Is Credit Restoration a Legitimate

Using the services of a legitimate and trustworthy credit repair agency can be a valuable way to quickly raise your credit score and improve your chances of qualifying for loans, mortgages and credit cards. However, it’s important to understand that credit restoration agencies can only do so much and they can’t legally remove negative items from your report, including bankruptcies, foreclosures, charge-offs, late payments, hard inquiries, repossessions and debt collections.

A Credit Restoration company’s primary function is to dispute inaccurate information on your credit reports with the major credit bureaus (Experian, Equifax and TransUnion). They will often start by obtaining current copies of your credit report from each agency and then begin the process of disputing errors and inaccuracies.

Most reputable credit repair companies will update you frequently on the status of your disputes and provide copies of your updated credit reports. They should also explain the reasoning behind any changes to your credit file. However, if they can’t or won’t do this, it may be time to look for another company.

Is Credit Restoration a Legitimate and Trustworthy Credit Repair Service?

If you’re looking for a credit repair company, make sure you do your research and compare fees, customer reviews and the company’s reputation in the industry. Watch out for companies that demand payment upfront, promise unrealistic results or advise you not to contact the credit bureaus or creditors directly. This is a clear red flag and can violate your rights under the Fair Credit Reporting Act and the Consumer Recovery Act.

A reputable credit restoration company should be able to identify and correct factual inaccuracies on your report, but you can do the same work for free by disputing inaccurate information with the credit bureaus and your lenders. You can also work on raising your credit score by paying down your debt and keeping your credit utilization low, meaning you use only 30% or less of the total available credit on your accounts.

It can take from three months to a year to see positive changes in your credit score, but it’s worth it if it means you can qualify for better loan rates or get the home or car you want. Having good credit is necessary for many things, and it’s critical to your financial well-being. Having a bad credit score can keep you from getting loans or mortgages at competitive interest rates, it could prevent you from renting an apartment or condo and it can even affect your job prospects. If you want to repair your credit, you should be prepared to spend a bit of money and some time. It’s also a good idea to consult with a reputable credit counselor to learn what steps you should take and how to do it yourself. The counselor will also help you develop a plan that fits your unique circumstances and help you navigate the credit restoration process.