Does credit repair, also known as credit restoration really work? This is a question which has been asked many times. There are many often conflicting and confusing opinions as to whether credit repair will really work.
The truth is this:
The truth is that credit repair does not work for everyone. It depends on the truth and accuracy or otherwise of the elements in the credit report. In this regard, it may or may not work for you, depending on whether or not the elements in your credit report are correct. To know whether or not it will work, you need to get unbiased, professional advice on how to build credit from an experienced professional.
The limiting factors you need to know:
The rate of success of any rebuild credit score strategy will depend on two important factors –
- Your current financial situation: do you have some income so you can begin repaying your debts? Truth be told, there is no way out of poor credit score, except by putting in place measures to settle your debts. The unpaid debts and any other negative information will remain on the credit report for as long as it remains outstanding. If you have some income, you need to reorganize your finances by reducing your expenses and strategically begin repaying the debts. Any repayment information will have the effect of improving your credit score. If you cannot pay the minimum payments every month, then no credit repair service will work for you.
- How soon you need to get the results: this is where most people fall, and end up branding honest businesses with the title of a scam. The truth is that there is no magic or quick fix to get high credit score overnight. A professional and honest credit repair consultation service will tell you clearly the time frame within which posture results should be expected. For it to work, a strategy has to be developed, and it will include getting a credit report and examining all the entries or elements in it. If there is incorrect information in the report, or if some of the information there cannot be verified, then the repair agency may require the reporting agencies to remove it.
WORD OF ADVICE: any illegal attempts at getting high credit score will only worsen the already bad situation. You better go slowly, and in the ultimate improve your credit scores. Ensure you get free credit report each year and have it examined by an expert. Most importantly, avoid quick fixes.