If your credit is poor and you are seeing no relief in the future, you might want to think about trying to get it repaired. This is the process of having negative items removed from your credit reports. While you can try to do it all yourself, the process can take a long time – especially if there are multiple negative items, which could be anything from errors to unfair claims by the lenders. One way to speed up the process and get some relief as soon as possible is to turn to credit repair companies.
Since it's an industry filled with scams, you need to be careful about which company you choose. Before choosing a company, start with the basics: reputation and fees. The price of the service will vary depending on the company, features, and how much they will be able to do for you. However, there is one thing that any legit company will NOT do: charge you upfront. You should only stick with companies that offer free consultations. Let them take a look at your credit reports first so that they can evaluate your situation. THEN you can talk money.
Good credit repair companies don't just communicate with the credit bureaus themselves. They actually try to communicate with the lenders and debt collectors as well. Even if the negative items are due to your own mistakes, there is still some negotiation that can be done – just as long as the repair company is legitimate and has lawyers in its network.
How Fast Credit Repair Companies Work
How long will it take to repair your credit and to increase your score? There should never be any specific guarantee. Avoid any company that promises "to raise your score 100 points in just 2 months!" However, since credit bureaus are required to respond and resolve each dispute within 30 to 45 days, you should have a general idea of how long it will take to get things cleared up. If you have multiple negative items, it will obviously take longer. There are always variables involved, no matter how few or how many negative items you need removed.
Before signing any contract, make sure you understand exactly what you are signing up for and how much you'll likely have to pay whenever you are charged. In accordance with the Credit Repair Organizations Act, these types of companies are prohibited from demanding any advanced payment. They legally cannot charge you until they begin completing some work for you.
Which of the credit repair companies should you trust? One company that always gets mentioned is Lexington Law. It is a trusted name, and you can expect your own dedicated paralegal to work with you on your case. You might even be eligible for discounts with Lexington Law.