Over 50% of Americans have failed to get a loan because of bad credit. In as much as credit and debt go hand in hand, you can also have a bad credit report because of several other reasons. If you have bad credit and you want to negotiate a better interest rate or buy a house, or you may want to take some time to restore it.
One of the first things that people ask when trying to repair their credit is, “Do credit repair services work?”
Before seeking credit repair or restorations services, it is important to understand how the services work and also how long it will take to restore your credit.
Here is some information that will help you know more about credit restoration services and if it can help you with your credit dispute.
What Is Credit Restoration
Credit restoration is a long term process that is used to raise your credit score gradually. Your score affects your creditworthiness; the higher the number, the better. If you are looking for a loan or applying for a credit card, you should have decent credit.
With bad credit, you have limited ability to buy a home, car, and in some cases, fail to get a job. The good news is that no matter your score, you can be able to restore your credit and get a good score.
How Restoration Services Work
There are several ways to approach credit repair. Each of these ways will depend on an individual situation. It would be a good idea to hire someone to guide you through the process of restoring your credit so that you get it right, especially if your situation is complicated.
Credit restoration services often charge very competitive prices that you can afford. This will help you restore your credit without getting into more debt while at it.
Always look for an experienced company to help you out.
The first thing that a credit repair service will do is to look at your credit report so that they can come up with a game plan. Reviewing the reports will help them identify all potential errors and mistakes that are harming your score. This process can take around 2 hours.
Once the reports have been downloaded and reviewed, the company then draft a dispute letter and gather all the documentation that is needed before they can submit the disputes to the credit bureau. The time it will take to do this will depend on how well you have been keeping your financial records and the nature of your disputes.
If you choose to repair the credit on your own, you will have to give this process all your attention, and this can take up a lot of your time. Credit repair services, on the other hand, can help you expedite this process and get it done faster.
The credit bureau will take some time, usually thirty days, to contact your creditors so that they can verify the information and write back. It may be a good idea to send the dispute letter by registered mail so that you can have proof of the delivery date.
In some cases, the credit bureau can ask for more documentation if they need to know more before they can either reject or verify a dispute. This might end up in a lot of back and forth before the dispute is resolved.
Remember, the mistakes that are in your credit reports must be disputed with each bureau individually. This means you may have to write more than one dispute letter. Submitting several disputes in one letter might prolong the process.
Credit repair services can take about three to six months to resolve the disputes that you have with the credit bureaus. The exact time it takes to resolve your credit will depend on the number of mistakes that you have on your report or if you repair your credit yearly.
It is important to note that credit repair is the first step towards getting a better credit score. Therefore, while the restoration process takes three to six month, it will take longer maybe even a few years to rebuild your credit so that you can have a good credit score.
To speed up the process, you can start rebuilding your credit while resolving the mistakes. This will also ensure that you stay on top of your payment and maintain a positive payment history.
Credit restoration needs extensive research, which requires a lot of time. While credit repair or restoration works, it is not the only solution to a bad credit report. Once all disputes have been resolved, you will need to make your payments on time, avoid debts, and any other practice that will help ensure that you do not make the same mistake you did before.
Remember, credit repair services also offer personal financial advice.
Do Credit Repair Services Work? You Have the Answer
This guide answers the question, “Do credit repair services work?”
Credit restoration services are worth it because they help you find a solution to your bad credit score. Investing in some assistance and knowledge with these services is an excellent idea. You will have someone to walk the journey with you, monitor your monthly progress, and also answer all the questions that you might have.
If you have a bad credit score and would like to restore your credit, talk to us here at credit agent. Not only will we help you resolve your credit, but we will work with you to help you maintain a better score.
Contact us and speak to an agent today.