and object to all of the negative items on your credit report and that that will some how “fix” your credit. Unfortunately, that cannot be further from the truth. You only have a legal right to dispute something on your credit that is legitimately incorrect. That means if you have a debt you know you haven’t paid that is negatively reporting on your credit, you may not have a legal means of disputing it. Generally speaking, you can only dispute items that are inaccurately reported to your credit. Unfortunately, many credit repair companies are scams.
How Do I Know If Credit Repair Is Right For Me?
Generally speaking, credit repair is right for you if you have items that are genuinely incorrect on your credit report. This means you may need proof that what you assert is incorrect is actually incorrect. If that is the case, then credit repair can help you correct these false reports. This process is relatively inexpensive compared with debt settlement and bankruptcy but you need to be sure that it will actually work before you put your time and money into it.
Is Credit Repair Too Good To Be True?
Many credit repair companies advertise services that sound to good to be true. They make it sound like you just need to send them money every month and, eventually, your credit will be repaired. This is not true. There are federal and state laws that dictate what is allowed to be reported to your credit. These laws also strictly govern how credit bureaus and credit repair companies may operate. If you speak to one of these companies and it sounds too good to be true, chances are that it is.