If you’ve done some research on credit repair, the chances are that you’ve come across ads that promise “a 100 point jump overnight!” Sounds like a good deal, right?
It definitely isn’t.
Credit repair companies that operate ethically can’t and don’t make these claims. The reason: credit repair just doesn’t work that fast. There’s no wand you can wave at your credit score to magically waive negative reports.
To protect yourself against such scams, it’s important to learn how the process works.
A study conducted by the Federal Trade Commission found that 20 percent of American consumers had at least one error in their credit reports. This has serious consequences, because a lower credit score restricts your ability to borrow money.
So the first thing credit repair involves is a thorough analysis of your previous reports to see if there are any errors or inaccuracies. An example of this is multiple charges of the same negative transaction.
This is a slightly more complex task and involves negotiation with credit bureaus on items that affect your score negatively.
There may be items on your report that are unfair or problematic. A reliable credit repair agency will clean your report of these items by contacting the credit bureaus. There are three main bureaus, and they’ll reach out to each separately to discuss possible disputes.
There are consumer laws governing credit—such as the Fair Credit Billing Act which, if legally applicable to your case, can be used to improve your credit score.
Whether you repair your score yourself or with the help of a credit repair agency, you should try and learn more about credit scores in general.
This will help you understand how certain actions—like car rentals—affect your score. Plus, you’ll get some insight into your spending habits and how they’re impacting your score. A good credit repair specialist can guide you through this process.
Track progress frequently and be on the lookout for notable fluctuations. Your credit score isn’t permanent, and staying on top of changes can prevent major issues. It will also keep you on the path toward your credit goals.
Remember, you can get one credit report for free every 12 months.
If you’re looking for something a bit more convenient, Oak Credit Repair offers a complete credit repair solution.
At Oak Credit Repair we have some of the best credit repair specialists in the US who can help kick-start your journey toward a better credit score.
Plus, our dedicated app allows customers to monitor their score at any time with just a few taps. For more information, give us a call at (248) 621.4488 or fill out this form for a free consultation