Can credit repair companies hurt your credit?

Legitimate credit repair companies can ensure that inaccurate information is removed from your credit reports so that it doesn't hurt your credit rating. However, they can't do anything for you that you can't do for you if you're willing to put in time and effort. Unfortunately, none of those promises are true. Credit Repair Companies Offer to “Fix Your Credit by Eliminating Negative Elements from Your Credit Report”.

They offer to file disputes about negative items on your behalf with credit bureaus and have them removed. What is the problem with this approach? The whole strategy is based on taking advantage of a legal loophole in the credit system. When accurate items are removed, it is only temporary a few months at most. How Credit Repair Companies Work The most common way that credit repair companies work is to dispute all the negative elements that appear on your report, whether accurate or not.

Because the credit bureau has 30 days to investigate, this random dispute method may produce positive results temporarily. During the consultation, the items in question will not be included in the credit rating and a notice will appear under each disputed item. If the creditor does not respond with proof that the item is correct, the credit bureau shall withdraw it. Credit Saint is one of the most aggressive credit repair companies (which is good), but they understand that a single solution doesn't work for everyone.

Credit Saint has 3 different service packages to choose from, depending on your credit repair needs. Opening multiple credit accounts in a short period of time can make it seem risky for lenders and, in turn, adversely affect their credit ratings. What might seem like a simple and positive solution to your credit situation is actually a series of false promises that are likely to damage your credit. Credit counselors can also help you develop a debt management plan (DMP) with unsecured debt, such as credit cards.

The goal of these companies is to build their credit by disputing outdated or incorrect information in their credit reports, tracking results and monitoring to ensure that errors do not reappear. PremierPlus is your best credit repair service that includes everything from the above packages, as well as cease and desist letters, FICO score tracker, identity theft protection, and a personal finance toolkit. Credit Saint has earned an excellent A rating on the Better Business Bureau for over 10 years and has helped thousands of customers successfully improve their credit ratings. You can maintain a good credit score by making payments on time, limiting the amount of credit used, establishing different types of credit, and paying off debt.

This is a great value compared to credit repair companies that only dispute items every 45 to 60 days, charging you monthly fees during the process. Credit reporting agencies must remove fraudulent information from your credit history within four business days of receiving correspondence. The Credit Repair Organizations Act requires companies to provide you with a firm total of costs and an estimate of how long it will take to get results. Historically, mail has been the preferred method for credit repair companies for several reasons.

Typically, these companies offer to review your credit reports and address any negative elements they can with credit bureaus on your behalf. You can review more information on how to select the right reputable credit counselor for you from the National Foundation for Credit Counseling. The best credit repair companies take the burden off your shoulders by handling the entire A-Z process. The Credit Repair Organizations Act (CROA) requires companies to tell the truth about their products and services.


Kristie Bocklage
Kristie Bocklage

Bacon specialist. Total travel practitioner. Total tv evangelist. General twitter scholar. Subtly charming travel aficionado.

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