Posts Tagged ‘how credit repair services work’

How Do Professional Credit Repair Services Work?

If you are considering signing up for professional credit repair services, you must be well aware of what those professional agencies out there can do and cannot do for you. There are certain tasks that they cannot accomplish. For example, they cannot remove negative entries from your credit report if those entries are correct and complete in all respects. Besides that, it is also important for you to keep in mind that those agencies do not have the right to obtain your credit history report from the three major credit bureaus on your behalf. Always remember, when a third-party request the bureau to provide your credit report, it can have negative impact on your overall FICO score. Therefore, you are strongly recommended not to allow them to obtain your report from the bureaus on your behalf. It is also your responsibility to highlight the entries that are not correct. The efficiency of services will mainly depend on how much and how accurate information you provide to the agency. Last, but not the least, just because you have signed a contract with a credit repair agency, you should not take it as a guarantee that now your credit score will increase instantly or that all your debts will be erased easily. Following is a brief rundown on these services work.

You Contact The Agency

Obviously, the process starts when you contact an agency that offers professional credit repair services. It is not very difficult to find such agencies; the market is overloaded with them. The only problem is that not all of those agencies are genuine and reputable. You need to do a thorough research and comparison-shopping in order to find a legitimate credit repair agency. For example, you must check their reputation and past record of their services by contacting the Better Business Bureau. You can also contact your family members, friends, and colleagues for some good recommendations.

The Agency Works As A Middleman Between You And The Credit Bureau

When it comes to repairing credit, you need to follow a certain procedure, as part of which you have to file a dispute will the credit bureau and then keep an eye on how things progress. The reason why you are looking for professional credit repair services is probably because you do not have the knowledge and/or time to do it yourself. The agency you hire will work as a mediator between you and the credit bureaus. Many people who try to do it themselves often get frustrated when they find that the entries that had got removed initially crop up again later. That is the reason why there is so much demand for these professional experts who know how to deal with these types of problems. The agency will contact the credit bureaus on your behalf, file disputes, and then monitor the progress.

You Pay Certain Fees

Credit repair agencies seldom offer their services for absolutely free of charge. Even the majority of non-profit organizations charge certain fees. Therefore, you are strongly recommended to find detailed information about their fees in advance. Do not sign any agreement with them if you are not sure how much the professional credit repair services are going to cost you. You may be asked to pay a certain amount of money every month with a promise that the agency will maintain a correct credit profile for you.

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