While you can repair your credit on your own, sometimes it makes sense to hire professionals.
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Credit repair can be a challenging endeavor. If you are like most people, you have the will to secure a better credit score, but perhaps you don't know the way. While it's true that you have the option of repairing credit solo, there are benefits to working with a professional. Read on to learn just a few of the reasons it may be time to call a credit repair company.
1.Knowledge
Unlike the average person, credit repair companies are equipped with a special set of skills and consumer credit knowledge. They know how to utilize federal consumer protection laws like the Fair Credit Reporting Act (FCRA), the Fair Credit Billing Act (FCBA), and the Fair Debt Collections Practices Act (FDCPA) to assert and uphold your rights. They also know what to do if a creditor substantiates what they report about you to the credit bureaus. Unless you are prepared to spend hours learning the necessary credit repair steps, seeking a qualified advocate may be a better solution.
2. Savings
Credit repair equals savings in almost every area of your life. A better credit score can make a big difference, especially when it comes to:
Interest rates.
A good credit score is the key to good interest rates. Qualifying for a competitive rate depends heavily on the information found in your credit report, including negative notations. As those notations disappear, your score is likely to increase, providing you with better rates on mortgages, auto loans, and credit cards. The result could save you thousands of dollars each year.
Insurance premiums.
Insurance is all about risk, so it's no surprise that a low-risk customer pays a lower premium. Cleaning up your credit is encouraging in the eyes of your insurance company. As your financial track record improves, the deals you receive are likely to improve as well.
Employment opportunities.
You may be thinking, "How does employment offer savings?" Consider it this way:
You apply for your dream job and nail the interview. At the end of the meeting, the manager asks to run a background check, one that includes a credit review. You agree to their request and unfortunately, the job is given to another candidate.
The job market is a competitive place. Are you willing to sacrifice opportunities based on bad credit? Discerning employers are likely to offer the best pay and benefits to their employees. They are also likely to think poorly of applicants who struggle with personal finance. Improving your credit score allows you to shake off personal limitations and seek the career you want. The bottom line: success usually equals savings.
3. Time
Most people have better things to do than spending time learning all they can about credit reporting, credit scores, and consumer law. Although do-it-yourself credit repair can sometimes net a quick success, all too often the process requires specialized knowledge and can take much longer. A few of the basic credit repair tasks include:
- Identifying the appropriate consumer protection laws for your particular situation.
- Contacting the appropriate creditor or credit bureau to notify them of the issue.
- Performing follow-up actions depending on the responses received.
- Tracking correspondence and paperwork.
- Visiting a notary public if documents require authentication.
If this sounds like an overwhelming list, consider engaging a credit repair company's help. An advocate with a proven track record will help you handle the details of fixing your score in the right way. Why spend your personal time struggling to make sense of the credit repair process? Do some research, and consider all your options.