Is Fixing My Credit File Worth It?

Is Fixing My Credit File Worth It?

Deciding whether to hire credit repair company or not is not a tough job. But, there are some important factors to consider when making your decision.

 

Deciding whether to hire credit repair company or not is not a tough job. But, there are some important factors to consider when making your decision.

Did you recently find yourself at a crossroad with your credit report? The question is: Do I get professional help to clean my credit or should I do it myself?

Some people have more than 40 years of credit history while others just started in a year or so. But, the credit report details everything, from your water bill to your latest credit card purchase. Nothing is hidden in the scrutiny of would-be creditors, employers and utility companies. Credit cards, personal loans, mortgages and other financial tools have been used on and off for many years. They have  served your needs well, never leaving you lacking through any type of financial turbulence.

But, when was the last time you really checked your credit file? Are you a passive credit file holder, or a borrower who takes active effort to maintain his or her credit status? Is this done to ensure that all current and future financial transactions will navigate smoothly?

If like most people, you don’t have time to check the errors in your credit file or to dispute them one by one, then it is advisable to hire a credit repair company. These companies will act on your behalf. You will be charged a fee for their services.At Clean Credit we charge a reasonable fee after we have successfully removed these listings from your credit file.

If there are multiple errors in your credit file because of identity theft, data entry errors on the part of the collecting agencies, lenders or reporting agency or other similar causes; the credit repair agency will delve deeper into the causes and will work on it for your favour.

repair-companiesCredit repair companies fight for your rights

The credit repair business works for the best interest of their clients. Credit reports are required to meet the following standards:

  1. Accuracy: It must be accurate by 100%. All entries must reflect the exact date of your loan, amount dues and payments made. They must also include  other important details of your financial obligation with a certain lender or company.
  2. Fairness: It must be fair on your part. It shouldn’t include reports that would ruin your reputation as a borrower or as a private person. Whatever entry is reported by the collecting agency must reflect the actual account. 

Here’s an example:

If you owe X lender and the former sells it to different debt collectors, it should not appear on your credit report several times. You only have one collection account. It would violate the standard of fairness if the credit reporting agency will put it into your credit file numerous times as it is passed from one debt collector to another.

  1. Fully substantiated. Reporting agencies must not rely on mere allegations of the creditors and utility providers. They have to look for adequate proof that the account belongs to the borrower and the amount owed is updated. They must also confirm that the personal information and payment details match the person.

Using the above standards as a guide, Clean Credit and other credit repair agencies ensure that reporting agencies communicate with your creditors as to the accuracy, fairness and truth of the entries in your credit report.

repair-serviceHow A Credit Repair Service Helps You

A single mistake to your credit can have implications on your ability to obtain a loan, and your credit score. It is uncommon for borrowers to report excessive interests and unnecessary deductions because of some type of credit reporting errors, such as negative accounts, miscalculations and inaccurate entries. Of course, who can ignore the unauthorized transactions caused by identity theft?

Credit repair is the ultimate option in these situations to boost their credit scores and improve their finances. Those agencies will trace and identify the mistakes, correct the information and eliminate the negative reports and follow up if the creditors have accurately corrected or removed the erroneous entries.

With credit repair, you have the chance of enjoying better loan or mortgage products, better job options (because many employers look into the applicants credit scores as part of the screening process) and reasonably priced insurance policies.

My credit score is good. Do I still have to get a credit repair service?

Your credit score may be excellent, but who knows if there are some deductions that shouldn’t be there in the first place? Credit repair agencies can help you trace accounts which are not yours and correct entries that may affect your credit score in the near future.

Call us for a free consultation about fixing your credit and what is involved in repairing each file. Or fill out the form to enquire now.

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