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CREDIT REPAIR

Can a credit repair company really help?

credit repair company

In a word, yes. These companies employ attorneys that are licensed to work in many states, or only provide services in one state. These attorneys understand the nuances of the trade and the law. Their experience makes them more effective when they’re disputing negative information on your behalf. These attorneys also apply provisions within federal consumer protection laws to help you improve your credit history.

The best credit repair companies will help you to:

  • Understand and evaluate your credit reports
  • Know how your credit scores are determined
  • Identify strategies that will continually boost your credit standing

But let’s make one thing clear: credit repair may or may not improve a bad score. If you have negative information in your credit reports that is accurate, there is nothing a credit repair company (or you) will be able to do legally to remove it. So, if negative items are correct, you’ll need to rebuild your credit rather than repair it.

You hire these companies with the idea that they will delete any mistakes on your credit report. And unfortunately, such mistakes can be numerous. A congressionally mandated study found that one in five consumers had an error on at least one of their three credit reports. Howard Shelanski, Director of the Federal Trade Commission’s Bureau of Economics, says, “These are eye-opening numbers for American consumers. The results of this first-of-its-kind study make it clear that consumers should check their credit reports regularly. If they don’t, they are potentially putting their pocketbooks at risk.”