Do I Fix My Credit by Myself Or Use Credit Repair Services?
Tony Banks asked:
The credit restoration process involves two main options; do it yourself or seek credit repair services. Rebuilding a good credit rating requires sound knowledge along with some time and effort. In order to decide which route to take, here are a few factors that you want to keep in mind.
Understand the Laws- There are governing laws that apply to both credit repair agencies and individuals, these laws need to be properly understood before undertaken a credit restoration effort. You have laws such as the Fair Credit Reporting Act, Fair Debt Collection Practices Act and the Fair Accurate Credit Transactions Act to name a few. Each of these affects what Equifax, Transunion and Experian can report on your report.
Communicating with credit bureaus is a time staking process which requires that some mail and letters be sent amongst other processes. With DIY repair you can expect to spend at least 5 hours in total on the process with the exception of the time taken to educate yourself on applicable laws.
On the other hand a credit repair company would handle the construction and mailing of all the different dispute letters to the bureaus. Therefore using a repair company saves time.
Cost- The amount of money available to be invested in the credit restoration process plays a huge part. While the DIY credit repair method would not cost so much and does not require monthly payments to anyone, Credit repair agencies require upfront payment to cover for communication cost required to successfully conduct a restoration process. A down payment of about $100 and monthly payments of $45 per month may be required.
Whichever option you choose, you are sure of successfully repairing your credit issues.
Fred
The credit restoration process involves two main options; do it yourself or seek credit repair services. Rebuilding a good credit rating requires sound knowledge along with some time and effort. In order to decide which route to take, here are a few factors that you want to keep in mind.
Understand the Laws- There are governing laws that apply to both credit repair agencies and individuals, these laws need to be properly understood before undertaken a credit restoration effort. You have laws such as the Fair Credit Reporting Act, Fair Debt Collection Practices Act and the Fair Accurate Credit Transactions Act to name a few. Each of these affects what Equifax, Transunion and Experian can report on your report.
Communicating with credit bureaus is a time staking process which requires that some mail and letters be sent amongst other processes. With DIY repair you can expect to spend at least 5 hours in total on the process with the exception of the time taken to educate yourself on applicable laws.
On the other hand a credit repair company would handle the construction and mailing of all the different dispute letters to the bureaus. Therefore using a repair company saves time.
Cost- The amount of money available to be invested in the credit restoration process plays a huge part. While the DIY credit repair method would not cost so much and does not require monthly payments to anyone, Credit repair agencies require upfront payment to cover for communication cost required to successfully conduct a restoration process. A down payment of about $100 and monthly payments of $45 per month may be required.
Whichever option you choose, you are sure of successfully repairing your credit issues.
Fred
