You probably already know your credit score but might not know how this three-digit manifestation of your credit health can affect your life. Without a good credit score, you may struggle to get your own apartment, buy a home, get better interest rate on your loans, or get a good finance deal on a car, and that’s just the beginning.
The information on your credit profile doesn’t always tell the whole story — through no fault of your own, this information can be incomplete or even inaccurate. If your credit has been damaged due to late payments, debts in collections, or neglect, credit repair may be exactly what you need. You can do the repair work yourself, or you can choose to hire a firm to help. A good credit repair company can work as your advocate, providing you with counsel regarding your credit score and how it’s determined. They also work to improve your credit score on your behalf, usually by negotiating with creditors and credit bureaus to remove negative marks, resolve issues and help you repair your credit — once and for all.
For your protection, credit repair companies are governed by the Credit Repair Organization Act (CROA). This law requires credit repair companies to take certain steps such as informing you of your legal rights, giving you three full days to cancel your contract with them and letting you know the full costs of their services upfront. The law also gives you options if a credit repair company doesn’t live up to their promises, including the ability to sue them in federal court, the ability to seek punitive damages, and the right to join a class action lawsuit against the company.
If you’re ready to repair your credit, a credit repair agency can help provided they are reputable. Keep reading to learn more about how these companies work and what to expect. Click here to see reputable credit repair partners in your area.