Credit Repair

How Much Does Credit Repair Cost?

Credit repair cost depends on the method you are using. If you are doing it on your own, it will cost you nothing. But, if you are hiring an agency to assist you with this task, you will obviously have to pay a certain amount of money as fee for their services. In the later case, the cost may significantly vary from one company to another. Therefore, if you are not confident enough to perform this task on your own and are considering hiring a credit repair company, you must first do a thorough review of the charges associated with the services that are being offered to you. There are several other things also that you must keep in mind in this regard.

Educate Yourself On The Credit Repair Organization Act

When it comes to understanding things associated with credit repair cost, you must first get yourself educated on the provisions introduced by the Credit Repair Organization Act. As per this act, you must not be charged for credit repair services in advance. If a particular company is asking you to make upfront payment for their fee, you must take it as an alert sign. Such companies are very much likely to be unscrupulous ones. Legitimate and reputable companies will first perform the task they have promised and then will ask you to make the payment. It also means that if due to any reason they are fail to fulfill their promises, you will not be liable to pay anything to them, not even a single penny.

Understand The Process And Decide If You Can Do It Yourself

In order to understand the credit repair cost, you must first try to understand the procedure that the laws require you to follow when it comes to fixing credit. If you find that there are certain entries on your credit reports that are not complete or accurate in all sense, you have the legal right to file a dispute with the credit agency and request them to make the corrections. The entire process usually takes a period of 30 days. The agency does a thorough investigation to find out if your claims are genuine ones. If they find your claim true, the disputed entries will be rectified, which will eventually raise your credit score to certain number of points, depending upon the nature of those financial transactions that those entries represent.

While you are trying to figure out the credit repair cost, you must also keep in mind that there is no legal way to remove negative entries that are correct and 100% accurate. For example, bankruptcies remain on a credit report for a period of at least 7 years. Beware of all those credit repair organizations who make false claims that they can even remove bankruptcies from your report. In fact, even making such false claims is an illegal act as per the Credit Repair Organization Act and you have the right to file a complaint against the same with the state authority or with the Federal Trade Commission.

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