You’ve probably heard about credit repair companies all over the television, radio and internet making you wonder how to get a bad credit rating removed. But, hiring professionals to clean up your credit may not be your best option—especially if you don’t know what company you’re dealing with.
There are many bogus sites that guarantee 100% removal of your bad credit. They even promise as far as building you a new credit identity. How is that? The truth is that many of these companies will only extort money from you while your liens, judgments, bankruptcies and bad loans remain stuck in your credit file.
Why is it important to Repair My Credit?
It’s difficult to live with bad credit. Insurance, mortgage, personal Loans and credit cards are more expensive, and you may not even land your dream job when your potential boss sees your credit score. Not only that—you’ll probably end up paying for a higher rate, in case you decide to move house. When you apply for utilities, the company may ask you to pay a security deposit and charge you with a higher rate. More and more companies will also look into your credit file, as you look for potential lenders that could grant your loan application.
So, here are the practical reasons why you need to pursue credit repair if you have bad credit:
- It helps you save money on insurance, consumer credits and personal and business loans.
- Good credit opens better opportunities for employment, promotion and even salary increases
- It increases your borrowing power which is very important especially for self-employed individuals or those who are currently engaged in business.
What should I look for in a DIY Credit Repair?
First, a do-it-yourself credit repair kit is far better than hiring a company you’re not sure about. It gives you a degree of control over your credit clean-up process while ensuring that you have all the information and tools you need to repair your credit.
Here are the top features of a do it yourself repair kit that works:
Helps you understand how credit report repairing process works.
You will learn about your right s as consumer to an accurate and updated credit file as well as the rights available to you when your report does not match your actual debts and payments. There are detailed explanations in the DIY credit repair repair kit about what you can do, and your limitations when making a dispute about the negative listings in your file. For example, you have the right to file a dispute to the credit bureau or to the credit provider with regards to the inaccurate information in your credit file. After conducting an investigation, they have no choice but to remove disputed items that were found to be inaccurate from your credit history.
Provide information about the items that should not appear in your Credit Report.
It is illegal for your utility providers, creditors and even the bureau to put items that are not allowed by law to be included in your credit file. For example, if an entry has nothing to do with your credit worthiness, like medical information, bankruptcy which is older than 10 years and debts which are over 7 years of age, it has to be removed. Your sexual preference, religion, ethnicity, race and even your marital status are banned items which must be excluded from your credit history.
It teaches you how to Access your Credit Report for Free
A step which is vital in repairing your credit. The repair kit provides steps on how to track your credit score from major credit reporting bureaus: Experian, Equifax and D and B and understand how you were scored by these companies. It educates you on how to determine if there are entries that you can repair legally, like inaccurate or erroneous information due to identity theft or fraud. Similar issues like a debt which is inaccurate or does not belong to you reported by a credit provider also have to be removed.
It helps you fix your Credit Report on your own
DIY Clean Credit repair kit for example, provides a list of the right contacts. First, you will be directed to the credit reporting agency that listed the false information. You need to contact them so that they can remove inaccurate information or duplicate information at no cost to you. The kit also includes steps on how to dispute the error, how to provide corrected information to the company and what supporting documents to send. The credit reporting agency will investigate your claim and you will hear about the results within 30 days.
If the investigation didn’t resolve your issues, you can request your letter of dispute to be included in your credit report so that potential lenders and anyone who access your file will see your side of the story. You can also file a dispute with the credit provider who submitted the information/. They will also conduct and investigation, and if it is not yet resolved, an inclusion of your letter of dispute would at least inform other people that you did not agree to the entries.
Learn more about the DIY Clean Credit Repair Kit by making an enquiry today!