Credit repair is something countless people will turn to in their lives. Whether it’s a mistake in their finances, or a life change they cannot control, credit repair will eventually become necessary, or even needed. There’s nothing wrong with needing this service. In fact, it can be the secret to a healthy financial future.
We’re going to look at the frequently asked questions you have about credit repair, and put to rest any doubts you may have.
#1 – How Long Does Credit Repair Take?
Credit repair is not a “one-size-fits-all” type of service. Instead, it is something that works for everyone, but it doesn’t always take the same amount of time. At the very least, credit repair will take about a month in the best case scenario. This is very rare, however.
Typically, credit restoration will take between 2-4 months for the average person. It all depends on what your score is, how many things you need to contest, and how severe the items are that you’re trying to get removed. All of these factors combine to decide how long you will need to stay with your company of choice.
It’s worth noting as well, that credit fix companies have a month-to-month policy with no contracts. This allows you to cease the service when you no longer need it.
#2 – Can I Repair My Credit Score Myself?
Yes, absolutely, but it’s not easy. DIY credit repair is something that many people will consider, that is, until they look at the facts. You have every right to contact the credit bureaus and your creditors yourself, but you’ll need to present them with a compelling case if you wish to succeed.
Without legal experience, you may have a lot of obstacles between you and successful credit restoration. You’ll need to know which items can be contested, and what documents to supply to support your case. This is simple in some cases, and very complicated in others.
That’s why credit repair companies will typically have a staff of lawyers and paralegals ready to analyze and prepare credit disputes for the company’s customers. For the best and quickest results, it’s best that you use a professional firm.
#3 – Is it Possible to Illegally Fix Credit?
While credit repair itself is absolutely legal, there are ways to go about it that break the law. Fake credit repair services will use these methods to make promises they cannot keep. For example, if you see a company that promises to fix your credit or boost it by a certain score in a specific amount of time, run the other way.
Companies like these are using illegal credit repair methods like false social security numbers, EINs that were obtained under false pretenses, and other fraudulent strategies. Your credit repair company should never ask you to use a false SSN, or demand money before services are performed.
Be sure to check our reviews to find safe and legal credit repair options.
#4 – What Are the Top 5 Credit Repair Companies?
You can easily find our picks for the best credit repair companies on one of our many credit repair review articles. That being said, our top picks are composed of companies like Lexington Law, CreditRepair.com, and other reputable services.
Be sure to visit our articles for in-depth reviews of these top credit repair services!
#5 – Can Credit Repair Help Me Get a Job?
While it’s not extremely common, many employers will use credit reports to help them decide on potential employees. This is especially true in the financial industry, where your credit report will be used to see how you handle responsibilities surrounding money.
In short, the answer is yes. It will almost certainly help you live more comfortably in your new job as well.
#6 – Do I Really Have Inaccurate Items in My Credit Report?
Yes, you most likely do. Accordingly to a study done by the FTC, 1 in 5 Americans have at least one mistake on their credit report. In addition, 5 percent of people will keep the errors on their report for so long that they incur serious interest on their credit cards and loans without needing to.
It’s a scary thought, which is why you should always be vigilant with checking your reports. You can always get them once a year for free to check yourself, but your credit repair service will pull them for you as well.
#7 – Can My Spouse’s Credit Score Affect Our Ability to Get a Loan?
While most people think that they only need one good credit score to qualify for a loan, the truth is that most companies will look at both of the people’s credit scores before they make a decision. This is especially true when you’re applying for something big like a mortgage.
If one person has a good score, but the other does not, this could result in a higher interest rate or a denial altogether. If needed, you can do credit repair for the person who needs it prior to applying.
#8 – What is Considered a “Good” Credit Score?
There are actually multiple methods for rating credit scores. Because of this, there’s not a single score that can be considered “good.” That being said, one of the most commonly used scores is from the FICO range which is from 300 to 850.
In this type of score range, anything about 700 is good. You can get your score for free from the credit bureaus like Equifax and TransUnion. You should also look for opportunities to see your score from other scoring systems as well.