Credit repair is something that is receiving greater consideration now days, and for good reason. With the current credit situation, maintaining a good credit score is more important than ever. Just a few short years ago, someone with a sub-650 credit score could still get financing, even if the terms were less than desirable and in some cases predatory. Today, largely because of the reckless lending practices of recent years, banks and other lenders have compensated to the extent that in some cases, applicants need to maintain very good credit to even be considered for a loan. Some people even report being turned down on a mortgage application when their credit score was above 750.
So what is someone supposed to do if their credit score is below average? Especially if their credit score is worse than it should be?
For people in this situation, there are legitimate credit repair companies who help people legally improve their credit scores though education and the disputation of the inaccurate listings in their reports. Enrolling with one of these quality credit repair firms may be the difference between waiting years for your credit score to improve by itself, or improving your credit score substantially in a matter of months.
So how do you identify a legitimate credit repair service? Start by ruling out any organizations who do not operate in compliance with the law. Credit repair companies are regulated by the Credit Repair Organizations Act which prohibits certain behaviors such as collecting payment for services before they have been rendered or offering to generate a separate or "new" credit file. This may seem like an obvious tip when dealing with any company, but even today there are credit repair clinics who don't follow the laws put forth.
You can also rule out organizations who brag to have some secret formula or insider knowledge. The truth is anything a credit repair company can do for you, you can do for yourself. Legitimate credit repair services merely work to do these things for you so you can spend your time elsewhere.
After you have excuded the companies you do not want to use, start looking for ones you can trust. Look for companies who have been in business for a decent length of time and have a good track record in the industry. Look for professional looking web sites (these organizations take pride in their appearance) and contact those companies who look promising in order to get a better understanding of their services. Make sure they are to answer your questions and sufficiently address any concerns you have. Do not allow yourself to be pressured into signing up for anything you do not completely understand or anything that sounds fishy. Your credit score is too important to be trusted to a credit repair company that does not have your complete confidence.
As is the case in many areas, when working with credit repair services, bigger is usually better. You want a company on your side that has resources, experience, and recognition.
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