A bad credit score can cost you some serious cash.
Over your lifetime, you can lose hundreds of thousands of dollars to a bad credit score.
That’s a pretty shocking number, and it should be. Bad credit means higher loan interest rates and higher insurance premiums and that all adds up over the years. Bad credit can hold you back from achieving major life goals like buying a house, going back to school, taking a dream vacation or even retiring on schedule.
But what if you have bad credit because there are errors on your credit reports? Or there’s something that’s decades old? Or a single item that’s appearing multiple times? It seems pretty unfair to pay more interest on a credit card, car loan and mortgage because the credit bureaus have wrong information about you in their files. You can go through a dispute process with each of the credit bureaus on your own, but many people either don’t have the time or don’t understand how to make their case. This is when many consumers start looking into hiring a credit repair company.
What Exactly Is Credit Repair?
You can DIY your credit repair or hire a credit repair company or law firm to work on your behalf to fix your credit. “Too many lesser credit repair companies skip over those last two standards — which involve communicating with your creditors — in favor of depending upon simple credit bureau disputes by themselves.”
Here’s a good example of when a reputable credit repair service can help you do something you may not be able to accomplish yourself. If you have a collection account that’s been sold to a few different debt collectors, it may appear on your credit report multiple times. That information is accurate, but having that one debt dinging your credit score multiple times may not meet the “fair” standard.
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