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Credit Repair Companies - Are They the Cure for Your Credit Ails?

Last Updated: October 18, 2011

Based on the fact you are reading this article, we can surmise you have come to this site to find information on credit repair. Money may be tight and you just don't have the extra money to pay someone to fix your credit. You have seen the credit repair ads on TV or in local papers telling you to sign up with a credit repair company but you are on the fence about whether or not to go it alone or hire a credit repair firm. There are credit repair firms out there that are scammers and there are a lot that are legitimate. Knowing this only makes your decision to use one of them or not all the harder. Well, this article should set a side your fears and get you heading in the right direction.

Why Use a Credit Repair Company?

So, you have tried your hand at fixing your credit and maybe you have had some success or maybe you are hitting dead ends and roadblocks. I can relate - I too, had to fix my credit years ago and it took a lot of patience and perseverance to get the results I was shooting for. Your patience may be running out and you are now looking to hire a credit repair company to handle this mess for you. There are benefits with handing this over to a credit repair expert, such as:

• A credit repair firm has more resources to handle your disputes.
• They know the ins and outs of the rules and regulations governing credit repair procedures.
• They are getting paid for results.
• You don't have the time to dedicate to fixing your credit and would rather have someone do it for you.

How to Find a Reputable Credit Repair Company

After you have decided to have someone else repair your credit, how do you go about finding the right company to use? There are hundreds of companies on the internet and you have probably seen some of them claim - "Bad credit? We can help!". But how do you separate the good from the bad? Here are a few tips:

• Contact the BBB to see if the firm has had any consumer complaints filed against them.
• Check with your state attorney general's office to see if there are any pending legal investigaion against this firm.
• Know your rights and be familiar with the guidelines from the Credit Repair Organization Act.
• You should receive a contract specifically spelling out their fees, details of service, guarantees they offer, and their physical address and phone number.

Run, Don't Walk Away From These Types of Credit Repair Companies

Let's say for arguments sake, you did not follow my advice in the above section and you just closed your eyes and randomly picked a name out of the phonebook. If any of the following circumstances happen - run away from this firm as fast as you can.

• You aren't given a copy of the the "Consumer Credit File Rights Under State and Federal Law".
• You aren't given a contract to view prior to signing it.
• You are asked for payment upfront before any services are performed.
• This company promises to remove "accurately" reported information from your report.
• They want to create a "new" identity for you.

The Benefits You Will Reap From Using a Reputable Credit Repair Company

I sincerely hope you have taken our advice to heart and now you have made your informed choice on which credit repair company to use. This particular firm checks out with BBB, attorney general's office, and you have talked with this firm on numerous occasions and are comfortable with their business practices. If they are local, you may have even gone to their office to check things out.

Now it is time for the process to begin. What exactly can you expect from this firm and what type of benefits will you reap from using them to fix your credit? Here are a few benefits:

• You will get copies of your credit reports and you will go over them with a credit expert - explaining the good and the bad aspects.
• You will get a detailed plan of what can be disputed and what other means they may use to remove negative items on your report.
• You will get monthly reports on items that have been removed.
• You will see an increase in your credit score as these negative items begin to be removed.

During this process of removing these negative items, this credit repair firm should be giving you suggestions on how to build up positive credit via using secured credit cards or taking out a small loan to establish an on-time payment history.

Credit repair is something you can do yourself, but sometimes life gets in the way. There are a lot of good credit repair companies out there and using one of them can be very beneficial to your financial future. The bottom line, fixing your credit can be a daunting task and it is nice to know there are good firms out there you can trust. A little homework in the beginning will reap rich rewards in the end.

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